Stakeholder Management Strategies

This assignment delves into the importance of stakeholder management strategies for companies. It explores how social network diagrams can be used to understand relationships between stakeholders. The text emphasizes the benefits of these strategies, including increased popularity, productivity, and mitigation of negative stakeholder influence. Additionally, it highlights the need for backup stakeholders and contingency plans to address potential disruptions.

Report

TABLE OF CONTENTS
Initial Project Plan............................................................................................................................1
Project charter.............................................................................................................................1
Stakeholder register.....................................................................................................................1
Stakeholder management strategy...............................................................................................2
REFERENCES................................................................................................................................4

Initial Project Plan
Project charter
Project charter is considered as some specified statements. The specified statement can be
either the targets or goals, responsibilities (Sandryhaila, Aliaksei and Jose, 2014). Also, by
means of this, it can also help in identifying all the stakeholders that are involved in the same.
Along with this, it helps in determining the level of the project as well. There is a special role of
the project charter as it is very essential for the project because it authorises the project formally.
There are various steps of the project charter that are discussed as under :
Problem statement
Intelligent information Inc. has been specified to their goal and that is to make the
involvement of Big data more efficiently. For that, the company is also purchasing a compatible
package. So, it analyses the importance of marketing so that they can be able to identify all their
potential customers. Also, along with that, they can make some modifications in their delivery
system as well because delivering the products and services plays a very important role in
gaining a higher rate of productivity and also, a huge number of satisfied customers.
Participating people
There are various people that will be participating in the same and these include George
Smith, VP of the operations, Sam Johnson, VP of marketing, Vinh Tran, the risk manager, Jack
Smith, CFO and the project sponsor of the company (Bruns, 2016). The company has a budget of
$1,500,000. The basic goal of every single person who has participated in the same is that the
project can be made in a way that it can get approved. Also, it must be involving the best
possible solutions that can be used and implemented in order to satisfy the customers.
Scope statement
The scope is wide enough as they have to expand the platform of big data so that they can
use the same in their company and also, it will help in achieving various different objectives. Big
data is quite complex but is known for its volume actually. Although there are various challenges
as well in using the big data such as in the field of data capture, analysing the data, transferring
the information or data etc.
Stakeholder register
Stakeholder register is also considered as an essential document of the project
management. In the stakeholder register, the information and data about the stakeholders is being
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managed. Also, along with the stakeholders, it helps in identifying various other people, teams,
groups as well.
Name of stakeholder Designation Department Type of stakeholder
George Smith VP of operations Operational Internal
Sam Johnson VP of marketing Marketing External
Vinh Tran Risk manager Operational Internal
Jack Smith Project sponsor CFO Internal
Susan Wong CIO CIO Internals
As it is clear enough in the stakeholder register, the basic aspects that needs to be covered are the
names of the stakeholders, their specific designation, their department and their particular types.
It is because there are two types of stakeholders, one is classified as the internal ones and the
other is classified as the external ones. So, as per the case scenario, there are five stakeholders on
an overall basis and all of these stakeholders are internal except the Sam Johnson, who is
classified as the external stakeholder.
Stakeholder management strategy
Management of stakeholders is considered as the process in which different ways and
strategies are being involved in order to engage the stakeholders in a way that they can produce
much effective outcomes for the company (Domingue, Lasierra and Thalhammer, 2016).
Managing stakeholders is not easy but it can be considered quite easy if being implemented in
different steps such as making the planning sheet, updating it accordingly, making all the
necessary modifications, identifying the messages in a more efficient way so that the
stakeholders can get a clear idea that what the company actually wants. For managing different
processes and operations, stakeholder management strategy can be classified in various different
aspects. All these aspects are discussed as under :
 Identifying the stakeholders is very important because the company should know that
during what time, the specific stakeholders can complete the specific task. For this, the
company can also investigate about the history of the stakeholders so that they can get
aware of how they are and how is their work. It is also considered as the first step
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because before starting any project, the listing of all the stakeholders is done so that it can
stay clear before the processing that what is the role of which stakeholder.
 Designing a social network diagram. The diagram will be including all the stakeholders,
processes, operations that has been decided by the company. It is designed because it is
considered as a structured way of the whole representation. There are various parts in
which the complete diagram can be sub divided into and it includes power interest grid,
salience model, developing more stakeholder management strategies etc. Every single
factor and operation has been included in the social network diagram and different nodes
are represented as well. These nodes are specified as it helps in representing the
relationship between two bodies. So, social network diagram is first being developed in
an appropriate manner and then, after proper investigating, the same is being applied for
further processing and operations.
 These strategies are also considered as a sort of approach that can help the company to
maximize the rate of popularity and productivity as well. Also, these strategies helps in
decreasing the negative influence of the stakeholders involved because it is obvious that
if there are some positive factors, there must be some negative as well (Lazer, David and
Alessandro, 2014). Sometimes, there are some disruptions that are being caused by some
stakeholders or any other members of the company. So, in such cases, these stake holders
management strategies can help in resolving such disruptions.
 Also, the company should ensure the fact that there must be some backups ready as well
because there can occur any stakeholder issue at any time. So, for avoiding that, there
must be some other trustworthy stakeholders as well. Therefore, the company can ensure
having some other stakeholders also that they can make use of at the time of requirement.
It is important as well because sometimes, stakeholders are not able to complete the
specific task, sometimes, the stakeholders cheat the company. So, factors like this can
arise at any time. So, it is very important that the company can keep some trust worthy
stakeholders as their backup so that they can provide help and support to the company at
the time of need.
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REFERENCES
Books and Journals
Lazer, David and Alessandro Vespignani. "The parable of Google Flu: traps in big data
analysis." Science 343, no. 6176 (2014): 1203-1205.
Domingue, J., Lasierra, N. and Thalhammer, A., 2016. Big data analysis. In New Horizons for a
Data-Driven Economy (pp. 63-86). Springer, Cham.
Bruns, A., 2016. Big Data Analysis. The Sage Handbook of Digital.
Fan, Jianqing, Fang Han, and Han Liu. "Challenges of big data analysis." National science
review 1, no. 2 (2014): 293-314.
Chen, Lihong, Dandan Zheng and Qi Jin. "VFDB 2016: hierarchical and refined dataset for big
data analysis—10 years on." Nucleic acids research 44, no. D1 (2015): D694-D697.
Sandryhaila, Aliaksei, and Jose MF Moura. "Big data analysis with signal processing on graphs:
Representation and processing of massive data sets with irregular structure." IEEE Signal
Processing Magazine 31, no. 5 (2014): 80-90.
Alyass, Akram, Michelle Turcotte, and David Meyre. "From big data analysis to personalized
medicine for all: challenges and opportunities." BMC medical genomics 8, no. 1 (2015):
33.
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