Stakeholders and Project Management - Review, Scenario, Project Details, and Risk Management Plan

This article discusses the review of business documentation, scenario, project details, and risk management plan for stakeholders and project management. It includes a project plan using MS Project, personal responsibilities, reporting requirements, and resource requirements.

Running head: STAKEHOLDERS AND PROJECT MANAGEMENT
Stakeholders and Project Management
Name of the Student:
Name of the University:
Author Note:

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STAKEHOLDERS AND PROJECT MANAGEMENT
Assessment 1:
1. Review of business documentation:
Max Lionel Realty, the simulated business maintains the documents which
incorporate policies and procedures. The firm abides by the laws which are in force in
Australia and the state of Victoria like work, health and safety laws (WHS laws) and the
codes of conduct prescribed by Real Estate Institute of Australia (safeworkaustralia.gov.au
2018). These procedures are more evident from the strong communication the company has
with its stakeholders like clients and tenants (reia.asn.au 2018).
2. Review of the scenario:
The scenario mentioned in the case study shows that Max Lionel Realty aims to
maintain a strong communication with the clients and educate them on the legal and ethical
aspects of the real estate business. The company also aims to promote superior standards of
professionalism to benefit the clients, agents (brokers) and tenants. However, in reality the
brokers, clients and tenants lack knowledge about the legal aspects. The brokers and
customers (investors) have very poor knowledge of time management which often result in
loss of profitable market opportunities (McNeil, Frey and Embrechts 2015). These lacks of
training and knowledge are issues which the company requires to address through training
and educating them.
3. Project details from the operations manager:
The project team would consist of six to eight members under the operations general
manager. The possible roles would include project sponsor, technical experts, quality
assurance and project managers. These experts mentioned would be responsible for providing

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STAKEHOLDERS AND PROJECT MANAGEMENT
training to the agents, clients and tenants. An amount of $ 15000 should be allocated towards
the training of clients, brokers and tenants. The timeframe for the project would be a period
of 2 years where investors would be trained half yearly, the brokers would be trained
quarterly and tenants half yearly. The project reports regarding training of these three
stakeholders would be presented to the apex management once in three months (25 percent),
half yearly (50 percent) and once in nine months (75 percent) (asx.com.au 2018).
4. Project scope:
The scope of the project would encompass building of market goodwill and satisfy
legal obligations by educating clients, tenants and brokers. The documents regarding the
project should maintain records of project initiation and scopes achieved under the leadership
of the operations general manager (Bromiley et al. 2015).
5. Additional documentation:
The additional documents would include budget and codes of conduct which the
investors, agents and tenants would have to follow to operate with the company.
6. Project stakeholders:
Name Work area
(Engagemen
t)
Stakeholder
management
Stakeholde
r type
(client,
end-user)
Impact
on/by
project,
requirement
s, success
criteria
Apex management Makes Giving them Internal Makes

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STAKEHOLDERS AND PROJECT MANAGEMENT
decisions high returns decisions and
decides
market
operations of
the company
Employees (including project
managers and operations
managers)
Execute
decisions
Appropriate
compensation
and
professional
growth
Internal Operations of
the company
Customers/investors/clients/
project owners/principles
Buy
properties
and generate
revenue, give
references
High quality
properties,
superior
position at
affordable
prices
External Revenue
generation
and market
goodwill
Brokers/agents Acquires
clients for the
company
High
brokerage and
incentives per
client
External Can increase
or decrease
the client
base of the
company
Tenants Gives rent
and hence
generates
Superior
accommodatio
External Generates
revenue and
acquiring

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STAKEHOLDERS AND PROJECT MANAGEMENT
revenue n facilities more tenants,
thus ensures
repeat
revenue for
the company.
Government Makes laws,
policies
Taxes External High taxes
and abiding
laws
Suppliers Supplies the
firm with raw
materials,
thus impact
productivity
High prices
for their
supplies
External High returns
and repeat
orders for
materials
Project Title: Project
Client:
Project Sponsor: Project
Manager:
Pag
e x
of y

