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Graduate Capstone Project Progress Report

Graduate Capstone Project Progress Report

Name:

Report Date:

Project Title:

Faculty Advisor:

Activities performed and results produced

Literature reviewed listing key points found:

Stakeholder management is defined as being the key process associated with the maintenance of effective types of Relationships with the identified individuals who possess high level of effect on work. Communication as well as understanding each other in the most appropriate way is considered to play a key role in keeping them on board. The Literature review carried out focused on stakeholder management because for one to enhance their project management skills, there is the need to be in a better position to understand the stakeholders that are involved in the whole project because in each project there is the stakeholders. Understanding the manner in which to identify the key Stakeholders as well as in carrying out an assessment of their identified power as well as influence and even interest is key. The Literature review sources provided below offer summary on what is vital in different aspects of stakeholder management.

Wasieleski, D. M., & Weber, J. (2017). Stakeholder management.

Stakeholder management being a key concept in the current world, the book brings together the prominent and well known authors in the identified field of the stakeholder management to enhance bringing to light the current as well as the cutting edge types of perspectives on this key fix. It is considered to be intended as a form of resource for the emerging as well as the highly established scholars to come up with highly innovative developments in the stakeholder management. The insights offered can be used in understanding how to work effectively with all the different kinds of stakeholders.

Eskerod, P., & Jepsen, A. L. (2012). Project stakeholder management. Burlington, VT: Gower.

The performance of any kind of a project as is planned is not considered to be a guarantee that it will be successful. Some projects are usually carried out as planned but end up failing terribly. In every project, there is the stakeholders as well as decision making. When the management of any project does not involve the identified stakeholders associated with the given project because different types of projects have different types of stakeholders then it may fail. When the wishes as well as the concerns of the identified stakeholders are not put into consideration by the given management then failure is realized. The book offers insights on the way in which projects can be highly successful via the various contributions of the identified stakeholders.

Roeder, T. (2013). Managing project stakeholders: Building a foundation to achieve project goals. Hoboken, N.J:

Defining as well as understanding and identifying the various types of stakeholders in a given project can not alone be said to enough for enhanced project success in any case. There is the need for the project managers and individuals to understand that it is highly vital to have the skills along with the capabilities to facilitate the effective management of all the stakeholders. A project is considered to have different kinds of stakeholders which calls for the need to have the right skills along with knowledge on how to achieve effectiveness along with efficiency in management of the different types of stakeholders.

Carroll, A. B., & Buchholtz, A. K. (2015). Business & Society: Ethics, Sustainability & Stakeholder Management.

The book is highly vital in offering a robust as well as a comprehensive comprehension of the key significance associated with the business ethics as well as sustainability and the aspect of stakeholder management from a powerful managerial perspective. It is vital to have ethics as well as the right set of sustainability strategies in any kind of previous that stakeholder management can be an easy tasks. This helps in balancing as well as in the protection of the various interests regarding the various types of stakeholders inclusive of the investors as well as employees and even the general environment. This resource offers knowledge on the manner in which powerful and comprehensive decision making skills along with Capabilities are specifically essential in project and stakeholder management.

Experiments conducted list key insights

Survey done

The identified stakeholder definition in general terms usually comprises of stakeholders as being individuals or even institutions who are highly invested in a specific project as well as who are impacted by this kind of project in a way as well as their identified input possesses a direct effect on the upshot of the given project. Identification as well as the comprehensive understanding of stakeholders is key to success in any project. In order to understand the different types of stakeholders that are present, a survey was carried out on selected companies globally for enhanced efficiency as well as feasibility of the study. Despite the fact that there are different kinds of stakeholders, they are all equally vital and need to be involved if they impact or are impacted by the project.

From the survey, it is evident that there are four different types of stakeholders that are widely and commonly known. First and foremost, there is the users as the stakeholders. Users are defined as being the stakeholder kind of individuals who will utilize the identified products regarding the given project or even the program. They are considered to be the beneficiaries regarding the given outputs. They can be the identified clients who are very vital group of stakeholders or even another type of internal department.

