Stakeholder Analysis and Risk Management in Project Management

This project management assignment focuses on the crucial aspects of stakeholder analysis and risk management within a project context. The assignment begins by identifying the stakeholders using tools like project charters and stakeholder analysis. It also addresses the potential risks associated with projects, such as scope creep and budget issues. The solution then outlines a risk management procedure, including risk identification, frequency and severity assessment, evaluation of alternative solutions, implementation, and monitoring. The assignment emphasizes the importance of a risk register, risk identification, and assessing the impact and likelihood of risks. The student provides a detailed analysis of how to ensure project success. The assignment concludes with references to support the analysis.

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student
Name of the University
Author Note

1PROJECT MANAGEMENT
Discussions
The Woolong Company generates high-end vacuum cleaners and then sells them to the
customers online. The company is designing a new product.
 The stakeholders need to be identified for the new project. The tools and the techniques
that can be used in order to recognise the stakeholders of the project include the project
charter, documents of procurement, enterprise environmental factors and the
organizational procedure assets. These inputs are used in order to identify the
stakeholders (Eskerod & Larsen, 2018). The tools and the techniques include the analysis
of the stakeholders. The tools that can be used include resistor, neutral and the advocate.
The output includes the stakeholder register after the stakeholder analysis has been done.
 The potential risk those are associated with the project include the scope creep, risk of
budget, risk of integration, risk of resources of the project, disputes and the support of the
sponsor (Silvius & de Graaf, 2019). The risk management procedure include the
following:
Identification of the risks: In this stage the risk must be identified that can cause failure of
the project
Frequency and severity: The frequency and severity of the risks must be measured and
many organizations use heat map.
Evaluation of alternative solutions: the alternative solutions of the project must be
evaluated to solve the risks of the project
Implementation of the solutions: The solution that is evaluated must be implemented
Monitoring results: The results must be monitored to see the solutions are effective or not.

2PROJECT MANAGEMENT
 The other components that the project manager must consider that continues during the
execution stage of the project are the creation of risk register, identification of risks,
identification of opportunities, determination of impact and likelihood, estimation
allocation of owners and review of the risks (Heagney, 2016). These should be considered
in order to make the project successful.

3PROJECT MANAGEMENT
References
Eskerod, P., & Larsen, T. (2018). Advancing project stakeholder analysis by the concept
‘shadows of the context’. International Journal of Project Management, 36(1), 161-
169.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Silvius, A. G., & de Graaf, M. (2019). Exploring the project manager's intention to address
sustainability in the project board. Journal of cleaner production, 208, 1226-1240.