Stakeholder Analysis
Project stakeholders include any individuals who have an interest in the project that is being carried out. Each stakeholder is involved in the project to a greater or lesser extent, but involvement does not always equate with influence. For example, on the one hand, a junior project manager is a highly involved stakeholder because he manages the details of the project on a day-to-day basis by creating reports, schedules and tasks. On the other hand, the CEO of the organisation is a minimally involved stakeholder because she is only interested in whether the project stays on time and budget while delivering the proper result. The junior project manager has a lot of control over details, but beyond these details, he has little power over the financing of the project and little influence on the project's direction and aims. The CEO is not interested in the details like reports, schedules and tasks, but she has overwhelming influence on the budget, direction and aims of the project. No matter the level of involvement or influence of the stakeholders, each contributes to the success or failure of a project in his or her own way. These groups need to work together in their roles to make the project successful.
The influence and involvement of personnel on a project is something a project manager must understand and, indeed, manipulate successfully. For example, if the project manager needs more money to complete a phase of the project, she should go to someone with the influence to make that happen. Project managers also have to take stakeholder influence into consideration when deciding the direction of the project. It is a project manager's responsibility to identify the stakeholders, understand their requirements and expectations, successfully manage their influence and find a balance of what is required to keep the stakeholders content while keeping the project on track. Indeed, this is a quite a complex, political task. Fortunately, a stakeholder analysis can help.
To complete this Individual Assignment, continue working with the scenario you were assigned for your Final Project.
Scenario:
Opening a New Hotel
You are part of an exclusive hotel group that has a strong reputation for boutique luxury hotels in the capital city. Having recently disposed of a successful hotel in the capital, the directors wish to reinvest the funds by branching out to another large city within reasonable travelling distance of the capital city. Your team is responsible for the acquisition, refurbishment and opening of the new hotel. You have to acquire a suitable building, plan the capacity, services, décor and branding to launch the new hotel. It need not be an existing hotel, but has to have the potential for between 25 and 40 up-market rooms and suites in an area that assures a high level of occupancy.
Perform a stakeholder analysis for your scenario, including the following:
Identify:
- Primary Stakeholders: those ultimately affected, either positively or negatively, by the project.
- Secondary Stakeholders: the intermediaries, those who are indirectly affected by the project.
- Key Stakeholders: those who have significant influence upon a project, or significant importance within the organisation.
Analyze:
- Stakeholder Issues: problems that may arise with various stakeholders.
- Stakeholder Management Strategies: a plan to address stakeholder issues.
- Create a Microsoft PowerPoint slide titled, 'Stakeholder Analysis' that includes the above information.