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Assignment

Uploaded by

cimaadudiinyuusuf
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EAST AFRICA UNIVERSITY- GALKAIO COMPUS

FACULTY:BBA
DEPARTMENT: Accounting and finance
SEMESTER: SIX
SUBJECT: Project Planning and Management
ASSIGNMENT: One
GROUPNAME:

1.Mohamud Ahmed Abdullahi

2. Yuusuf abdullahi said

3. Abdalla Jama Omar

4. Abdirashid Ahmed Mohamed

5. Yacquub Abdi said Ali seed

LECTURAR: Mr. Idiris

DEAD LINE:22/5/2024
Project stakeholder management is a critical aspect
of project management that focuses on identifying,
engaging, and managing stakeholders throughout the
project lifecycle.
Stakeholders are individuals, groups, or entities that
have an interest in or are affected by the project’s
outcomes
Here are some key points about stakeholder
management:

1. Definition: Stakeholder management involves


establishing and managing relationships with people
who have an interest in the project. It includes
identifying stakeholders, understanding their needs,
and explaining project expectations to them.
2. Types of Stakeholders:
o Internal Stakeholders: These individuals are
directly related to the organization managing the
project. They include project managers, team
members, sponsors, owners, and investors.
o External Stakeholders: These stakeholders
are not part of the organization but are still
important to the project. They may be part of
the supply chain, creditors, or public groups.
3. Stakeholder Management Plan: Project managers
create a stakeholder management plan, which
outlines strategies for managing stakeholder
expectations and requirements during the
project. Techniques like project status reports
facilitate this process throughout the project life
cycle.
Components of project stakeholder management
The components of project stakeholder management
include:

1. Stakeholder Identification: Identifying all relevant


stakeholders involved in the project.
2. Stakeholder Analysis: Assessing their interests,
influence, and potential impact on the project.
3. Stakeholder Engagement Plan: Developing
strategies to engage and communicate with
stakeholders.
4. Stakeholder Communication: Regularly updating
stakeholders on project progress and addressing
their concerns.
5. Stakeholder Monitoring and Control:
Continuously monitoring stakeholder dynamics and
adjusting strategies as needed.

common challenges associated with stakeholder


management:

1. Trying to align many different stakeholders:


When numerous stakeholders have varied interests
in the project, it can be challenging to make effective
group decisions without careful management1.
2. Competing priorities between stakeholders:
Stakeholders often carry conflicting expectations and
goals into the project. Balancing these priorities can
be complex, especially when personal, departmental,
or role-based differences come into play.
3. Resource constraints: Resource competition within
an organization can lead to conflicts. Other
departments may perceive your project as competing
for the same resources they need .
4. Breakdowns in communication: Clear
communication among stakeholders and the project
team is crucial. When communication breaks down,
delays and misunderstandings can occur, affecting
project success .
5. Stakeholders resistant to share information:
Sometimes, crucial stakeholders withhold necessary
information or fail to provide data promptly,
impacting the project’s progress.

Advantages and disadvantages:


Advantages:
Business Experience: Internal stakeholders with a
vested interest often sit on the board of directors,
providing valuable expertise and a big-picture view of the
company’s operations.
Anticipating Potential Problems: Stakeholders can
help identify risks and challenges early, allowing
proactive mitigation.
Disadvantages:
Representing Own Interests: Some stakeholders may
focus solely on their own concerns, potentially hindering
project progress.
Blocking Progress: If not managed effectively,
stakeholders can block decisions or delay project
milestones.

Techniques for effective stakeholder management:


Organizational Breakdown Structure (OBS): Create a
tree structure diagram representing stakeholder
organizations. It helps consider stakeholders who may not
have been discussed previously.
Stakeholder Categorization: Categorize stakeholders
into three groups: direct, indirect involvement, and
regulatory. Understand their impact and capability.
Understanding Power and Interest: Categorize
stakeholders based on their power (high or low) and
interest (high or low) in the project. Prioritize engagement
accordingly.
Common strategies for effective stakeholder
management:
Identify Stakeholders: Create a comprehensive list of
stakeholders, including their roles and interests in the
project.
Stakeholder Analysis: Assess their impact, influence,
and level of interest. Categorize stakeholders based on
their involvement (direct, indirect, regulatory).
Effective Communication: Regularly update
stakeholders on project progress, address concerns, and
maintain open channels of communication.
Engagement Plans: Develop tailored strategies to
engage stakeholders throughout the project lifecycle.
Decision Involvement: Involve stakeholders in key
decisions to ensure alignment and support.

The relationship between project stakeholders and


project management is crucial for successful project
outcomes. Here are some key points:
Stakeholder Influence: Stakeholders significantly
impact project success. Their expectations, perceptions,
and relationships with the project team play a vital role.
Stakeholder Management: Project managers must
identify stakeholders, understand their needs, and
engage effectively. Managing relationships ensures
stakeholder support and alignment with project goals.
Stakeholder Circle™: A methodology and visualization
tool, the Stakeholder Circle™ helps assess stakeholder
influence and expectations, aiding project managers in
building and maintaining positive relationships.
Project Success: Ultimately, meeting stakeholder
expectations contributes to project success, while failure
often results from misaligned stakeholder perceptions.
Project stakeholders play a crucial role in project
outcomes. Effective management of stakeholders is
fundamental for project success. Key stakeholders include
internal team members, company leaders, customers,
partners, and external groups. During the initiation stage,
stakeholder analysis helps anticipate needs and tailor
engagement strategies. Their input and involvement can
significantly impact project goals, providing resources,
insights, and connections. To achieve successful change
projects, organizations must engage stakeholders
meaningfully, moving beyond mere installation to full
implementation of new ways of working.

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