(PRJM 6005): Case Study - Program and Portfolio Stakeholder Management Assessment Answers

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Question: Portfolio Management Assignment

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Portfolio Stakeholder Management

Aim of the Assignment:

Application of program management processes via a case study – Governance and Stakeholder ManagementGovernance and Stakeholder Management:This assignment is based on answering questions in regard to the Case Study. In answering the assignment, make any necessary but reasonable assumptions.

Summarise the Governance problems and suggest solutions

2a. Using Borne and Walker’s article (see embedded object below), Draw a Stakeholder Circle to show the influence and power of all Stakeholders in this project. Remember to include a legend to clarify each stakeholder. 2b. Using your Stakeholder Circle, Identify TWO key stakeholders, analyse their interests, influence and distance, and suggest and justify how they should be managed (refer to embedded object at the end of this document). Journal Article: (Double click to launch)

Visualising and Mapping Stakeholder Influence (Bourne and Walker) Source: www.emeraldinsight.com/0025-1747.htm

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Solution:

Question 1 In the recent years, Governance of public corporations has continued to move towards a more shareholder-centric direction. Evidence of this standing is revealed by the ever increasing influence that corporate companies have on the level of engagement on the part of the shareholders. The activism, proposal, and votes of the shareholders have also been influenced by the type of governance that is witnessed in the recent years. The current trend has been attributed to the focus on the owner standings in both public and private companies. Company ownership has introduced the introduction of shareholder ownership statuses. However, the nature of influence on the shareholders varies from one corporation to another. The influence is highly dependent on the direction within which the governance strategy is focused on. Corporate governance has different roles. These roles largely depend on the nature of business being conducted and the industry in which the business operates. While placing its focus on achieving the best interests of the shareholders and satisfy their needs. Shareholding introduced partial ownership strategies for corporations. Partial ownership of corporations allocates varying percentages to the shareholders (Benson & Davidson, 2010). These percentages directly translate to the level of influence each one of them has on the decision making processes that are involved within corporations. Before any decision is made, voting exercises may be conducted. A shareholder has a number of votes that is equivalent to the number of shares that they have in the company. Corporate governance has experienced several challenges within the business sector. Some of the major problems of governance are transparent, independence, and composition. However, independence and composition from the symptoms to greater problems that lie underneath the whole corporate structure. These challenges can be addressed by changing the governance strategy that is currently in use. The governance system should be transparent because it helps to create a good reputation about the company in the eyes of the public. Members of the public make up the customers for the business. Transparency can be encouraged by ensuring that the management within a business setting shares all information pertaining to the business with members of the public and the staff members as well. Also, the government should adopt the nature of exposing internal business transactions to the public. This will ensure that other people are in a position to see what the company is going through (Schlierer et al, 2012). This will also help in increasing the level of confidence that people have with the governance system. Increased confidence levels mean that the governance system will receive more support from members of the public. The decision making should be made more independent that it currently is. This will increase the perception of independence within the governing system that is in place. Shareholders need to be in a position where they can make decisions about a company without any external influence whatsoever. Question 2 a) Stakeholders play a crucial role in the development and management of an organization. They are responsible for the day-to-day activities of the business. Stakeholders refer to people who are directly affected by the projects. The actions of the project have a direct relationship to the events that unfold upon them. In the stakeholder cycle below, the managers or the owners of the project have the highest level of influence in the project. The command and instruct the execution of all the activities that are taking place within the project (Bourne & Walker, 2005). The manager develops the tasks that are going to be executed. The entire project is dependent on his/her decision. However, they are required to act in the best interests of the project. For this reason, they will not want to harm the customers with intent. The manager or owners of the project, appoint the project supervisor. They have the responsibility of overseeing all the activities within the project. The project supervisor has authority over all the other stakeholders, apart from the manager. They receive their orders from the manager. The project supervisor is also responsible for appointing some of the stakeholders in the project. For example, the project supervisor appoints the suppliers that will be used in the project. These people will be responsible for delivering all the necessary materials that will be required throughout the duration of the project. The project supervisor also identifies the project sponsors. These are the people who will finance the project. In cases where the project is immensely big, the manager may require sponsors who will finance the entire project to completion. This will be done through an agreement document. The external community members also play a significant role in the project development system. They are the reason that the project is being undertaken. For this reason, their opinion and suggests are taken very seriously because they will influence the design and progress of the project. However, the external community members do not play an active role in the project. The suppliers are crucial to the development and progress of the project. They provide all the necessary materials that are required to make the project a success (Irani, 2010). The project supervisor through a vigorous selection process appoints the suppliers. It is crucial that the best and most capable suppliers are selected for the job. The suppliers then have a direct influence on the end user. The user forms one of the most crucial elements within the project setting. The whole project is geared towards satisfying their every need. For this reason, they form an integral part of the project that influences the decision making process.

Question 2 b)

Suppliers

The suppliers of the project from one of the most crucial key players within the project. Without their input, the project will not be able to move forward. They provide all the raw materials necessary to execute it. Suppliers also have their key interests. The most important interests are to generate revenue from the sale and supply of the requested commodities. Securing a contract to supply these items means that they will be in a position to engage in economic activities, which will result in the generation of revenue for their businesses (Van Rooij, 2011). They have a major influence on the outcome of the project. The types of products they deliver have a direct influence on the product. For example, if low-quality goods are supplied, the project will be of poor quality after completion. The quantity of the products they deliver will also determine the quantity or size of the project after completion. Suppliers should be managed by implementing a rule and guideline structure that they will be expected to follow. Commodities will be delivered on an order basis. Items that are not on the order will not be accepted. This will cause the suppliers to be careful with their deliveries and ensure that they always do the right thing as much as possible. Also, this will act as a form of motivation for the suppliers in ensuring that they engage in these activities diligently.

Project Sponsors

These people also play a crucial role in the project development process. They ensure that the project is adequately financed. In other terms, they may be referred to as financiers. They may not be concerned with the manner in which the project is being conducted, but they ensure that it is properly financed. To them, it is just another investment opportunity that will make more money for them in the end. However, their role is significant because the magnitude and type of the project are dependent on the amount of financing, they forward towards the project. The project cannot be realized without their input (Irani, 2010). They influence the general and specific outcome of the project. For example, if they provide limited financing, the project may not achieve the high quality standards that are desired. This is because the project supervisor will not be able to implement some of the requirements due to lack of finances. However, they are not close to the implementation of the project. They are dormant players. Their role is to provide the necessary financing and wait for the project to become a reality. If the manager does not have adequate financing for the project, he/she may seek the assistance of project sponsors who have a high level of liquidity.

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