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STAKEHOLDERS AND PROJECT MANAGEMENT
7. Identification of personal responsibilities and reporting requirements:
Role Name/s Responsibilities Signature/s
(if required)
Project client/owner
The person who requires the
project to be undertaken.
To be
provided by
the project
manager(s)
Providing the
project management
company with
accurate details and
requirements of the
projects, providing
timely payments as
per project contracts
Project sponsor/project
director/project board
Senior management of the
project. Accountable for the
success of the project. Has the
authority to commit resources.
To be
provided by
the project
manager(s)
Direct the project
team as per the
directions and
requirements of the
client
Project manager
Person responsible for running
the project on a day-to-day basis
within defined authorities for
cost and schedule as agreed with
the project sponsor/board.
To be
provided by
the project
manager(s)
Manages the project
as per the guidance
of the project
sponsor(s)
Manager of the project
manager
The operational/line manager
To be
provided by
the project
Manages the project
as per the guidance
of the project

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STAKEHOLDERS AND PROJECT MANAGEMENT
who the project manager reports
to on a day-to-day basis.
manager(s) manager(s)
Project team members
Staff who will be working on the
project.
To be
provided by
the project
manager(s)
Follow the
instructions of the
line managers and
project managers
Steering committee/
working party
To provide advice and
recommendations.
To be
provided by
the project
manager(s)
Recommend the
apex management
on new ways of
project execution
Project Title: Project Client: Date:
Version:
Project Sponsor: Project Manager: File Name: Page x of y
8. Relationship of projects to other projects, systems and business operations:
The project mentioned in the case study should be executed in coordination with other
projects, especially the ongoing projects and business operations. The project under question
must be aligned to the strategic aims of the organisations which are to enhance of its market
goodwill and stricter law enforcements. The project as pointed out in the case study, should
abide by the external legislative requirements like WHS laws (Badri 2015).
9. Resources and access to resources:
The resources avialable for the training and educating the brokers, customers and
tenants would require are training room, laptops(computers), software and templates. The

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STAKEHOLDERS AND PROJECT MANAGEMENT
financial resources for the project would be $15000 which would require approval of the
finance department (Albrecht et al. 2015).
10. Determination of project management tools:
The main project management tool to be employed in the project would be Microsoft
Project or MS project.
11. Development of project plan using MS Project:
a. Work Breakdown structure:
Level 1 Level 2 Level 3
Task 1: Client training
Sub-task 1.1. Developing
of training programmes
for clients
Work item 1.1.1
Sub-task 1.2.
Implementation of
training for clients
Work item 1.1.2
Sub-task 1.3. Evaluation
of training outcomes
Work item 1.1.3
Task 2. Agent training
Sub-task 2.1. Developing
of training programmes
Work item 1.2.1

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STAKEHOLDERS AND PROJECT MANAGEMENT
for agent
Sub-task 2.2.
Implementation of
training for agents
Work item 1.2.2
Sub-task 2.3. Evaluation
of training outcomes
Work item 1.2.3
Task 3. Agent training Sub-task 3.1. Developing
of training programmes
for tenants
Work item 2.1.1
Sub-task 3.2.
Implementation of
training for tenants
Work item 2.1.2
Sub-task 3.3. Evaluation
of training outcomes
Work item 2.1.3
Project Title: Project Client: Date:
Version:
Project Sponsor: Project Manager: File Name: Page x of y

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STAKEHOLDERS AND PROJECT MANAGEMENT
b. Timelines:
c. Roles and responsibilities of each member:
Role Name/s Responsibilities Signature/s
(if required)
Project client/owner
The person who requires the
project to be undertaken.
To be
provided by
the project
manager(s)
Providing the
project management
company with
accurate details and
requirements of the
projects, providing
timely payments as
per project contracts
Project sponsor/project
director/project board
Senior management of the
project. Accountable for the
success of the project. Has the
authority to commit resources.
To be
provided by
the project
manager(s)
Direct the project
team as per the
directions and
requirements of the
client
Project manager
Person responsible for running
To be Manages the project

