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Stakeholder, Communication Plan

The document discusses the key stakeholders in the credit debt management process and the benefits of using a credit debt management mobile application. The main stakeholders are users, financial advisors, developers, creditors, and marketing teams. The benefits of using such an app include well-budgeting, reducing debt over time, consolidating payments, alleviating stress, potentially lowering interest rates, and improving credit scores by consistently making on-time payments. Communication plan requirements for developing the app effectively include increasing awareness, ensuring transparency, outlining objectives, addressing stakeholder impacts and concerns, and utilizing communication channels like emails and meetings.

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Shivankit Sharma
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218 views4 pages

Stakeholder, Communication Plan

The document discusses the key stakeholders in the credit debt management process and the benefits of using a credit debt management mobile application. The main stakeholders are users, financial advisors, developers, creditors, and marketing teams. The benefits of using such an app include well-budgeting, reducing debt over time, consolidating payments, alleviating stress, potentially lowering interest rates, and improving credit scores by consistently making on-time payments. Communication plan requirements for developing the app effectively include increasing awareness, ensuring transparency, outlining objectives, addressing stakeholder impacts and concerns, and utilizing communication channels like emails and meetings.

Uploaded by

Shivankit Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Business case

1.3 Stakeholder Analysis

Stakeholder analysis involves the process of collecting information related to every

individual within the credit debt management process. The analysis helps to identify the

individuals, their needs and impact of each stakeholder during the working of application.

The following are the key stakeholders involved in the credit debt management process.

 Users are the primary stakeholders as they are the individuals who are using the

application for the management of their debts, set the goals for their financials and for

tracking payments.

 The financial advisors which provide the best optimal solutions and guidance to the

person in debt for improve the financial situation by developing best practices and

strategies.

 The team of developers and designers are essential stakeholders who are responsible

for the working of the application as they are using their skills for the functionality

and overall success of the mobile application.

 There are many other stakeholders involved like creditors, credit card companies,

other financial institutions, investors and marketing team for promoting the

mobile applications.

3.1 Benefits

Credit debt management provides several benefits by managing credit scores and the other

debts effectively as it contains the strategical and structural plan to improve financial

stability. The advantages of debt management are listed below:


1) Well Budgeting and Financial Planning: The mobile application named credit debt

management helps to create a well maintained and planned budget. It ensures

individuals to spend and prioritize their funds towards debt and necessary repayments

rather than the other financial commitments.

2) Reduction in debt: By using this application individuals can reduce the burden of

their debt as it contains the well-structured payment plan which helps to make

payments systematically and effectively and by following the plan consistently person

become free from the debts.

3) One Monthly Payment: The application also provides the facility to combine the

multiple debts into one single monthly payment which makes it easy to organize and

manage instead of confusing between different due dates and multiple interest rates.

4) Alleviate Stress: As the application provides productive plans for the management of

debts which help to reduce stress level. People can simply follow the structure and get

suggestions for resolving their problems related to debts and financial issues.

5) Low Interest Rates: It sometimes lowers the interest rates by negotiating with the

officials which results in savings and individuals can pay their debts easily and

quickly because larger part of debt goes towards the main balance and one can

become debt free in very less time.

6) Improves Credit Score: Individuals become able to improve their credit score in

very less time by continuously and consistently following the plans and making

payments according to the application. It acts as a professional advisor for control

over the budget and goals.


Project Charter

Communication Plan Requirements

Communication plans are necessary for developing an effective communication within the

organization as it helps the team to understand the requirements and essential components to

work accordingly.

 The communication plan includes increasing awareness regarding the proper

development of the application, ensuring transparency in the working environment by

handling all the issues and making regular updates for the progress of the project.

 Communication plan clearly outlines the objectives and purpose of the credit debt

management application, and this plan acts as a structure for all the activities

involved.

 Communication plan requirements involve the benefits, impact, and concerns about

the credit debt management for different stakeholders involved in the development of

application.

 There are several communication channels included in the development and progress

of the application like e-mails, project meetings, websites, and other platforms.

 Organizing the feedback session for suggestions from the stakeholders which can be

done through the communication channels.

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