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Rolls-Royce Corporation - Assignment Example

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This company is more famously known for its high-quality massive jet engines but it manufacturers power systems for the marine, aerospace (civilian and military) and the power-generation sectors as well (both conventional and nuclear). However, the bulk of its revenues comes…
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Rolls-Royce Corporation
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Full & Number: (Project Management Stakeholders) 12 March (estimated word count = 602) Rolls-RoyceCorporation
This company is more famously known for its high-quality massive jet engines but it manufacturers power systems for the marine, aerospace (civilian and military) and the power-generation sectors as well (both conventional and nuclear). However, the bulk of its revenues comes from the sale of powerful but relatively-silent jet engines. It brought in £ 62.2 billion for year 2011 (up by 5% from 2010); it had developed and marketed the new Trent series of engines, designed for large aircraft, specifically the Airbus 380 (Rolls-Royce plc 1).
Major project management stakeholders are present big commercial airlines and its prospective customers are newer airlines from poorer countries. The richer airlines which can afford its huge price tag will get tremendous fuel savings (by flying non-stop 8,000 miles), a higher efficiency (fewer crew needed as each plane can carry up to 550 passengers), less stop overs and thereby save on airport landing fees that results in greater economic viability. The savings derived can thus be used to counteract budget airlines which operate on lower costs.
For the poor countries, creative financing schemes can be made available for them, like barter (part cash and part payment in kind, such as mining or agricultural commodities). Financing can also be arranged for them, such as through the World Bank at very concessional rates or through its private subsidiary, International Finance Corporation (IFC). For both types of customers (rich airlines and newer but poorer airlines), a main drawback or disincentive is the price which can run into several million dollars. To help address this concern, Rolls-Royce can help them obtain financing at favorable terms, either by syndicated loans, leases (wet, dry, operating, option, walk-away, etc.) or direct government guarantees (U.S. ITC 9).
It can manage these various stakeholders based on the degree of interest and power it wields on the particular project, based on the four quadrants as shown in Figure 1 below. This simple yet effective tool is for creating a sense of priority amid the jumble of conflicting and often contradictory demands and maps the several stakeholders; it can simplify the task by the order of priority based on the classification of their individual concerns (Bourne 65).
Figure 1. Power-Interest Quadrant for Prioritization of Stakeholders
(x-axis is for the degree of Interest while the y-axis is for the amount of Power)
Keep Satisfied Always
(High power but low interest)
1. Lenders and financiers
2. Financial analysts
3. Present customers
4. Jet aircraft lessors
5. Jet fuel suppliers
Manage Very Closely
(High power and high interest)
1. Airframe manufacturers
2. Government defence people
3. Big corporations and clients
4. Big commercial airlines
5. Freight companies
Minimum Effort Monitoring
(Low power with low interest)
1. Families and relatives
2. Friends and allies
3. Environmentalist groups
4. Consumer advocacy groups
5. Niche players in jet market
Keep Informed Constantly
(Low power but high interest)
1. Workers and co-employees
2. Airlines of developing world
3. Militaries of the Third World
4. Other future customers
5. Smaller regional airlines
Source: “Stakeholder Analysis – Project Management Tools.” www.mindtools.com 2012. Web. 11 Mar. 2012.
In a final analysis, what keeps all stakeholders together is open, timely and accurate information as it is now considered a necessary prerequisite for corporate success because not only goods and services are exchanged in return for money but also developing enduring type of stakeholder relationships built on trust and loyalty (OGorman & Pirner 89). Rolly-Royce is creating its competitive space (Kim & Mauborgne 101) if it can address all their concerns.
Works Cited
Bourne, Lynda. Shareholder Relationship Management: A Maturity Model for Organizational Implementation. Burlington, VT, USA: Ashgate Publishing Company, 2009. Print.
Kim, W. Chan and Renee Mauborgne. Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. Boston, MA, USA: Harvard Business School Publishing Corporation, 2005. Print.
OGorman, Susanne and Peter Pirner. “The Importance of Communication for the Management of Stakeholder Relationships.” Customizing Stakeholder Management Strategies: Concepts for Long-term Business Success. Eds. Margit Huber and Martina Pallas. Berlin, Germany: Springer, 2006. 89-100. Print.
Rolls-Royce plc. “Powering the Whispering Giant: the Trent 900 Jet Engine.” www.rolls-royce.com 2012. Web. 11 Mar. 2012.
U.S. International Trade Commission. Global Competitiveness of U.S. Advanced Technology Manufacturing Industries: Large Civil Aircraft. Darby, PA, USA: Diane Publishing Company, 1993. Print. Read More
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