Effective communication with each and every stakeholder at an early stage and later frequent interaction is necessary for the success of the project. By anticipating the reaction of the various stakeholder at every stage and building plan according to it win’s the support of stakeholders. (Cited from Rachel Thompson. Winning support for your projects.) The three key elements for stakeholder management are the following: Leadership: The best organization work with clear set of priorities and shared vision targeted to achieve goal, and articulate this directly by top management or via their sub ordinates.
A strong relations among the team members is important and every work should be done according to provided timeline. A complete SWOT and PERT analysis should be performed and the stake holders should be informed and all the relevant issues sould be discussed. Even with additional time allowance, we can still be in the danger of failing to meet the deadline if each activity is not carried out within their given timeline, specially the activities found within the critical path. Since we are unable to forecast or prevent mishaps, we have opted to be safe than sorry. While we are working out on the Gantt chart, we have given more timeline to activities, which have more likelihood to be delayed.
They use this given information to build a model of the stakeholder management process and explain how a relationship management approach can generate both a sense of group empowerment and project satisfaction. The task is to investigate the relationship management process in real estate and construction projects in both countries; to identify good practice in the management of stakeholders; to develop a framework within which to compare and contrast stakeholder management practices in Hong Kong with Australia etc. (Rowlinson & Cheung 2008). The authors used a triangulated approach using both qualitative and quantitative for the method. Semi-structured interviews, observation, document examination and case studies were used for this study.
In the traditional or stable environment this strategy would have been successful but the market condition considering all the factors like economic, social, ministerial etc are under constant amendments. Because of the all the factors or uncertainties mention above, demands the organization to concentrate more on strategic driven management than traditional management. The following are some of the basic strategic driven steps in order to cope up with effective stakeholder management. Firstly, stakeholder approach should be intended to provide a single strategic framework, which would be resilient in any changes in environment shifts; this flexibility will help the project manager to regularly adopt new strategic paradigms. (Freeman and Mcvea, 2001) says that main purpose would be break the ambiguous chain of “environmental shifts- new strategic problem-development of new strategies framework-adoption of new strategic practises-new environmental shift-new
Taking into consideration of the significance of ownership pattern and its impact on the firm performance, in last few years extensive efforts have been made to identify optimal ownership patterns, hierarchical model and form performance, corporate governance and its relation with ownership patter etc. Non-deniably, in many developed economies and in emerging markets, the impact of ownership structure on firm performance has been widely discussed. However, due to dynamic market characteristics and competition assessing it regularly is must. Unfortunately, as per our present knowledge there is no significant research done in recent years to assess the impact of organizational structure of stakeholder pattern on firm performance. Examining the relationship between corporate governance, stakeholder structure and associated firm performance can be of paramount significance for an investor to ensure ROI and secure investment.
Company may face tough decisions regarding the management of their stakeholders. For example, company must ask what is right for their specific situation or set of needs and how to balance competing stakeholder claims. This results in the broader question of whether stakeholder engagement is a precondition for organizational decision making. Company that provides environmental information is said to be environmentally responsible to their actions and decisions in doing their business activities. If stakeholder believes that company is responsible to the environment, the relationship between company and stakeholder is stronger.
The project takes 26 days. The advantage of using Gantt chart is the ability to provide an easy way to view the project activities. Gantt charts provide a clear view of the relationship between the activities and time. Second, Gantt charts enhance the communication processes between the various stakeholders involved in the project and to understand the task progress. Third, the charts provide motivation to those involved (Covey 2014, p.34).
There are not only is the financial element, and also included customers, business processes, learning and growth. Since the Balanced Scorecard method is presented, its comprehensive concept of enterprise assessment and long-term development concerns the full attention of the academic community and the business community, many companies try to introduce the Balanced Scorecard as a business management tool. There are some advantages of implement the Balanced Scorecard management method. First is to overcome the short-term behavior of financial assessment methods and concerted action of the entire company use the strategic objectives. Strategies into effective organizational layers will be organized for the performance indicators and actions.
3.0 Stakeholder power Stakeholder knew as the prime source for the organization unit (Kristen, 2015). Stakeholder refers to any group or individual who can be affected or affected by the entities achievement (Mayers, 2005). In fact, Mayers divided the stakeholders into four categories; first, the business partner sector includes employees, suppliers, and distributor. Second, the external influencers are media and society. Third, the regulatory authorities involve government agencies.
balanced scorecard system an organization goes through four-phases: 1. Strategic Focus – Refine and commit to the organizations’ strategy 2. Assessment –4 steps are involved in this phase a) Audit measures b) Develop new measures as needed c) Apply new measures d) Analyze and report3. Change Planning and Implementation – Implement improvement plans4. Continuous Improvement – a) Track metrics b) Continue improvement c) revisit scorecard cascade.