Stakeholder Management In Project Management

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Abstract: Stakeholder management is popular is management literature. Adjusted to the new scopes, the original concept of Freeman is continuously developed. Stakeholders can be interpreted at different levels and in different roles at organizations. A comprehensive approach to managing stakeholders is a reasonable expectation but synergistic benefits can only be achieved under certain conditions. This paper aims to introduce the classification possibilities of stakeholders, the main challenges of stakeholder analysis and a concept for linking the related tasks on project-level and corporate-level. Keywords – project management, stakeholder theory, stakeholder analysis, PMBOK, ISO 21500 1. Introduction Corporate success can be achieved through…show more content…
His original concept is presented in Figure 2 and a refined version in Figure 3. Both models allow expanding the responsibility of a corporation beyond the shareholders. Friedman (1970) stated the corporate responsibility is earning money for the owners (shareholders), later he stated that sustaining this requires attention to others’ expectations as well. Among other, the well-known five forces framework by Porter uses the stakeholder theory (Worren et al., 2002). The ISO 21500:2012 standard defines stakeholders related to a project as “person, group or organization that has interests in, or can affect, be affected by, or perceive itself to be affected by, any aspect of the…show more content…
Thanks to the appreciation of the environmental management and corporate social responsibility (see e.g. Carroll, 2008), the stakeholder approach got a new, dynamically developing content. Carroll’s pyramid model (Figure 4) exploits stakeholder theory in this field. Fassin (2009) created a modern, comprehensive model in the stake model of the firm. It is a management-centered model that separates and links at the same time the general interest groups and their representatives with the management (Figure 5). 2.2 Classification Models presented above include the grouping of stakeholders based on the type of their interest and relation with an organization. Literature deals widely with further categorization (Fassin, 2012). Mitchell et al. (1997) collected 28 stakeholder definitions. Most of them refer to an organizational category (firm, corporation or business). Some of them focus on contract or relationship. Organization-focused works distinguish two types of stakeholders: • defined as a group by their relation to a corporation (e.g. workers, shareholders, customers,
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