Identifying Key Stakeholders and Their Interest - Essay Example

?PROJECT MANAGEMENT 0 Summary Proposal 2 is selected as the most viable and profitable proposal for the 15 year. This is because of the general cost benefit ratio of the said proposal, which borders on cake and biscuit expansion. The input of the proposal has it that with the sponsorship of Eddy Ware, there will be a massive expansion of the existing cake and biscuit range that currently exists in Scotland. One of the very first benefits that this proposal carries is that it targets more of a ready market business orientation that has an existing demand line among its targeted market segmentation. It would be noted that the people of Scotland are people who have been identified to be lovers of cake and biscuits making it easier for anyone to introduce the products to them. Because of higher demands, price quotation would also not be a problem for the company because it can be assured that consumers will be ready to pay. This way, the company will not be forced in making price quotations that affects its expenditure and ratio balance (Blunt, Jones, & Richards, 2003). What is more, the market segment to be used for this proposal would ensure that there will be less expenditure on shared cost such as transportation. This way, the company will be looking at a revenue ratio that far outweighs its expenditure, making it easier to realize profits. Even though the risks identified with this proposal are realistic, it is hoped that there will be equally effective risk mitigation and contingency procedures that will be used to meet such risks as political inconsistency, which may bring about new financial policies that may be unfavourable for the company. 2.0 Risk Log for Recommended Proposal Risk Category Risk Name Risk Number Probability (1 – 3) Impact (1 – 3) Risk Score Mitigation Contingency Action by Action when National Uncertainty in success rate due to Scottish referendum 1.1 2 2 4 Look for new markets outside of Scotland Start a new market right away Eddy Ware Now National Political change that affects existing economic policies 1.2 1 3 3 Engage in pre-referendum economic policies that hedge the company against any possible economic shocks Hedge from a new capital market Elaine Morgan Now Local people Scottish locals accepting foreign brand 2.1 1 2 2 Introducing the product to a more foreign oriented market Find substitute products to introduce to the market Eddy Ware Now Currency Exchange risk emanating from possible change of currency 3.1 1 2 2 Currency market hedging that puts the company ahead of any possible currency shocks in about one year after new currency introduction Buy hedged currency product Elaine Morgan Upon announcement of new currency Raw material downturn in this year’s yield of organic sugar crop 4.1 2 2 4 The use of alternative and backup suppliers Stock company inventory now Paul Hollywood Now 3.0 Stakeholder Analysis 3.1 Identifying key stakeholders and their interest The implementation of the proposal to expand cake and biscuit production needs the input, consent, power, support and approval of several people, who together come to form a stakeholder base for the proposal. In line with the conditions needed to kick start the proposal and also to control the risk, the following people are identified within the organization as stakeholders. Gordon Blanc: As the CEO and head chef of MOP Restaurant, he is included as a stakeholder who would have authorizing powers to give approvals to the starting, continuation and stoppage of various tasks within the proposal. Particularly with areas that have to do with the MOP restaurant, it is expected that Gordon Blanc will make extra roles such as quality control roles for the manufacturing of cakes and biscuits for the restaurant. Martin Inch: He is also needed for his capacity as the CEO to give authorities on the start, continuation and conclusion of projects. It is expected that the project manager would make direct reports to him about the progress, successes and challenges within the project as he is the eventual overseers of all other managers and departmental heads. Eddy Ware: For his place as the head of biscuit and cake, it is expected that he will be very influential in giving technical and professional advice as to how the expansion project can take place effectively without the company recording any eventualities that are unforeseen. Elaine Morgan: Having identified political risks associated with the proposal, it is expected that Elaine Morgan as the head of finance will be responsible for implementing all financial contingency plans and interventions that will put the company at a better position to successfully trade in the midst of all internal and external factors that face the company Paul Hollywood: The head of manufacturing is expected to be responsible for actions that stop all forms of material based risks that the company faces. 3.2 Assessing influence and importance of each stakeholder With the power and interest grid below, the five major stakeholders are prioritized according to their roles, influence and importance in the project. Gordon Blanc Martin Inch Elaine Morgan Paul Hollywood Eddy Ware Generally, it would be noted that Gordon Blanc has high power and high interest because of the double place he hold within the organization. His place as a CEO gives him high power and his place as the head chef gives him high interest in the expansion as the restaurant of which he is the head chef is directly linked to the cake and biscuit expansion being proposed. Martin Inch on the other hand has high power low interest because he is the CEO. His low interest is against the backdrop that he does not have direct technical insight in the project implementation. For Eddy Ware, he has high interest and low power because he has the technical knowhow and expertise in the cake and biscuit expansion project. It is expected that with his expertise and technical knowhow, he would be interested in each and every action that is taken in at the implementation phase of the project. The success and failure of the project is always expected to be borne by him, a reason that makes him highly interested in the project. Elaine Morgan and Paul Hollywood would both have low interest and low power because they are expected to act on commands from higher authorities who will direct them as to what is to be done with the project. This means that their physical presence and actions on the project will not count much towards the completion of the program. However, they will be expected to act as consultant and signatories to their various fields of operation. 3.3 Best ways of engaging stakeholders Each of the three stakeholders shall be engaged in one way or the other, through the more modern Triple Task Method of stakeholder analysis. By this, there will be three main tasks identified for the stakeholders. The first task shall involve a process and objective phase, which shall be used in understanding all questions that can be posed about the implementation of the project. It is expected that these questions will revolve around aspects of the project such as benefits, funding and risk. The project manager shall begin by asking as many questions that cover these areas as possible. Thereafter, the questions shall be distributed to each stakeholder according to how the questions influence or affect them. The process of answering the questions will be their first task to solving the problems from which the questions evolved. The second task shall involve a socio-analytical approach to dealing with the problems whereby all stakeholders shall be brought together to brainstorm on how they would each relate within the project phase to ensure that there is successful implementation of the project. As at this point, all the roles to be played by the stakeholders will be paper work based until such a time that the third task will be introduced to engage each stakeholder in specific field roles as has been identified in 3.1 above. Reference Blunt, P, Jones, M & Richard , D. 2003. Managing organizations in Africa London: Walter de Gruyter. Read More