Lessons Learnt Report- First National Bank Ohio Essay

The success of a project can ultimately depend on your ability to develop the support of, and manage the expectations of, key people. The successful management of stakeholders can have a substantial and immediate impact – satisfied stakeholders can greatly improve the progress and relevance of a project and ultimately contribute significantly to its success. Undertaking a stakeholder analysis can be an important first step in managing the human and social capital resources in your project.

It is important with any project to involve the key stakeholders from the very beginning. This will help make the projected project plan as robust as possible and would also help to make the top management team more away of the plan. In order to make an accurate assessment of what is needed to complete this project it is important to identify the key stakeholders. The following people have been identified as the stakeholders.

Brown et al., (2012) stated that responsibilities would be distributed among the triad as co-leads with each individual responsible for different aspects of the project, Wilson for technology, Beutler for business coordination, and Davis for change management. The co-leads met daily to coordinate efforts, discussed issues and made decisions together, so as to work together as one team in order for strategic plan to align with the business plan and continue to meet the strategic goal. The co-leads planned for every conceivable scenario that could happen along the path in implementing the new ERP system. Communication played a key role with the co-leads and the other project stakeholders. The co-leads communicated every issue and asked for input from the entire firm to ensure no process or step was overlooked so as to capture the processes in the planning stage. The project had management’s support as well as a project champion which assisted in positively encouraging management and the staff on the benefits and advantages of the new

The project management has evolved into a profession, and knowledge about various field covered under PMBOK has become necessary to be a successful project engineer/manager. This research paper section covers the process and method involved to identify stakeholders. The stated importance is that it is critical for the success of the project that we follow proper guidelines to identify various stakeholders for the success of the project. The implied importance is that stakeholder could have more cohesion during the beginning of the project once they

Project stakeholders are All individuals or groups who have an active stake in the project and can potentially impact, either positively or negatively, its development. Project Stakeholder analysis, then consists of formulating strategies to identify and, if necessary, manage for positive results the impact of stakeholders on the project.

Involved stakeholders have an interest in the outcome of the project. Their support can be critical to the progress and outcome of the project.

As mentioned earlier, mainly primary and secondary data has been used. Sometimes the customers gave some important information regarding the services of the Bank:

As project management struggles to gain ground with these difficult hurdles, there are many more problems that await them in the future. With the changing technology there is more pressure from upper

Bank of America is one of the world's driving budgetary foundations, serving singular purchasers, little and centre business sector organizations and vast companies with a full scope of saving money, contributing, resource administration and other monetary and danger administration items and administrations. The organization gives unmatched accommodation in the United States, serving roughly 48 million buyer and little business associations with around 4,800 retail monetary focuses, roughly 16,000 ATMs, and grant winning internet managing an account with 31 million dynamic clients and around 18 million versatile clients. Bank of America is among the world's driving riches administration organizations and is a worldwide pioneer in corporate and speculation managing an account and exchanging over an expansive scope of benefit classes, serving enterprises, governments, establishments and people far and wide. Bank of America offers industry-driving backing to around 3 million little entrepreneurs through a suite of

The successful completion of a project is in itself not enough to call the project a success. Success depends on the integration of the outcome of that project into the operational functions of the business. A project is a unique one-time effort, by their nature they do not fit well with the daily repetitive tasks of operational management. A structure must be in place which balances the requirements of the project, with those of the organisation. There are three recognised structures to achieve this, which are project management; within functional operations, organised as dedicated teams, and matrix system.

Stakeholders are often considered as they who have an interest in a project. However, this definition includes those who have no impact on the definition phase of a project hence in terms of project management stakeholders are they who can influence a project not only inside the construction process but also outside this process. The former are a subsystem of a project’s system and the latter are part of the environment of the project. The stakeholders who belong to the environment of the project can affect the early stages and the important phase of project definition, which makes their management of great importance. Other powerful stakeholders are member of the client’s environment and ask influence indirectly to the project through the client. Financial institutions and funding bodies could be considered as this kind of stakeholders (Walker). Winch argues that stakeholders are those who have benefits or losses as a result of a project and classifies the stakeholders to two categories: the internal and the external stakeholders. The internal stakeholders are separated in two parts: the demand side, which is constituted by the client’s

“Project management is a growing filed used increasingly by businesses of all sizes” (Harbour). In other words, project management occupies a significant position during the development of the company. Without well designed and planned management, any entrepreneurs and organizations are unable to deliver good quality of products and service to customers within budget, schedule or other constrains based on the specification (Master of Science in Project Management, Par.1).

To start, participants were asked who project stakeholders are before assessing how stakeholders are identified and some probing questions followed to get

Banks are competing intensely in a highly competitive environment to offer quality oriented services according to customers’ expectations. Various important parts of banking sector like operations, service quality, employee satisfaction, customer satisfaction, financing products, efficiency, financial performance are being studied by many researchers to better understand and serve the community at large (Arokiasamy, 2013).

To start with, the study presents a brief concept of project, project management, project environment and project life cycle. Further, stakeholder concept and stakeholder management method in a project are presented. This section of the dissertations will seek to appraise the salient points of literature on how key stakeholders are identified and prioritised, exploring approaches in managing project stakeholders and the incentive of managing key stakeholders. Finally, this section will search for what is holding back effective management of stakeholders.