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  1. 1. Stakeholders in Project Management Kiran Radhakrishnan Roll No. 8 ISEM - X
  2. 2. Stakeholder <ul><li>“ Any group or individual who can affect, or is affected by, the achievement of the firm’s objectives and who may be either primary or secondary.” </li></ul><ul><ul><li>Freeman </li></ul></ul><ul><li>“ Persons and organizations such as customers, sponsors, performing organization and the public, that are actively involved in the project, or whose interests may be positively or negatively affected by execution or completion of the project. They may also exert influence over the project and its deliverables” </li></ul><ul><li>- PMI </li></ul><ul><li>‘ who and what really counts’ </li></ul>
  3. 3. Stakeholder <ul><li>“ A person or group of people who has a vested interest in the success of a project and the environment within which the project operates” </li></ul><ul><li>Olander, 2007 </li></ul><ul><li>Vested interest here refers to the possession of one or more of the stakeholder’s attributes of power, legitimacy, or urgency. </li></ul>
  4. 4. Project Success <ul><li>Project success – different criteria </li></ul><ul><li>Focus/Improvement in one criterion – degradation in another </li></ul><ul><li>Better trade off decisions by understanding relative importance placed by each stakeholder </li></ul><ul><li>Effectively communicate and manage relation with each stakeholder </li></ul><ul><li>Ambiguous </li></ul><ul><li>Multidimensional </li></ul><ul><li>Reliant on stakeholders </li></ul><ul><li>Often lacks consensus on its definition </li></ul>
  5. 5. Stakeholder in Project Success <ul><li>Identify the salient stakeholders </li></ul><ul><li>Build relations and manage expectations of the most important stakeholders </li></ul><ul><li>Communicate effectively with all </li></ul><ul><li>3 Factors: Power, Urgency, Legitimacy </li></ul>
  6. 6. Stakeholder Theory <ul><li>How stakeholders role can be leveraged for a project’s success: </li></ul><ul><ul><li>Identifying stakeholders </li></ul></ul><ul><ul><li>Managing robust relationships with them, </li></ul></ul><ul><ul><li>Making decisions that satisfy stakeholder objectives and </li></ul></ul><ul><ul><li>Leveraging the resources necessary to achieve the objectives </li></ul></ul>
  7. 7. Stakeholder in Project Success Dominant Dangerous Dependent Definitive POWER LEGITIMACY URGENCY
  8. 8. <ul><li>Static view of stakeholders – especially in dynamic projects </li></ul><ul><li>Contributions of stakeholders over the course of the project may vary </li></ul><ul><li>A continuous stakeholder identification and prioritisation is necessary </li></ul>Stakeholder Theory - Shortfalls
  9. 9. Emergent Theory <ul><li>A project strategy cannot always be realised </li></ul><ul><li>Eg. Construction projects are closer to deliberate and Research projects to emergent </li></ul><ul><li>Requires a periodic reassessment of project (and its stakeholders) and a clearer understanding of how to do so </li></ul>Deliberate Continuum Emergent
  10. 10. Social Network Theory <ul><li>Sees relations as nodes and ties </li></ul><ul><li>Using social network software (UCiNet), communication data may be examined to map patterns during the project life cycle. </li></ul>Project Success Category Social Network Outcome Project efficiency Individual and work group performance Impact on customer/user Client satisfaction Impact on team Job satisfaction Business and direct organisational success Organisational survival Preparing for the future Organisational innovation
  11. 11. Social Network Theory <ul><li>Project managers should ensure: </li></ul><ul><li>appropriate timing of sending messages to the relevant project stakeholders at various stages of the project life cycle and </li></ul><ul><li>addressing the key players during the project </li></ul>
  12. 12. The End