Stakeholder Engagement & Risk Management in Construction Project

This report analyzes stakeholder engagement and risk management strategies within Max Lionel Realty, a major construction company. It outlines the company's focus on improving performance quality, complying with government regulations, reducing workplace discrimination, and managing risks. The report details monitoring frequencies for technical, communication, and financial training activities, including KPIs and responsible personnel. A gap analysis identifies necessary skills and training methods for agents, clients, and tenants. Furthermore, the document addresses risk management, proposing contingency strategies for potential issues like fire, theft, organizational breakdowns, and contractor insolvency. The overall objective is to enhance client satisfaction and uphold high ethical standards through effective project planning and execution. Desklib offers access to similar solved assignments and study tools for students.

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

1
STAKEHOLDERS AND PROJECT MANAGEMENT
Assessment 2
2. Summary of the scenario and things to perform
Max Lionel Realty is a major construction company and the chief focus of the
management of the business organization is to improve the quality of their performances in order
to appease the clients. Apart from that the management of the business organization aims to
improve their business procedure in order to comply with the rules and regulations set by the
government in order to maintain a higher standard in the professional conduct. Apart from that,
the management of the construction company is putting in efforts to decrease the practices of
various types of discriminations within the workplace and also to manage various factors of risk
so that they cope up with the rival organizations operating in their market and also to follow
ethical behaviors within the workplace (Walker 2015). The main objective of the management of
the business organization is to train and develop certain aspects of the agents, customers and
tenants of the organization to improve the brand image in the operational area of the company.
Thus it can be said that the management of the organization is targeting to achieve maximum
possible satisfaction of the clients of the organization and to set high ethical standards, and this
can only be achieved with proper and effective planning and execution of the new policies in the
projects of the business organization.

2
STAKEHOLDERS AND PROJECT MANAGEMENT
3. Monitoring frequency of training
Activity KPI Documents
required
Responsible
person
Monitoring
frequency
Technical training Improved usage of
mobile
applications and
digital platforms to
gain necessary
information
regarding various
aspects of the
dealings.
Cash flow
statement, Profit
and loss account.
Technical expert Half yearly for
investors and
tenants and
quarterly for
agents.
Communication
training
Reduction in
quarries and legal
expenses to fight
cases filed by
clients.
Profit and loss
account, financial
statement
Project sponsor Half yearly for the
clients and the
agents.
Financial training To increase
knowledge
regarding financial
policies set by the
federal
government of
Australia and also
Profit and loss
account
Project manager Half yearly for the
clients and tenants

3
STAKEHOLDERS AND PROJECT MANAGEMENT
to train how to
successfully invest
in real estate in the
recent times.
General
development
To improve the
knowledge of the
clients, tenants and
the agents
regarding the
market
opportunities,
financial areas of
investing and
many more.
Profit and loss
statement,
enhancement of
company good
wills that is seen in
the balance sheet.
Project manager,
Project sponsor
Half yearly for the
agents and yearly
for the clients.

4
STAKEHOLDERS AND PROJECT MANAGEMENT
4. Gap analysis
Activity Skills needed for
the activity
Responsible
individual
Skills of persons Gap training
Technical training Technical skills
required for
construction
industry.
Technical expert General awareness
regarding the
operations of the
organization
Mentoring
Communication
training
Strong
communication
abilities.
Project sponsor Strong
communicational
ability
Providing
necessary
information of the
market
Financial training Budgeting,
Invoice training
Project manager Necessary
financial
knowledge
On job training for
the agents
General
development
Knowledge about
the operational
market of the
organization,
analytical skills.
Project manager,
Project sponsor
Online training,
conferencing and
workshops for the
clients.

5
STAKEHOLDERS AND PROJECT MANAGEMENT
9. Risk management
Risk
Likelihood
(H/M/L)
Impact
(H/M/L)
Risk response
(contingency
strategies)
Responsible
Impacts of fire,
theft and new
budgeting of the
government
M H
The risk
management
team should
monitor the
workplace and
identify the
probable risk
factors to
prevent those.
Risk
management
team of max
Realty.

6
STAKEHOLDERS AND PROJECT MANAGEMENT
Organizational
breakdown, strikes
L M
Management
of the
organization
should look
after the level
of satisfaction
of the
employees.
The
management
of the
business
organization.
Wrong action in
the construction
due to having
wrong information
M H
The project
manager
should
coordinate
with all the
employees
regarding
necessary
information.
Project
manager

7
STAKEHOLDERS AND PROJECT MANAGEMENT
Insolvency of the
contractor
L H
The project
manager
should get
necessary
information of
the contractor
Project
manager
Project Title: Project Client: Date:
Version:
Project Sponsor: Project
Manager:
File Name: Page x of
y
References
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.
Asx.com.au. 2018. ASX 24 Commodity codes. [online] Available at:
https://www.asx.com.au/prices/commodity-codes.htm [Accessed 21 Feb. 2018].
Ato.gov.au. 2018. GST. [online] Available at: https://www.ato.gov.au/Business/GST/ [Accessed
21 Feb. 2018].

8
STAKEHOLDERS AND PROJECT MANAGEMENT
Badri, A., 2015. The challenge of integrating OHS into industrial project risk management:
proposal of a methodological approach to guide future research (case of mining projects in
Quebec, Canada). Minerals, 5(2), pp.314-334.
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management:
Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Clough, R.H., Sears, G.A., Sears, S.K., Segner, R.O. and Rounds, J.L., 2015. Construction
contracting: A practical guide to company management. John Wiley & Sons.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper
Saddle River, NJ: pearson.
Hughes, W., Champion, R. and Murdoch, J., 2015. Construction contracts: law and
management. Routledge.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Kroll, A. and Moynihan, D.P., 2015. Does training matter? Evidence from performance
management reforms. Public Administration Review, 75(3), pp.411-420.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts,
techniques and tools. Princeton university press.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Taylor & Francis.

9
STAKEHOLDERS AND PROJECT MANAGEMENT
Reia.asn.au. 2018. REIA - Principles of Conduct. [online] Available at:
https://reia.asn.au/agents/principles-of-conduct/ [Accessed 21 Feb. 2018].
Safe Work Australia. 2018. Model WHS Laws. [online] Available at:
https://www.safeworkaustralia.gov.au/law-and-regulation/model-whs-laws [Accessed 21 Feb.
2018].
Serpella, A.F., Ferrada, X., Howard, R. and Rubio, L., 2014. Risk management in construction
projects: a knowledge-based approach. Procedia-Social and Behavioral Sciences, 119, pp.653-
662.
Sitzmann, T. and Weinhardt, J.M., 2015. Training engagement theory: A multilevel perspective
on the effectiveness of work-related training. Journal of Management, p.0149206315574596.
Sykes, T.A., 2015. SUPPORT STRUCTURES AND THEIR IMPACTS ON EMPLOYEE
OUTCOMES: ALongitudinal FIELD STUDY OF AN ENTERPRISE SYSTEM
IMPLEMENTATION. Issues, 11401.
Walker, A., 2015. Project management in construction. John Wiley & Sons.