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- Herausgeber: GRIN Verlag
- Kategorie: Fachliteratur
- Sprache: Englisch
- Veröffentlichungsjahr: 2012
Research Paper (undergraduate) from the year 2011 in the subject Business economics - Business Management, Corporate Governance, grade: A, The University of Surrey, course: Project management, language: English, abstract: This paper deals with project management in practice. It is divided into two parts. The first part provides an overview of stakeholder management, which is considered to be an important aspect of contemporary project management. The different stakeholder management approaches and the associated methods of analysing stakeholders and appropriate strategies are identified. Furthermore, multiple views on stakeholder management and best practice will be considered and reviewed with case studies of well-known international projects being used to highlight the theory-practice gap. The second part provides a detailed project plan of a one day charity golf tournament and dinner with victory ceremony. It includes the scope statement, work-breakdown-structure, cost-breakdown-structure, organisational-breakdown-structure, critical path, project timing and risk, stakeholder analysis, control and monitoring and project closure.
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Part A
Introduction
Stakeholder management (SM) is an important aspect of project management (PM). This paper aims to identify different SM approaches and the associated methods of analysing stakeholders and strategy to deal with them. Multiple views on SM and best practice will be considered and reviewed with case studies being used to highlight the theory-practice gap.
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Literature Review
Over the last few decades there has been a shift in managerial thinking that has markedly changed the business landscape. Historically, many managers focused on increasing owners’ value, which has been criticised given the myopic view also known as “shareholder model of governance” (Johnson et al., 2008). Given today’s global and fast-changing environment managers tend to adopt a more holistic view of the purpose of the organisation. Therefore, business ethics concepts have gained greater significance in recent decades. The core of these concepts is SM, which is considered a key lever for achieving project success (Burke and Barron, 2007).
SM can be defined as “the systematic identification, analysis and planning of action to communicate with, negotiate with, and influence stakeholders. Stakeholders are all those who have an interest or role in the project or are impacted by the project” (APM, 2011). Without question, a sound understanding of the issues involved is crucial since “all businesses operate in a complex system of interests and influences” (Recklies, 2001).
Figure 1 shows various key stakeholders as identified by Karlsen (2002).
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The goal of SM is to identify stakeholders and analyse their needs, expectations and interests and determine ways of satisfying and influencing them (Burke and Barron, 2007). For this purpose, a distinction can be made between internal and external stakeholders (e.g. employees and customers) as well as contractual and community stakeholders (e.g. suppliers and citizens) (Johnson et al., 2008). Savage et al. (1991) suggested classifying stakeholders depending on their level of threat and cooperation. Mitchell et al. (1997) classified stakeholders according to their power, the legitimacy of their relationship and urgency of their claim in order to determine importance and salience. The latter has been researched by Karlsen (2002) whose findings confirmed that clients and end-users are regarded most important.
Turner et al. (2002) stressed the need to develop a stakeholder register that shows stakeholders’ objectives, awareness, support, influence and the respective strategy to satisfy them. He further referred to the need to determine their view of the project outcome and their level of commitment and knowledge. In addition, project managers should determine how inclined each stakeholder group is to impose their interests and their power to do so (Recklies, 2001).
In effect, the information gained from stakeholder analysis enables project managers to learn about and better understand stakeholders’ positions. Furthermore, they are enabled to develop a sound strategy and communication plan, create a priority list of needs and expectations and define actions to reposition stakeholders if necessary (Johnson et al., 2008; Burke and Barron, 2007). However, managing stakeholder
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expectations may be difficult as stakeholders often have differing interests and demands so may come into conflict (Ward and Chapman, 2008; Aaltonene, 2010).
Olander (2006) argued that project managers therefore need to make trade-offs so that project objectives are met. He further stresses that it is pivotal considering the negative effects of failure to satisfy stakeholders. Also, potential conflicts between stakeholders and their role in project life cycle stages should be identified (Burke and Barron, 2007). In this regard Dess et al. (2010) contend that a “zero-sum-game” where only one stakeholder benefits is detrimental.
Bourne (2011) argues that pragmatic leadership provides the appropriate approach to establish a “balance between managing and leading” and foster stakeholder commitment, which is particularly important at the planning stage of projects.
Figure 3 illustrates the key steps in effective SM strategy development as identified by Sutterfield et al. (2006).
