Question

Project stakeholders are people, groups, or organizations that could impact or be impacted by the project. Evaluating stakeholder characteristics and managing the interrelationships between these stakeholder groups appropriately will have a strong impact on project success. PMI suggests that the process of identifying and engaging stakeholders for the benefit of the project is iterative. (1) Identify and discuss the opportunities the PM should take advantage of during the life cycle of the project to identify, prioritize, and engage project stakeholders. (2) Identify and discuss at least two recent trends or emerging practices related to stakeholder management that will likely improve project outcomes. How will these opportunities and best practices in stakeholder management improve the project outcomes?

Answer 1

Let us first understand the meaning of the project which is as follows:

Project is the idea or work that a manager takes into their consideration for the benefit of the organization. project helps the manager in knowing and using its capability to the fullest. The success of this project helps the company in earning profit.

The opportunities the PM should take advantage is as follows:

• The manager can ask the stakeholders in investing the project.
• The successful of project leads to earning of huge profits.
• The dividend received by the shareholders can attract more investors to the project.
• Project stakeholders can help the manager in prioritizing the project over other projects of the company.
• Through them the manager can get a good team of people over different departments to carryout the project effectively.
• Stakeholders investing in an project increases iits weightage in the market
• This helps the project manager in getting the permission from the government.

The recent trends in the field of stakeholder management is as follows"

1. The corollary of weaker regulations is greater stakeholder activism: In America, the government have degraded their regulation on the doing of projects. This had helped the stakeholder in investing in the project. The project manager can use this as a big opportunity for them as they can take the government permission for their project.
2. local conflicts can gain global conflicts: This leads to more transparence in the work which attracts more investors and less government regulations. A project manager keeping transparence in its work or project helps the stakeholders in increasing their confidence in the project. Also attracts more people in attracting them towards the project