Sample Literature Review On Project Management

Stakeholder’s analysis is the way to identify the key factors whose influence will have a greater impact that helps to plan the support to get success. There are the benefits of stakeholder’s analysis such as; it helps to improve the

‘A project is a connected sequence of activities involving a range of resources, designed to achieve a particular outcome and frequently used as an instrument of change. It takes place within a defined period of time and is the responsibility of a single individual or agency’ (CMI p17)

Unfortunately, anyone looking into this large and evolving literature with a critical eye will observe that the concepts stakeholder, stakeholder model, stakeholder management, and stakeholder theory are explained and used by various authors in very different ways and supported (or critiqued) with diverse and often contradictory evidence and arguments. Moreover, this diversity and its implications are rarely discussed-and possibly not even recognized. (The blurred character of the stakeholder concept is also emphasized by Brummer, 1991.) The purpose of this article is to point out some of the more important distinctions, problems, and implications associated with the stakeholder concept, as well as to clarify and justify its essential content and significance. In the following section we contrast the stakeholder model of the corporation with the conventional input-output model of the firm and summarize our central thesis. We next present the three aspects of stakeholder theory -descriptive/empirical, instrumental, and normative found in the literature and clarify the critical differences among them. We then raise the issue of justification: Why would anyone accept the stakeholder theory over alternative conceptions of the corporation? In subsequent sections, we present and evaluate the underlying evidence and arguments justifying the theory from the perspective of descriptive, instrumental, and normative justifications. We conclude that the three approaches

The motivation behind stakeholder analysis is to focus on the stakeholder’s level of force or impact and plan the administration approach for stakeholder and to focus on the proper levels of correspondence and support that the stakeholder will have in the undertaking. The stakeholder analysis grid will be utilized to catch stakeholders concerns, level of contribution, and administration method taking into account stakeholders investigation and power/force grid below. Stakeholder’s analysis framework will be checked on and upgraded all through the projects length of time with a specific end goal to catch any new concerns or stakeholders administration technique endeavors.

Projects are organized and staffed by people of varying skills, responsibilities and roles. In order to perform their work, these people use processes (ad hoc or standardized) and tools.

Project stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be affected as a result of project execution or project completion. They may also exert influence over the project 's objectives and outcomes.

Project management has quickly become something that is used by most organizations when the organization wants to finish a project in a timely manner and within budget. Project management helps companies to meet their strategic mission in a planned and organized way. This paper will explain what project management is and the importance of it to the business world, the project life-cycle management and the benefits that project management has to an organization and the concept that goes into the planning of the life-cycle and how research and critical thinking is a mandatory part of planning. This paper will also explain project organizations and the importance of leadership and sponsorship, project team building and the techniques

Stakeholder management is not without challenges. Effective management of stakeholders faces a number of difficulties as identified by the participants to the study despite the standards and available frameworks for managing and engaging with stakeholders. In an ideal world, these standards would work perfectly without any flaws but the world is not ideal at least the project management world.

Relationship development and maintenance is the most important thing in managing stakeholders. In fact, it is the relationship that is being managed and not physical people. The interviewees explained that positive relationship especially with primary stakeholders creates understanding and a friendly atmosphere, which, pave the way for different activities to take place in harmony. With good relationship, the company forms strong allies with other key stakeholders who help to increase project influence to other stakeholders.

Currently, the stakeholder theory has been grown up from its origin and seen as the concept of Value Maximization in the business firm. It is one of the important goals of the business organization (Werther & Chandler, 2005). In the present time, stakeholder theory allows the business firms to define the role and responsibility of

No stakeholder input to the cost estimating process in project management is a common problem throughout the stakeholder theory literature that focuses on the management of large engineering projects, such as space and software projects (Lucae, Rebentisch, & Oehmen, 2014); and. This problem has been linked to the multiple definitions for the term stakeholder (Susser, 2012; Doh & Quigley, 2014; Davis, 2014). The literature shows that space projects in the United States exceed original cost estimates by an average of 45% every year (Keller, Collopy, & Componation, 2014), and one out every three software projects will have cost overruns of 150% to -200% (Doloi, 2011). Space projects use parametric models to derive project costs. Those

As has been mentioned earlier, stakeholders are those groups in society that are connected to the corporation's activities, but not necessarily owns the corporation. Within the concept of stakeholder management the main aim

A Project is any undertaking that has definite, final objectives representing specified values to be used in the satisfaction of some service or need. The reason why companies undertake projects is because they come up with strategic intent, achieve better results and increase its competitive advantage.

Companies these days are turning to project management to consistently deliver business results and to stay ahead of the pack in today’s competitive and chaotic global economy. Project Management is in fact elaborated as project, program and portfolio management. More companies these days clearly sees the payoff from investing time, money and resources to build organizational project management expertise which ultimately benefits the company with greater efficiencies, improved customer and stakeholder satisfaction and greater competitive advantage.

Each and every project which is being implemented in the current world is unique and has an inimitable purpose. The projects which are done by the organizations have a distinct objective.