Project Management Report: Stakeholders, Risks, and Communication

This report delves into the application of project management principles within the context of the Woolong Company, a producer of high-end vacuum cleaners. It examines the roles and involvement of various stakeholders, including investors, board of directors, workers, suppliers, and customers, emphasizing their contributions based on their expertise. The report highlights the project manager's responsibilities across different project phases, from initiation to closing, and underscores the importance of effective communication strategies for project success. It also explores mechanisms for information sharing, communication frequency, and the use of technology in project communication. Furthermore, the report addresses ethical considerations in project communication and outlines various approaches to managing project risks, including analysis and mitigation strategies. It concludes by discussing the financial impact, expected results, and potential consequences of project failure, emphasizing the integration of project value and its impact on the company's business development.

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University
Author’s Note

1
PROJECT MANAGEMENT
Abstract
The base of this following report shares the values of project management in a
specific business. The project management provides information regarding project
stakeholders and their involvements, project risks and also effective communication. In this
writing element, the project management approach will execute for the business of Woolong
Company which is accountable for the production of high-end vacuum cleaners for growing
their business strategy within the marketplace. They have hired a project manager for looking
up the development of the business as well as releasing procedures of their products. In this
following report, it describes the list of the stakeholders and also their involvement as well as
effective communication and also the related project risks.

2
PROJECT MANAGEMENT
Table of Contents
Project Stakeholders and their involvement...............................................................................3
Project sponsor...........................................................................................................................3
Skills and experiences of project manager for every phase in project lie cycle........................3
Roles and responsibilities of stakeholders.................................................................................4
Communication between stakeholders.......................................................................................5
Information sharing with project stakeholders...........................................................................5
Mechanism for sharing information...........................................................................................5
Communication frequency.........................................................................................................6
Actions for effective communication.........................................................................................6
Technology used for project communications...........................................................................6
Communication as ethical issue.................................................................................................6
Ways for managing project risks................................................................................................7
Analysing of project risks..........................................................................................................7
Opportunities created by project completion.............................................................................7
Financial impact of project.........................................................................................................8
Expected results of the project...................................................................................................8
Integration of project value........................................................................................................8
Potential impact of the company behind the failure of project..................................................8
References..................................................................................................................................9

3
PROJECT MANAGEMENT

4
PROJECT MANAGEMENT
Project Stakeholders and their involvement
The Woolong Company is mainly accountable for the production of the high-end
vacuum cleaners and reaches the success point in the marketplace by selling their products
(Kerzner, 2017). Therefore, in that case, the company hire a project manager for overseeing
the business and also development process of their production. In this business project, the
involved stakeholders are such as project investors, board of directors, workers, suppliers,
and also customers. The involvement of each of the stakeholders happens in accordance of
their expertise (Meredith, Mantel Jr & Shafer, 2017). The investors are involved in this
project for investing a huge amount of money for conducting the project. The directors are
responsible for ensuring the company’s affairs as well as meeting with stakeholders or
shareholders. The workers are the major part of this project as because their hard work
efficiency for this project. The suppliers are involved for supplying the raw materials in this
project (Heagney, 2016). Moreover, the customers are involved with this project for rising the
growth of the business by buying their products.
Project sponsor
Basically, the project sponsor is accountable for taking the overall responsibility of
the project that means the project sponsor plays as role of project owner (Harrison & Lock,
2017). According to this project, the investors act as the role of project sponsors because they
provide the financial support to this company for continuing their project.
Skills and experiences of project manager for every phase in project lie
cycle
The project manager has lots of responsibilities during the conduction period of this
project that means during the life cycle of this project (Derakhshan, Turner & Mancini,

5
PROJECT MANAGEMENT
2019). In the initiation phase, the project manager requires to check the feasibility of the
project and also approves the permission for this project from the higher authority. In the
planning phase, it requires to plan for the whole project activities for continuing the project
within the right track. Also, in this phase, it requires to allocate the project activities to all of
the team members as per their expertise (Aragonés-Beltrán, García-Melón & Montesinos-
Valera, 2017). In accordance with the execution phase, the project manager needs to monitor
the performance of the project team members to get the project within the boundaries of cost
or timeline. Moreover, the project manager requires to check the progress of the project
activities for detecting any faults within the project (Davis, 2014). In the closing phase, the
project manager needs to close out the project by signing off the project stakeholders.
Roles and responsibilities of stakeholders
The project stakeholders are involved in this project for their individual dedications
for the project. The roles and responsibilities of the project stakeholders are as follows:
 Investors – The investors are attached with this project for providing the financial
support to the project (Hartono et al., 2014). According to this project, the investors
are responsible for the financial support so that during the project, it does not face any
issues.
 Suppliers – The suppliers are accountable for providing the raw materials in this
project because it is a most important activity for this project to supply the raw
materials within the right time without making any delay.
 Customers – The customers are straight connected with the business strategies
because if the customers are not interested to buy the products, then the company
cannot grow up their business in market and cannot compete with other companies.

