Managing stakeholders in a project is really important because they are the one’s who have interest in the result of the project. They are the members of the team of the project where there are executives, customers, users, project managers and the sponsors of the project. The stakeholders have invested in the project and will get affected by the project at any point of time, and their all the inputs can affect the project with the end result.
So, practicing good stakeholder management is a good manner to protect their interests and make the project flow easily. This will not only create value for the business but will also add value to the entire organization. The executive managers are mainly responsible for creation of value to the business by driving the stakeholders in one direction and aligning their interests with the vision, mission and the strategy of the organization. The stakeholder management theory helps to involve the various stakeholders in the project or business management (Jeffrey S. Harrison, 2015).
In a business, stakeholders are those people, party, or any group who are having interest in the organization, its actions, and the result of the actions taken by the organization. Some of the examples of stakeholders are customers, communities, employees, governments, shareholders and suppliers. There can be many more types stakeholders who are depending on the type of project like the sellers, owners, contractors, suppliers, media, government agencies and society as a whole of Different types of stakeholders will have different types of interest in the organization and to please them, the organization has to see a lot of trade-offs often (Jeffrey S. Harrison, 2015).
Different Stakeholders in An Organization
The Stakeholder Theory is all about maintaining the stakeholders interest that can be easily distracted by the various working methods of the company. This was the theory put forward by Edward Freeman who thought that the stakeholders of the company belonged to those group without whose support, the organization will not exist. (Smith, 2003). They include employees, political action, suppliers, customers, media, local communities, environmental groups, governmental groups and financial institutions. They all are all those who are needed to satisfy the company and to make it stay profitable in the long run. (Jeffrey S. Harrison, 2015).
Another contrasting theory put forward by Milton Friedman, who was an economist that in capitalism, the stakeholders are the shareholders only whom the company should care about. The companies are making profit in order to make their shareholders happy and to grow positively in the future. He believed that there should be no government intervention and believed in a free market system. This belief helped him shape his shareholder theory of capitalism, which meant that the company was alone responsible to make money for its shareholders (Jeffrey S. Harrison, 2015).
Management of stakeholder in projects means identification of stakeholder, analyzing their expectations, bringing up suitable work strategies with the stakeholders and completing the entire process. It is necessary to have good and frequent communication with the stakeholders and their needs and expectations should be considered. Managing the conflicting interests and making them busy with the stakeholders in the key projects decision and various activities is also crucial. All these are the part of stakeholder management process and here the project manager is should have the capability to identify the various needs of the stakeholders in order to manage them properly (R. Edward Freeman, 2001). There is four stages involved in management of project stakeholder:-
This is the initial step in the Project stakeholder management where it is required to know about the people and the various units in the organization that can be affected both positively and negatively. These stakeholders can be the internal player or the external players who have to identify their personality and their interest in the project (R. Edward Freeman, 2001).
Plan Stakeholder Engagement
This is the second stage of stakeholder management project where the project planning stage is planned and organized well by the manager. He identifies the different types of techniques that he will use in order cater to the needs of each of the stakeholder so that they are happy and involved in the project (R. Edward Freeman, 2001).
Manage Stakeholder Engagement
This is stage number three of the execution of the project and this is the stage where the implementation of the management of the stakeholder plan takes place. This will include communication of those methods that any one will use in order to participate in the stakeholders in the project and also to put forward an ongoing support for the betterment of the entire project (R. Edward Freeman, 2001).
Monitor Stakeholder Engagement
This is the fourth stage where the manager executes and controls the entire project and observing the stakeholders and pointing out all their related problems. There are new requirements of them that are not met and they have to be addressed well and responded well to maintain their support in the project (R. Edward Freeman, 2001).
Introduction of the system
The of University of Western Sydney education is one of the best world class university having a growing international reach with an excellent academic reputation with has a lot of impact that are driven by their students. This is growing with international reach and reputation for the academic excellence in Australia. This education system is has the dean of the school followed by others like the executive assistant, deputy dean of the school, the school manager, the directors of academic program, director of high degree research, honors coordinator, director of engagement and international, professors and the academic staff. The school offers education to the students who are studying in both the primary schools and the secondary schools. All the primary schools and higher secondary schools are co-educational in nature and a small number of high schools there are single (either only boys or only girls) (Welcome to the School of Education).