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STAKEHOLDERS AND PROJECT MANAGEMENT
the project on a day-to-day basis
within defined authorities for
cost and schedule as agreed with
the project sponsor/board.
provided by
the project
manager(s)
as per the guidance
of the project
sponsor
Manager of the project
manager
The operational/line manager
who the project manager reports
to on a day-to-day basis.
To be
provided by
the project
manager(s)
Manages the project
as per the guidance
of the project
manager(s)
Project team members
Staff who will be working on the
project.
To be
provided by
the project
manager(s)
Follow the
instruction of the
line managers and
project managers
Steering committee/
working party
To provide advice and
recommendations.
To be
provided by
the project
manager(s)
Recommend the
apex management
on new ways of
project execution
Project Title: Project Client: Date:
Version:
Project Sponsor: Project Manager: File Name: Page x of y

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STAKEHOLDERS AND PROJECT MANAGEMENT
d. Resource requirements:
The resource requirements for the training and education of project owners, agents
and tenants are rooms to train these stakeholders, computers, laptops, software and training
templates.

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STAKEHOLDERS AND PROJECT MANAGEMENT
12. Risk management plan (version 1):
Risk
Likelihood
(H/M/L)
Impact
(H/M/L)
Risk response
(contingency
strategies)
Responsible
Financial risks H H
Maintaining
contingency
funds
Accounts
departments
Physical risks H H
Enforcements
of WHS laws,
installing of
cameras and
safety
measures
Project
departments

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STAKEHOLDERS AND PROJECT MANAGEMENT
Chemical risks H H
Marking areas
having high
chemical
concentration
like
warehouses
red, giving
chemical
masks and
gloves to
workers
Project
engineers,
project
managers
Natural calamity L H
Seeking
government
help
All the
employees
Project Title: Project Client: Date:
Version:
Project Sponsor: Project Manager: File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
Risk assessment form:
Financial risks:
Project details
Project Name Project name to which the risk relates.
Project Manager: Name of the project manager responsible for mitigating the
risk.
Risk details
Risk ID: Number allocated to this risk.
Raised by: Name of person who has raised the risk.
Date raised: Date of completion of this form.
Description of risk:
Financial risks
Likelihood of risk:
Weakening of the financial position of
the company
H
Impact of risk:
Impairment of project execution.
Risk mitigation

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STAKEHOLDERS AND PROJECT MANAGEMENT
Preventative actions recommended:
Enforcements of WHS laws, installing of cameras and safety measures
Approval details
Supporting documentation:
Financial documents
Signature: _______________________ Date: ___ /___ /____
PLEASE FORWARD THIS FORM TO THE PROJECT MANAGER
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
Physical risks:
Project details
Project Name Project name to which the risk relates.
Project Manager: Name of the project manager responsible for mitigating the
risk.
Risk details
Risk ID: Number allocated to this risk.
Raised by: Name of person who has raised the risk.
Date raised: Date of completion of this form.
Description of risk:
Physical risks
Likelihood of risk:
Accidents and injury of staff, resultant
loss of productivity
H
Impact of risk:
Loss of productivity and business losses
Risk mitigation
Preventative actions recommended:

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STAKEHOLDERS AND PROJECT MANAGEMENT
Enforcements of WHS laws, installing of cameras and safety measures
Approval details
Supporting documentation:
Financial documents
Signature: _______________________ Date: ___ /___ /____
PLEASE FORWARD THIS FORM TO THE PROJECT MANAGER
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
Chemical risks:
Project details
Project Name Project name to which the risk relates.
Project Manager: Name of the project manager responsible for mitigating the
risk.
Risk details
Risk ID: Number allocated to this risk.
Raised by: Name of person who has raised the risk.
Date raised: Date of completion of this form.
Description of risk:
Chemical risks
Likelihood of risk:
Accidents, fires and so on.
Impact of risk:
Financial loss due to fire.
Risk mitigation
Preventative actions recommended:
Marking areas having high chemical concentration like warehouses red, giving