The second type of stakeholders is defined as the governance. These are defined as being the individuals or even the groups of individuals who possess an interests in the manner in which things are usually managed on the given project or even Programme. For instance, the identified management boards or even the steering groups would be considered to fall under this key category as they often possess the job to effectively monitor the identified quality regarding the given project as it develops as well as to offer advice and even guidance in the entire course. In this category of governance, the identified stakeholders usually belong to the identified auditors as well as regulators and even the health executives.

The other key category is considered to be the influencers as the identified stakeholders m influencers are the key individuals who possess the capability to impact decisions as well as the capability to alter the identified direction regarding certain projects or even program. In the identified group of the influencers as being stakeholders belongings to the trade unions as well as lobby groups as they are identified for being in possession of the skills and the ability to influence the track of a project and in the protection of the identified outcome.

Lastly, there is the providers as a form of stakeholders. As it would be anticipated, suppliers as well as the vendors usually fall under this type of category. More particularly, the job of a supplier is involved in supplying to an identified company. Moreover, the identified group of the providers can be involved in covering a high number of profiles also inclusive of the business partners as well as the temporary contractors , the catering staff and any other individual involved in the provision of resources to the identified project or even program. The survey also revealed that many cases whereby a person or even a group may be considered to be falling into more than a single category. Understanding this is vital in shaping decision making.

Interview done

The interviews were carried out on different managers in different companies in the US and the key aim was to have an understanding of the key principles that should be used by managers in stakeholder management. Most of the managers reasoned on the use of the Clarkson principles which will be discussed here. The principles are seven in number. The first one is that the identified managers need to acknowledge as well as actively monitor the identified concerns regarding all the legitimate stakeholders and need to consider interest of each one. Secondly, there is the need for the managers to listen as well as openly communicate with the identified stakeholders on their concerns. Thirdly, there is the need for the managers to adopt various processes as well as modes of behavior which are considered to be sensitive to the various concerns as well as capabilities regarding each of the stakeholder constituency.

The fourth principle is associated with the need for the managers to recognize the identified interdependence regarding efforts as well as rewards among the given stakeholders as well as need to attempt to attain a fair level of distribution regarding the benefits and even burdens associated with corporate activity among them while putting into consideration their identified risks. The fifth principle is that managers need to work cooperatively sixth other type of entities for insurance of risks. The sixth principle is that managers should avoid any kind of activities that are involved in jeopardizing the inseparable human rights. The last principle is that managers need to acknowledge the potential types of conflicts between them and the stakeholders.

Data you want but don’t know how to get

Data on some aspects that are essential is key but it becomes hard to attain knowledge on the manner in which to get it. Data on the manner in which to enhance increment of the stakeholder happiness as well as at the same time enhancing maximization of business and project value is key. It helps in identification of the key steps needed to achieve all this in the most appropriate way without any kind of issue and in ensuring success and efficiency at the same time. This type of data is easy to get especially when it comes to the key steps that can be used in achievement of success and efficiency in the whole process but when it comes to dealing with individual stakeholders and how each can be satisfied and be made happy while not compromising the satisfaction of the other one then it becomes a big issue.

To Do List:

Literature research remaining

The Literature research remaining is on the difficult stakeholder and the key reasons as to why they are considered to be difficult and how this can be handled effectively. A difficult type of stakeholder is defined as the type of stakeholder who can see effectively via the actual intentions of the given project. They give a hard time especially if they realize that what is being said is not the right thing and this can be hard to build trust with them. This makes it highly vital to have the right steps to deal with them and building trust with them thus the need to have literature research on these key aspects for enhanced efficiency as well as success.

Analysis and other work remaining

The other work remaining is gaining the right practices on influencing other people since stakeholders are people. Influencing other people is considered to be indispensable to the appropriate type of leadership. One of the most essential qualities associated with leadership is striving for the capability to impact the Stakeholders. The benefits associated with being an effective influencer is considered to extend well beyond the identified professional experiences. To be a good influencer there is the need to analyze the unhappy stakeholders and what makes them unhappy.

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