Project Management: Types, Features, and Stakeholder Management

This report discusses project management, its types, features, and stakeholder management. It also compares project management to general management and explores the risk management process. The report also covers resource management and stakeholder management. Course code, course name, and college/university are not mentioned.

Project Management
Project

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Project management statement in the business organization:......................................................3
Types of project management:.....................................................................................................5
Feature of project management:...................................................................................................7
Stakeholder management:..........................................................................................................11
Risk Management......................................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES................................................................................................................................1

INTRODUCTION
Project management is one of the most challenging thing for the business organization,
this involves planning of large scale project and organizing company's resource to meet the
specific task. The term project management is often related to engineering and construction
project, to complete these long term longs, project management team have to arrange personnel,
finance and technology in the process (Heagney, 2016). This report will discuss project
management and its features. Later this report will going to compare project management to
general management. Later this report will discuss two key features. At last this report will
discuss and explore feature of project management.
MAIN BODY
Project management statement in the business organization:
Project management simply means management of personnel and resource to complete a
specific task, every business organization play project for long term purpose which means a
business main objective is to achieve something greater. To achieve these type of goal, firm plan
one major project and use company's resource to accomplish is given specific time. Project
management is very different from general management, general management involve
management of day to day activity and using limited company's resource (San Cristóbal, et.al,
2018). General management is very beneficial in managing business organization in regular basis
but this is very different from project management. Some business organization use general
management technique to manage daily activities of project management which is useful at some
part but this have various negative aspects also because project management require broad set of
management skills and knowledge as compared to general management. Every project have
budget which decide the success and failure, lack of budget can lead to failure of project whereas
sometimes budget is not the reason behind failure of project rather poor management mainly
become the reason. There are comparison of project management with general management
which include:
Basis Project management General management
Meaning Project management refer to
management of company's
resources to accomplish one
General management refer to
management of business
organization on regular basis

large goal within a specific
time period. Project
management need wide term
as compare to general
management as it involve
management of project on
larger scale (Young, 2016).
Project management is very
challenging as compared to
general management.
which means managing overall
day to day activities of
company. General
management is difficult when
business face external and
internal challenges.
Process Project management process
involve; initiating stage,
planning stage, execution
stage, monitoring stage and
closing stage.
General management process
involve; planning,
organization, staffing directing
and controlling.
Feature Project management is done
with one time purpose which
mean this can not be on
regular basis.
General management is done
on regular basis.
Skills Project manager need
leadership skills and some
basic skills which include
communication and active
listening.
General management need
entrepreneurial and leadership
skills with some basic
management skills such as
effective communication skills.
Workplace This type of large scale project
happened on large scale
outside the business premises.
This type of management
happened within workplace.

Types of project management:
There are many types of project management methodologies and techniques which help
business organization to chose specific type to meet the requirement of the project (Demirkesen
and Ozorhon, 2017). Some of the most common type of project management tools are:
Waterfall project management: waterfall project management is a technique of project
management which allow organization to complete one task before starting next one. This
project management step are in waterfall designed which means they one after one task need to
be completed (Andrei, et.al., 2019). Many organization use waterfall project management tool to
avoid mixing of task together and avoid any confusion in multiple running task in the
organization. This technique is best used in large scale project where one task need to be
completed within a specific task before starting a new one, project management team have to be
effective and productive to meet the requirement of the project.
Waterfall allow organization to map out the project into small part, each part begin when
the previous one is completed. This is traditional methodology to manage a project effectively
without any confusion, when a large scale project take place then there are certain changes that
become challenges in the process, these changes can easily be handle by the project management
team when they have practice of using waterfall project management technique. There are certain

steps in waterfall project management such as; requirement step, system design step,
implementation step, testing step, deployment step and maintenance step.
Lean project management: lean project management means management of company's
resource in such a manner that minimum waste occur in the process. This techniques help
company to avoid waste, these waste are related to company's resource which include both time,
affords and budget (Ansah, Sorooshian and Mustafa, 2016). Lean project management is used in
manufacturing and production unit which tend to deliver finished goods from raw material, this
unit use lean techniques to ensure company's minimum resource are being used rather than using
extra resource which result in wastage. When a organization plan for large scale project they tend
to use this method in the process but this techniques is not applied to every part of the large scale
project because this is quite old and sometimes create confusion.
This type of project management techniques are best in manufacturing of goods which
involve three M method, three M include; Muda, Muri and Mura. Muda refer to business
activities which tend to consume company's resource without providing additional value.
Whereas Muri refer to overusing company's scare resource which include equipment and