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STAKEHOLDERS AND PROJECT MANAGEMENT
chemical masks and gloves to workers
Approval details
Supporting documentation:
Financial documents
Signature: _______________________ Date: ___ /___ /____
PLEASE FORWARD THIS FORM TO THE PROJECT MANAGER
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
Natural calamity:
Project details
Project Name Project name to which the risk relates.
Project Manager: Name of the project manager responsible for mitigating the
risk.
Risk details
Risk ID: Number allocated to this risk.
Raised by: Name of person who has raised the risk.
Date raised: Date of completion of this form.
Description of risk:
Natural calamity
Likelihood of risk:
Devastating impacts
L
Impact of risk:
Heavy loss of resources and financial
loses
H
Risk mitigation
Preventative actions recommended:

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STAKEHOLDERS AND PROJECT MANAGEMENT
Seeking government help.
Approval details
Supporting documentation:
Financial documents
Signature: _______________________ Date: ___ /___ /____
PLEASE FORWARD THIS FORM TO THE PROJECT MANAGER
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
13. Development of budget:
Particulars
Inc.
GST($)
GST($) Ex. GST($)
Income
Approved amount 15000 0 15000
Other incomes 0 0 0
Total income 15000 0 15000
Expenses
Human resources(Note 1) 4400 400 4000
Resources(Note 2) 660 60 600
Presentations, promotional materials 990 90 900
Project designing, development,
implementation and evaluation cost 1000 1000
Subtotal 7050 550 6500
Add contingency @10% 705 650
Total expenses 14805 13650
Budget surplus 195
Note 1: Human resources include project sponsor, technical experts, quality assurance,
project managers and operations managers.
Note 2: The resources include expenses of training rooms, computers, software and
training templates
Note 3. The rate of GST has been taken as 10 percent as last modified on August 03,
2018 (ato.gov.au 2018)
14. Meeting the Operations General Manager to discuss:

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STAKEHOLDERS AND PROJECT MANAGEMENT
a. Project scope:
In Scope Out of scope
(exclusions)
Assumptions Constraints
Training of
agents, clients
and tenants.
Employee training The agents, clients
and tenants lack
knowledge and
education about real
estate market.
Restriction of
work load, time,
resources.
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y
b. Additional documentation:
1. Budgets.
2. Codes of conduct brokers, clients (project owners) and sheltered people should follow to
operate with Max Lionel Realty
3. Project management documents like time line and WBS.
c. Project stakeholders:
1. Apex management.

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STAKEHOLDERS AND PROJECT MANAGEMENT
2. Employees including project managers.
3. Brokers, tenants and sheltered people.
4. Suppliers
5. Governments
d. Personal responsibilities:
The personnel would consist of apex management who sponsor the projects, technical
expert personnel, quality assurance officers and project managers.
e. Relationship of project to other projects:
The project would be executed in relationship with other ongoing projects and share
resources with them, if required.
f. Resources and access to resources:
The resources that would be required for broker, clients (principles) and tenants
would require computers, software, training rooms and templates (Goetsch and Davis 2014).
g. Portfolio of documents:
i. Project initiation and scope documents:
The project initiation and scope documents would contain approval from clients and
project sponsors.
ii. Project plan (version 1):
The same is attached.

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STAKEHOLDERS AND PROJECT MANAGEMENT
iii. Risk management plan (version 1):
Risk
Likelihood
(H/M/L)
Impact
(H/M/L)
Risk response
(contingency
strategies)
Responsible
Financial risks H H
Setting aside a
huge reserve
fund to tackle
financial risks
like
insolvency of
contractors
Finance
departments
and CFO
Physical risks H H
Adoption of
WHS laws,
through the
organization
premises and
in the
construction
sites
Engineers,
project
managers and
supervisors

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STAKEHOLDERS AND PROJECT MANAGEMENT
Chemical risks H H
Installing
proper
ventilation,
lighting and
supervision
facilities in
areas where
either
chemicals are
stored or used
like the sites
Project
engineers,
supervisors,
security
officers,
project
managers
Natural calamity L H
Reporting to
the
governments
and acting
accordingly
The
employees in
general
Project Title: Project Client: Date:
Version:
Project Sponsor: Project Manager: File Name: Page x of
y

