PSM Framework

Ineffective in identifying and managing the hidden and oftentimes conflicting issues or plan of project stakeholders in the initial phase of the project or at the commencement of project management process leads to failure of the projects. According to authors the PSM framework will look or will take consideration of all the agendas as suggested by stakeholders of the project, this will help project manager to decide their further course of action. The major reason for applying this framework is that it acts as a bridge between stakeholder theory and strategic management ideologies of particular organization. (Suttherfield et al,2006)
The above figure shows the PSM strategy which basically consists of 9 general steps which when applied collectively

Step 7: Final implementation of PSM framework oriented strategies.
Step 8: Cross checking or verifying the PSM framework in order to rectify any mistakes that occur in the PSM framework in its actual implementation. This step will also consist of all the corrective measures that project manager used to execute.
Step 9: The final relates mostly to constant monitoring of the project in order to achieve all the necessary feedback from the stakeholder. This helps the project manager to review his/her action of plans in ranking of satisfaction of the stakeholder in accordance to their demand.
Therefore by applying this model of stakeholder management, the strategic necessity in this department would be fulfilled. This framework will provide the flexibility to project manager to assess each project, each project stakeholder, and also the important one of situational or dynamic uncertainty which is quite often in current project scenarios. But not but the least the authors concludes that, project managers should make sure that no PSM strategy is best, all the strategies or PSM framework depends upon contextual, behavioural, and structural variables of each project (Bourne and Walker,

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