resource. And Mura include uncertainty that occur in the process that reduce efficiency and
productivity.
Project management flowchart:
Feature of project management:
Risk management: risk is something that slow down the process and even sometimes become
reason to failure of whole project, risk involve in every stage of project. While risk is something
at keep occurring during the process, project management team identify and analyse risk
management (Jovanovic and Beric, 2018). In the process of project, risk start from development
stage and continue throughout the process. There are some common risk that might occur such
as, risk of unforeseen situation, uncertainty, risk of lack of resource, risk of lack of budget and
mainly risk of workplace health and safety. It is very clear that every project have small and
large risk which can impact the smooth flow of the project. There are three type of risk
management in the business organization are:
Operation risk management: operation risk are one of the most dangerous for the business
organization, these risks are associated with damage to operational activities such as
manufacturing, production and usage of heavy equipment, employee turnover and poor IT
system (Meyer and Reniers, 2016). Some project have high risk of operational failure which
means the liability of these operations tend to decrease if the management is not done properly,

in large project, project management team ensure that operational risk remain low because they
know if these risk occur during the process then overall project will be failed.
Financial risk management: financial risk management means managing risk at financial part of
the project, some projects are so larger that they need huge budget to even start. These type of
project mainly require surplus capital investment and involve high risk of failure, stakeholder
who tend to invest in the project need be prepared to handle huge risk that might occur in the
process (Fewings and Henjewele, 2019). Project management team ensure that financial risk
remain low in the process, they try to provide strategy and plan to manage risk. These strategies
include liquidity and capital allocation which ensure smooth flow.
Strategic risk management: strategic risk management involve step by step process to overcome
impact of risk that already being occurred in the project. Project management team ensure that
they provide strategies to overcome impact of risk, they develop ERM strategy. Some project
face impact of risk which can not be recovered easily, these type of risk need Enterprise Risk
Management tool to ensure risk remain moderate.
Stakeholder management: stakeholder management is one of the most important part in project
management as this involve management of stakeholder and their value and importance in the
project (Eskerod and Jepsen, 2016). Stakeholder have certain power which can influence whole
project, these stakeholders are divided in two part such as external stakeholder and internal
stakeholder. External stakeholder are government, suppliers and customer whereas internal
stakeholder are employee, manager and investor. And this theory is further divided into power
and interest, this involves;
Power: powers are ability of stakeholder to influence the decision of the project, every project
need heavy and major decision which decide the future and success rate of the project. Some
stakeholder have high power that can make decision alone and some only need to follow these
power.
Interest: Interest means the involvement of stakeholder in the decision-making process, every
stakeholder have level of interest in the project which means they can have high interest which
can influence the process of project. Interest are likelihood of the stakeholder which can be
sophisticated in many way. Further power and interest are divided in according to the
stakeholder, Matrix power and interest grid can be very beneficial;

Minimal effort (A): this type of stakeholder in the project do not have power, and they are not
interested as well. These type of stakeholder are those who barely show their presence in the
project, rather they just keep eye on the performance to ensure smooth flow is maintained at
every stage of project (Huemann, Eskerod and Ringhofer, 2016). Many business organization
keep these stakeholders close to ensure efficiency remain high which means these type of
stakeholder provide response to organization to minimize any waste that is occurring during the
project.
Keep informed (B): keep informed are those stakeholders who have high interest but have low
power, some stakeholder show high interest but can not use power because they do not have high
power as compared to other stakeholder. These type of stakeholder are supplier who provide raw
material to the business organization and have high interest in the performance. Suppliers are
those stakeholders who can have deal with business in a specific time rather than on regular
basis.
Keep satisfied (C): keep satisfied are those stakeholders who have high power but have low
interest in the project, these type of stakeholder can heavily influence the smooth flow of the
process. Keep satisfied stakeholder are government and those supplier who provide heavy
equipment to the project management team. Every project need these external stakeholder who
have high power.
Key player (D): key player means those stakeholders who have high power and high interest,
these type of stakeholder are decision-maker of the project. Every organization have key player
which can influence that process and even can provide decision regarding the same. Key player
stakeholder are; senior management team, project management team, manager and leader and
owner of the organization.
Fish bone diagram:

Resource management: resource management is one of the most important thing in the
workplace, resource can be anything that are needed in the completion of the project. Company's
resource include financial resource, raw material, personnel and human resource and other type
of resource which play vital role in the project of the business organization. Resource
management is crucial part of project management, it is very clear that every project need huge
variety of resource which allow company to ensure smooth flow. Resource is wide term which
include acquiring, allocating and managing the company's resource, there are external and
internal. Internal resource may include human and personnel resource whereas external resource
may include raw material and investment. Every resource is incomplete without resource, for
example if organization is planning to construct large scale project then they have to allocated
certain resource. Project management team use breakdown techniques to manage resource in the
project, these break down occur in four part are:
Resource allocation: resource allocation is first step, this involves process of assessing assets to
meet the requirement of organizational goal. Allocation means identifying the availability of
resource, every business organization know that this part is the most crucial because this decides
the efficiency of next step in management of certain resource.
Resource scheduling: resource scheduling means planning when to use allocated resources to
complete a specifics task, this part is divided into two part such as, consumable which include
money, material and other whereas reusable are human resource and machinery. Scheduling

bring easiness in management of project because this allows project management team to
schedule the time when to use and reuse these resources.
Resource levelling: resource levelling means resources are adjusted according to the availability
and goals of the organization, it is very clear that some resources are needed specially
consideration and need to be managed according, levelling help project management team to
decide right time to use certain level of resource to meet the need in the future.
Resource smoothing: resource smoothing is a technique which allow organization to manage
resource in such a manner that minim waste occur, this process is every smooth as this involves
scheduling model. Project management team make certain strategies to ensure that resource do
not exceed its given limit. Smoothing of resource bring smoothness in the process, without
understanding the resource utilizing process a project might face complexity in project.
Stakeholder management:
Stakeholder are one of the most important part in the project management, they have vital
role in every project that a organization plan to complete in specific time. Company's common
stakeholder are investor, employee, management, customer, supplier and government. These are
some common stakeholder which influence business and its process on regularly basis, some
stakeholders are major component of the project (Radujković and Sjekavica, 2017). They are
mainly investor which invest and make decision, some stakeholder such as manager make and
influence the decision of the project. Expectation of these stakeholders are high in the project
which means they need power at right time with right value or else they will impact the decision.

What are they: stakeholder are powerhouse of the project, without stakeholder an organization
can not process any further. Stakeholder provides every essential requirement which is needed in
the project management process, without the involvement of stakeholder management can be
challenging and project even can find hard to survive (Levy, 2018). It is very clear that
stakeholder have powers to take decision in the betterment of the project, they are important
component in decision-making process. Apart from external and internal stakeholder, some
stakeholder have negatively get effected due to project, these stakeholders can be local residency
or local government agency how have power and can impact the project.
What are they deployed: stakeholder are deployed at every part of the business organization,
every stakeholder have position in the company which allot them power and interest in the
process. Some stakeholder positions high and some lowers, these deployments are done of the
basis of power which is carried by the stakeholder. Deployment process means arranging the
position and powers of stakeholder in the business organization, it is very clear that stakeholder
position, and they power decided the future of project. An organization before starting a project
need to understand the position of stakeholder in the project, they need to be deployed with their
position before starting any project.
What tools are used: there are various stakeholder management theory which can be effective
in managing stakeholder and their power in the workplace. Some famous tools and theory
include:
Freeman stakeholder theory: Freeman stakeholder help business organization to create a value
for their stakeholder, this theory is process of managing value and importance of stakeholder in
the business organization (Freeman, 2016). Edward Freeman who was father of Freeman
stakeholder theory state that every stakeholder whether they have power or have no power are
important to business and business need to create value for their stakeholder. Sometimes
business face serious issue in managing stakeholder and their effectiveness because they feel
their value is not properly addressed by the business, so these business use this tool for the
management of stakeholder and their value.
What skills are required: every project of organization whether on large scale or at business
scale need manager who can effectively manage the project, the success of project entirely
depend upon effectiveness of manager. Project manager must have leadership skills and some
basic skills which help them to manage themselves, people and project. Skills of project

management play vital role, skills include effective communication skills to effectively
communicate with stakeholder and other part of the project, negotiation skills are one of the most
important skills a project manager need to have because they regularly deal with supplier and
depend upon than in providing raw material so negotiation skills are required in project manager.
Risk management and critical thinking is skill which is very much required in the management
of the project, every project face uncertainty which need critical thinking skills and ability of
project manager. Project manager are some of the most important stakeholder of the business
organization.
Do they lead to successful project: every stakeholder whether external and internal contribute
in the completion of the project, these stakeholder become reason and factor of success (Lock,
2017). Some stakeholder for example, investor have great role in the success of the project and
some stakeholder such as project manager lead the success of project. These stakeholders
contribute their effectiveness and productivity to lead a project to the success. Every business
organization have stakeholder who become major success reason for the business organization.
Risk Management
What are they : In general, the risk management defines as practising and recognizing the risk
or threat of being failed and not able to receive the desired outcome in the project management.
Basically, identifying the unexpected risk can help a management to grow and develop in the
beneficial surrounding. For evaluating the risk, the risk mangers are responsible to balance and
examine the threats in the project management. In other term, it is the process where a
management can be able to observe the possible barriers and negative impacts that could help in
securing the results and productive outcomes (Hartono, Wijaya, and et.al., 2019). The risks can
be identified and reduced by an accurate process which includes the proper research, analysation,
prioritize the risk, respond effectively and monitor them to observe the changes if needed. Risk
can be generated in various departments and procedures which can put the impact on the cost,
schedule and performance of the organization. In this rapid growing and developing world, it
becomes necessary to identify and resolve the risk in the project management process.
When they are deployed : Risk can be developed in various factor and can put the negative
impact on the particular area. It includes the terotechnological, performance, financial and many
more. Most of the time risk takes place when the new entrance of the organization launches
which creates a huge risk in the management. Whenever the new organization has been started