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STAKEHOLDERS AND PROJECT MANAGEMENT
iv. Budget (version 1):
The same is already attached.
15. Feedback from Operations Manager:
The feedback from the operations general manager would be obtained regarding the
budgets and project plans. It has been assumed that the project would require an engineer
with the salary of $ 500 and that he would give training to the agents for a month which
means the implementation of training would be 7 months. The second versions of the project
plan and the budget would reflect this change. The newly recognised risk is the security risks
would be reflected in the risk management plan (Sykes 2015).
16. Meeting with the project team:
The project manager would meet the project team to brief the members about the
inclusion of the engineer and extension of brokers’ training by a month.
a. Negotiate roles and responsibilities:
The project manager would negotiate with the team members on their roles and
responsibilities.
b. Agreeing on version 2:
i. Project plan (version 2):
The second version of project plan is already attached showing the extension of time
by a month.

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STAKEHOLDERS AND PROJECT MANAGEMENT
ii. Risk management (version 2):
Risk
Likelihood
(H/M/L)
Impact
(H/M/L)
Risk response
(contingency
strategies)
Responsible
Financial risks H H
Setting aside a
huge reserve
fund to tackle
financial risks
like
insolvency of
contractors
Finance
department
and CFO
Physical risks H H
Adoption of
WHS laws,
throughout the
organization
premises and
in the
construction
sites
Engineers,
project
managers and
supervisors

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STAKEHOLDERS AND PROJECT MANAGEMENT
Chemical risks H H
Installing
proper
ventilation,
lighting and
supervision
facilities in
areas where
either
chemicals are
stored or used
like the sites
Project
engineers,
supervisors,
security
officers,
project
managers
Natural calamity L H
Reporting to
the
governments
and acting
accordingly
The
employees in
general
Security Risks H M
Installing data
protection like
antivirus
All the
employees
Project Title: Project Client: Date:
Version:

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STAKEHOLDERS AND PROJECT MANAGEMENT
Project Sponsor: Project Manager: File Name: Page x of
y
Note: The risk management plan would remain the same. The only addition would be e
security risks.
iii. Budget (version 2):
Particulars
Inc.
GST($)
GST($) Ex. GST($)
Income
Approved amount 15000 0 15000
Other incomes 0 0 0
Total inconme 15000 0 15000
Expenses
Human resources(Note 1) 4950 450 4500
Resources(Note 2) 660 60 600
Presentations, promotional materials 990 90 900
Project designing, development,
implementation and evaluation cost 1000 1000
Subtotal 7600 600 7000
Add contingency @10% 760 700
Total expenses 15960 14700
Budget surplus -960
The second version of the budget above points out that a deficit of $960 has been
created due to inclusion of the engineer. This means that the apex management should
increase the amount allocated towards the budget from $ 15000.
c. Incorporation of general manager’s feedback:
The feedback of the operations general manager would also be incorporated into the
second versions of the documents described above. The meeting should be professional and

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STAKEHOLDERS AND PROJECT MANAGEMENT
allow the team members to showcase their skills, experience backgrounds and areas of
interest. It must end with submission of the documents to the operations general manager
(Kroll and Moynihan 2015).

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STAKEHOLDERS AND PROJECT MANAGEMENT
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Albrecht, S.L., Bakker, A.B., Gruman, J.A., Macey, W.H. and Saks, A.M., 2015. Employee
engagement, human resource management practices and competitive advantage: An
integrated approach. Journal of Organizational Effectiveness: People and Performance, 2(1),
pp.7-35.
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https://www.asx.com.au/prices/commodity-codes.htm [Accessed 21 Feb. 2018].
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[Accessed 21 Feb. 2018].
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Hughes, W., Champion, R. and Murdoch, J., 2015. Construction contracts: law and
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Walker, A., 2015. Project management in construction. John Wiley & Sons.