STAKEHOLDER MANAGEMENT AS AN EFFECTIVE TOOL FOR PROJECT SUCCESS

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1 STAKEHOLDER MANAGEMENT AS AN EFFECTIVE TOOL FOR PROJECT SUCCESS Abstract This theoretical paper will examine subject literature and will try to analyze how stakeholder management can increase the project success. The article provides background to the topic of stakeholders from the first usage of the strategies. The article will provide the reader with insight to how one can increase the success factor of the project with the usage of appropriate stakeholder management tools. This article contributes to the body of literature by detailing about how project stakeholder management influences projects and their success. It is prepared as a response to an increasing role of projects, the influence of different stakeholders on the execution of projects and their own evaluation of project success factors. By analyzing the literature of the a better understanding of the role of stakeholders in conducting successful projects. The literature reveals that effective stakeholder management is a critical success factor of projects as they should satisfy the needs of different groups of people in each part of the their lifecycle. The conducted analysis is a foundation for the future research about effective project stakeholder management and a base for additional research. Keywords: stakeholders, stakeholder management, project, project management, critical success factors. 1. Introduction

2

3

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5 9. Seek & Incorporate Continuous Feedback 1. Identify Project Vision & Mission 8. Evaluate Implemented PSM Strategies 2. Conduct Project SWOT Analysis 7. Implement Selected PSM Strategies 3. Identify Stakeholders & Their Goals 6. Acquire & Allocate Resources 5. Select PSM Strategy for Each Project Stakeholder 4. Identify Selection Criteria & Alternative Strategies Figure 1.

6

7

8 I

9 Level of Power Keep Satisfied Manage Closely Monitor Keep Informed Level of Interest Figure 2. Table 1. Project Stakeholders Success and Failure Factors Interested owner

10 Project Stakeholders Success and Failure Factors - Public Collaboration Collaboration Collaboration

11

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13 5. Conclusion

14 References Construction Management Economics, Journal of International Journal of Project Management, International Journal of Project Management Management Decision, 43 Project Leadership Benchmarking: An International Journal, Project Management: Strategic Design and Implementation International Journal of Project Management, Construction Management and Economics Journal of Construction Engineering and Management Academy of Construction Management Economics, 7 Project Management Journal,

15 Project Management Journal, Project Management Journal, 36 International Journal of Public Sector Management, International Journal of Project Management, International Journal of Project Management,, Construction Management and Economics, IEEE Transactions on Engineering Management, 34 Project Management Journal, Project Management Journal, 3 Business and Society Academy of Management Journal, Project Management Journal International Journal of Project Management,

16 Project Management Journal, Journal of Construction Engineering Management, International Journal of Project Management International Journal of Project Management International Journal of Project Management,

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