without knowing and evaluating the organization strategies the organization cannot able to know
their unique ideologies (Javed, Khan, and Tubbassum, 2019). Sometimes, it happens that an
organization do not understand the values of their finance stricture and not examine and balanced
their budgeting system which can create a risk or threat of losing their potential position in the
market. For example : In this recent global pandemic, Covid19 people basically did not ready
and expected these kinds of global environmental disease from which entire world can be
affected (Wang, Cheng, Yue, and et.al., 2020). An unplanned and unexpected activity had
occurred where organization has to deal with many obstacles and risks of financially, economical
and even also put impact on their company reputation and position. Risk can be organized from
anywhere either a competitive organization or an unexpected environmental disease.
What tools are used : The company needs to be prepared for dealing with the risk and obstacles
which can harm the organization. To understand and reducing the risk factor in the organization,
project management requires some tools which can help them to examine and evaluation of the
risk assessment. There are various tools and techniques which can support the risk management
process in the effective manner. Here describing the two major tools which should be utilized in
the organization.
Risk Data Quality Management : The privacy management tool is required in the organization
which will help them to look out for the security of the data and information of the work
procedure. Nowadays, as it has been already known that there are various and many cases which
are directing the privacy risk obstacles and issues ion the departments from which the
organizations are lead to become a failure in the industrial field. The privacy management tool is
important to carry by the project management team to secure and protect the essential data and
information of the multiple activities and structure (Vladimirova, Zemskov, and Tsygankova,
2018). Organizing a privacy management team can reduce the risk of hacking and leaking of the
sensitive data from the organization.
Trend Analysis : The second tool determines the continuity management which defines the pre-
planned support of the organization in the worst scenarios. This tool can be able to reduce the
risk factor by keeping the accurate and critical business plan which will able to maintain the
economy and stability of the organization. Just an example, the recent pandemic which was
unexpected natural disease that putted an impact on the organization. A project management can
utilize this tool for covering and balancing all the risk factors which are unexpectedly occurs.

What skills are required : A project management requires different skills and ability to identify
the risk and threat factors of the organization. Skills can be included such as analytical skills,
problem solving skill, finance knowledge, quantify the risk. A project management should have
these kinds of skills to evaluate and examine the risk factors of the organization. Looking at the
analytical skill, a project management can be able to analyse the risk factor which can affect the
organization performance and can keep an eye on the market fluctuation from which they can be
able to control and reduce the risk structure. Problem-solving skill can be beneficial for the
project management team members as they can resolve and provide the proper solution of the
obstacles and issues occurred in the organization and also can deal with many challenges.
Do they lead to successful project : A proper and accurate information can be collected by the
research and analysation of the risk and issue which can directly impact the organization growth
and development (Husseini, and Obaid, 2020). Accordingly, the project management should
require an accurate planning and creation from which they can be aware of the negative activities
which can cause an organization with the negative impact. Every organization requires a project
management team to enhance their business functions and structures which can put the effective
result on the organization. To become an effective project manager they should have required to
analyse and plan the functions which will lead them to successful person and project
management team. Evaluation of the risk management and providing an accurate solution is the
best strategy to utilized and followed by the project management as they can overcome the huge
risk structure of the organization and can be able to provide an effective result.
CONCLUSION
This report have discussed project management and its importance in the organization, project
management means managing company's scare resource to complete a large scale project. Later
this report have discussed how project management is different from general management, and
provided comparison between project management and general management. Later this report
have discussed types of project management theory and techniques which allow organization to
manage their project effectively. Later this report have discussed features of project management
which include risk management, stakeholder management and resource management. At last this
report have discussed two features of project management and explored them with the
requirement of the brief.

REFERENCES
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