The University of Western Sydney education helps to prepare the teachers and all the educators for the challenges of working in a school and managing so many types of stakeholders that the school owns. There are pre-school and adult training environments and they do this with the help of the research and education knowledge network and promote the professional development and effective engagement in learning. So all the stakeholders here in the form of administrators, staff members, teachers, families, parents, local business, community members, are all involved in this working themselves to make the NSW system of education the best possible and conducive to learning. (Australian Schools Dictionary, 2020)
Education is for all Projects
The project is all about education for all types of people-rich, middle class or lower class. Education should be given to all parts of the society irrespective of the class it belongs to. Firstly, the expenses should come down so that all are able to afford decent educational system for their children. For this project to take place there will be a lot of stakeholder issues that can arise, which needs to be addressed properly so that the project is a huge success (Smith, 2003).
Stakeholder theory application
Here, Milton Friedman, the economist specified that in capitalism, the stakeholders are the shareholders and the same theory can be applied in this project. If they are managed well, the project can do wonders. This is because all the project needs mainly is funds and if the project manages to get good shareholders who are happy about investing in this project, it will achieve all possible objectives in the society. The project is for the benefit of the entire society as a whole and if it is funded well, it can do well as well.
The shareholders may have a variety of concerns in relation to this project including its funding, its implementation and making sure that it reaches to all the parts of our society. For this we plan to call regular meetings of board of directors and mail the e-minutes to all the stakeholders. Questioners can be distributed through mail taking in their questions and suggestions if any and addressing them at regular intervals by calling meetings will help to take the project at another level. With this there will also come along the other main stakeholders of the school like the teachers, academics/researchers, the students, parents, teacher training institutions, policy makers and the authorities of the school (Jeffrey S. Harrison, 2015).
Stakeholders of An Education System
As the tasks that are completed and the projects that are executed, the stakeholders of the company become more and more important, as they start affecting number of people in the process and some of these people will have the power to understand the projects and also the situation. Others maybe the strong supports of the work and all these revolve around the concept of stakeholder management by which the company can identify the main stakeholders and gain their support. This helps to form a key vehicle for the exchange between the firm and its stakeholders and if the relationships mature, then they help to facilitate and strengthen the various operations of the company. (Engaging Stakeholders To Identify and Prioritize Future Research Needs)
Engaging Stakeholders To Identify and Prioritize Future Research Needs. (n.d.). Retrieved May 5, 2020, from NCBI: https://www.ncbi.nlm.nih.gov/books/NBK62573/
Smith, H. J. (2003). The Shareholders vs the stakeholders debate. 44 (4). Welcome to the School of Education. (n.d.). Retrieved May 7, 2020, from Western Sydney Universty: https://www.westernsydney.edu.au/schools/soed Australian Schools Dictionary. (2020). Retrieved May 5, 2020, from New South Wales: https://www.australianschoolsdirectory.com.au/parents.php?region=29 Jeffrey S. Harrison, R. E. (2015, August 14). Stakeholder Theory As an Ethical Approach to Effective Management. RBGN . R. Edward Freeman, A. C. (2001). Stakeholder Theory and “The Corporate Objective Revisited”. Organization Science , 15 (3).
Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Project Management Assignment Help
5 Stars to their Experts for my Assignment Assistance.
There experts have good understanding and knowledge of university guidelines. So, its better if you take their Assistance rather than doing the assignments on your own.
What you will benefit from their service -
I saved my Time (which I utilized for my exam studies) & Money, and my grades were HD (better than my last assignments done by me)
What you will lose using this service -
Unfortunately, i had only 36 hours to complete my assignment when I realized that it's better to focus on exams and pass this to some experts, and then I came across this website.
Kudos Guys!Jacob "
Proofreading and Editing$9.00Per Page
Consultation with Expert$35.00Per Hour
Live Session 1-on-1$40.00Per 30 min.
Doing your Assignment with our resources is simple, take Expert assistance to ensure HD Grades. Here you Go....