6
PROJECT MANAGEMENT
 Board of directors – The directors are responsible for overseeing the company’s
operative actions and also the business progress if there occurs any faults in the
business.
 Workers – The workers are explained as the important section because the production
of the business is handled by the workers.
Communication between stakeholders
Fundamentally, the success of the project depends on the effective communication.
The effective communication helps improve the project for achieving success by minimizing
the project risks (Eskerod & Vaagaasar, 2014). The project manager needs to emphasize the
project activities to the stakeholders by using the effective communication. The project
manager should arrange weekly meeting for knowing the performance of the project.
Moreover, he requires to inspect the project activities daily for seeing the performance of the
stakeholders.
Information sharing with project stakeholders
The sharing of the information shares through emails, messages or through phone
calls or videos, blogs or postal, conferencing as well as shipping services. However, the
sharing operation of the information is necessary action inside the project management
because the missing of any information may cause several project risks during the project.
Mechanism for sharing information
According to project management, there occurs a variation of mechanism for sharing
of information among the project stakeholders. In this case, the mechanism of interactive
method is used to share the information (Yap, Abdul-Rahman & Chen, 2017). However, the

7
PROJECT MANAGEMENT
interactive method helps to clearly discuss the information for the project because by
applying this method, the project manager interacts with different stakeholders for
information sharing through meetings or individual discussion.
Communication frequency
The communication frequency should be higher in the project communication because
delay in communication may spoil the feasibility of the project with respect to the project
timeline.
Actions for effective communication
For making the effective communication, the project manager requires to follow such
ways so that the communication may be effective for this project (Cervone, 2014). The ways
are such as:
 It requires to establish the project expectations from the initial duration of the project.
However, the project expectations should be clear during the project execution in
order to achieve the successful communication.
 For getting effective communication, it requires build strong based team culture
because the project manager requires to interact with each of team members.
 The third action is related with effective meetings because with the help of the
meetings, the project manager can understand the project progress by interacting with
other stakeholders.
Technology used for project communications
In present days, the technological advancements help to make the effective
communication in the project management. In that case, the project manager uses the
technologies like sms, blogs, emails, videos or postal etc.

8
PROJECT MANAGEMENT
Communication as ethical issue
Within the project management procedures, the communication process should be
ethical in nature otherwise it may cause risks in project (Delerue & Sicotte, 2017). But the
expecting ethical issues are such as dishonesty as well as inaccuracy and also untruthfulness
etc.
Ways for managing project risks
There are several ways for managing the project risks. The ways are as follows:
 It requires to plan for the certain project risks from the initial timing so that they can
alert for occurrence of project risks.
 From the initial period of the project, it requires to identify the issues so that it helps
to manage the project risks.
 It requires to allocate the project responsibilities to the project team members so that
all of the team members are conscious for their workings. This technique helps for
managing most of the project risks.
 Another way is to keep the records of the project risks and for that the project team
can aware about the project risks.
Analysing of project risks
In the above section, it has been mentioned that the project risk analyst requires to
keep the records of the project risks. With the help of this record, the project analyst can
analyse the old risks or new risks occurring in this project.
Opportunities created by project completion
During the project timing, the major focus of this project is to produce the high-end
vacuum cleaners with lots of features so that the products may be accepted by the customers.

9
PROJECT MANAGEMENT
If a huge number of customers are accepted the products of high-end vacuum cleaners,
therefore it helps to the company for growing the business growth.
Financial impact of project
During the execution time of this project, the company provides lots of money for the
production of high-end vacuum cleaners. But after the completion of the products, a huge
number of customers are satisfied with this product which causes more revenue than the
expenditure that means a good financial impact of this project.
Expected results of the project
The expected results are that most of the customers will satisfy with the products of
this company because the company gives too much efforts for producing this type of products
which reflects their outcomes.
Integration of project value
This project integrates several values like focus on the customers’ requirements as
well as building of the great deal and must have a strategic outlook.
Potential impact of the company behind the failure of project
If the project is not finished well, it may impact on the company because the company
may provide lots of money in this project but in case the customers are not interested in the
products, it may cause a great loss for this company.

10
PROJECT MANAGEMENT
References
Aragonés-Beltrán, P., García-Melón, M., & Montesinos-Valera, J. (2017). How to assess
stakeholders' influence in project management? A proposal based on the Analytic
Network Process. International journal of project management, 35(3), 451-462.
Cervone, H. F. (2014). Effective communication for project success. OCLC Systems and
Services: International digital library perspectives.
Davis, K. (2014). Different stakeholder groups and their perceptions of project
success. International journal of project management, 32(2), 189-201.
Delerue, H., & Sicotte, H. (2017). Effective communication within project teams: the role of
social media. Int. J. Conceptions Manag. Soc. Sci, 5(1), 2357-2787.
Derakhshan, R., Turner, R., & Mancini, M. (2019). Project governance and stakeholders: a
literature review. International Journal of Project Management, 37(1), 98-116.
Eskerod, P., & Vaagaasar, A. L. (2014). Stakeholder management strategies and practices
during a project course. Project Management Journal, 45(5), 71-85.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach.
Routledge.
Hartono, B., Sulistyo, S. R., Praftiwi, P. P., & Hasmoro, D. (2014). Project risk: Theoretical
concepts and stakeholders' perspectives. International Journal of Project
Management, 32(3), 400-411.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.

11
PROJECT MANAGEMENT
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial
approach. John Wiley & Sons.
Yap, J. B. H., Abdul-Rahman, H., & Chen, W. (2017). Collaborative model: Managing
design changes with reusable project experiences through project learning and
effective communication. International Journal of Project Management, 35(7), 1253-
1271.

12
PROJECT MANAGEMENT