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Project Stakeholders - Essay Example

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The implication is also that a business cannot now confine itself only to its traditional economic role of aiming for a profit within existing legal rules, an approach which may imply that the business is being irresponsible in the exercise of its power. A publicly-owned company does not therefore operate in a vacuum: it the project is to ensure long-term survival, it needs to respond to growing public criticism of activities and be seen to be making a positive contribution to meeting the changing needs of society…
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Project Stakeholders
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Project Stakeholders The implication is also that a business cannot now confine itself only to its traditional economic role of aiming for a profit within existing legal rules, an approach which may imply that the business is being irresponsible in the exercise of its power. A publicly-owned company does not therefore operate in a vacuum: it the project is to ensure long-term survival, it needs to respond to growing public criticism of activities and be seen to be making a positive contribution to meeting the changing needs of society. So there is now a broadening of the original economic motive to include a wider range of responsibilities.
In general, stakeholders view the company as owing a responsibility to employees, customers and the community groups. Following Freeman stakeholders are "any group or individual who can affect or [be] affected by the achievement of an organization's objectives. (Freeman, 1984, p. 46). Within the project, it is possible to identify two main groups of stakeholders: internal and external. Internal stakeholders include the project manager and nuclear scientists, engineers and technology professionals. Also, it is possible to assume that trades unions have a certain impact on labor relations. Following Freeman, the stockholder position can usually be expressed as a 'profit maximization' dictum. External stakeholders include the American society (citizens) and global community at large, military personal, Department of Defense, the state authorities, suppliers, regulators. The project management has a responsibility to all these and must structure its objectives to give each a measure of satisfaction. Employees responsibilities, as internal stakeholders: "cut across many departments. Human resources focuses mainly on recruiting, pay and benefits, training programs, employee appraisal systems, and similar concerns affecting all jobholders" (Lamb, Mckee 2005 7)
Once the stakeholder map has been constructed for the project, the competing agendas can be analyzed. If, for example, two highly influential stakeholders (i.e. in the high-high quadrant) agree on corporate objectives, the momentum behind the agreed objective will be very strong. If, conversely, influential stakeholders disagree on objectives, the possibility of damaging conflict will be high. It is also important to bear in mind that the shape of the 'map' can change with time as stakeholders vary in their power and interest. Regulators as stakeholders: "focus on protecting human health and safety, the natural environment, and the free-market economic system" (Lamb, Mckee 2005 168)
The project's objectives are in reality a consensus of objectives of the participants which have been negotiated. They suggest that in large firms the task of decision making is distributed throughout the company. These are target areas for managers who are aiming to achieve their particular goal. Managers therefore bargain among themselves and eventually this 'conflict' will be resolved by compromise and the goals achieved by the organization may only then be satisfactory. This theory may be said to bring into the decision-making process social as well as economic variables.
The internal stakeholder will have a direct impact on the project and its objectives while the influence of external stakeholder is not great. Also, critics underline that there is different power between stakeholder groups. The more stakeholders there are with influence, the more complex a scenario becomes when it comes to agreeing objectives. The project shows that external stakeholders have more power than internal determining the nature of the product and its characteristics. Thus, their impact is passive while internal stakeholder has a direct influence on product and its features. Further facilitated by project teams is important because it brings members of all groups together at the same time to discuss and attempt to solve mutual problems.
References
1. Curtice, R. (n.d.). Stakeholder Analysis. http://www.bptrends.com/deliver_file.cfmfileType=publication&fileName=04-06-WP-StakeholderAnalysis-Curtice.pdf.
2. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach, Pitman, Marshfieid MA.
3. Lamb, L.F., Mckee, K.B. (2005). Applied Public Relations: Cases in Stakeholder Management. Lawrence Erlbaum Associates. Read More
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