1 paragraphs for each Group reflection responses. Reflection Group 1 paper, Group 2 paper and Group 3 paper you did not have to do any research, make sure to reflect what you learned from Group 1, Group 2 and Group 3. Label each paragraph â€œGroup 1â€¦ Group 2 â€¦ Group 3â€ what you have learned.
Every organization has its stakeholders, whatever it is profit making or non-profit making entity. They are the one, who influence and can be influenced by the companyâ€™s activities. They are classified into two categories, Internal Stakeholders and External Stakeholders. The internal Stakeholders are the individuals and parties, inside the organization while the latter represents outside parties. Business exists in a large environment and there are many factors that affect the business directly and indirectly as well. The external Stakeholders are A party such as a customer, supplier, or lender that influences and is influenced by an organization but is not a member of it. Each Stakeholder has their own perspectives. Therefore identifying stakeholderâ€™s perspective will benefit development an intervention mechanism to reduce risk and uncertainty.
Clients and Customers: they mainly care about following risks:
1. 1.Project risk, purchasing risk which are affect their product quality, performance , deliver time and cost.
2. 2.Interpretation risk: some companyâ€™s business model and processes are very complicated. They are afraid that project team members cannot understand them, delivering something they do not want.
3. 3.Global Risk: it is political, legal, commercial and environmental risks, It is the biggest risk of affecting company business.
Project team members: they mainly care about following risks:
1. 1.Project risk, Contingent Risk, IT risk. It will decide if project can be implemented successfully from scope technologies and time perspectives
2. 2.Organizational risk, Risk Process risk, they decide project management approach and communication methods.it will affect working efficiency.
3. 3.Destructive technology risk: Technology used in project becomes prematurely obsolete. (One good example: In 2013, Microsoft announced that they had ceased development of Silverlight and they would stop to support it by the end of 2105. Therefore, all web applications developped by it have to convert or re-develop by other technologies. It is big cost!)
Merna, T., & Al-Thani, F. F. (2008). Corporate risk management. Chichester, England: Wiley.
Robert Phillips. Stakeholder Theory and Organizational Ethics. Published by Berrett-Koehler Publishers
The two stakeholder groups I selected are: project sponsor, and clients and customers. The needs of the two groups with respect to reporting and communications on risks, along with potential uncertainties, are detailed below. It should be noted that risks are considered to be the possible outcomes that have known probabilities of occurrence, while uncertainties are the possible outcomes where the probability of occurrence is not known (Merna & Al-Thani, 2008).
The project sponsor will need reporting and communication project risks, starting with the planning stages of the project, to determine if the organization should even take on the project. The sponsor will also require regular reporting and communication on risks throughout the project to ensure the risk levels remain manageable or additional mitigation is required. The types of risks that the project sponsor will be concerned with are: project risk, elemental risk, holistic risk, dynamic risk, inherent risk, customer risk, and organizational risk. In terms of uncertainties, the project sponsor may be concerned with items out of the organizationâ€™s control that may limit their ability to complete the project such as floods, fires, etc. The sponsor may also consider other uncertainties such as disruptions to project resources.
Clients & Customers:
Clients & customers will also need reporting up front regarding risks, as well as updates throughout the project, although they wouldnâ€™t need as extensive and regular reporting as the project sponsor. The customer will be concerned about project risks that will effect cost, schedule, or performance. In addition, the customers may also be concerned about contingent risks and purchasing risks. Some uncertainties that customers may be concerned with include: product relevance at time of delivery and unknown forces that may impact delivery.
Merna, T., & Al-Thani, F. (2008). Corporate Risk Management (2nd ed.). Chichester, West Sussex, England: John Wiley & Sons, Ltd.
Stakeholders are those individuals or groups who depend on the organization to fulfil their own goals and on whom, in turn, the organization depends (Jahnson and Sholes, 1999). There are always two groups on stakeholders: internal and external. I would like to consider representatives from both groups: Project team members (internal group) and Clients and Customers (external one). These two stakeholders do share same risks, they affect each other risks, and they have their own perception of the risks.
For both selected stakeholders Organizational and Interpretation Risk could lead to the dramatic consequences if omitted. It critical to define positive relationship between Project team and Customers, as positive relationships are the foundation of effective communication. Personal relationships magnify the value of the technology we use to deliver information.
Being within two different groups considered stakeholders generate risks for each other, such as reputation risks, customer risks. For this type of risks timely reporting is crucial. Preventive actions allow to discover customers loyalty, customer dissatisfaction as well as satisfaction.
Project risks are good examples where each stakeholder has its own perception as subjective is a key factor in assessing the risk (Merna, 2008). Understanding of the expectations of the each side, well established communication, and constant monitoring will help to discover possible risks and prevent them.
In general, objectives are more likely to be achieved and damaging things will not happen or are less likely to happen at any organization that effectively manages risk.
Johnson, G & Scholes, K. (1999). Exploring Corporate Strategy. (5th ed). Prentice Hall.
Merna, T., & Al-Thani, F. F. (2008). Corporate risk management. Chichester, England: Wiley.
Project Management: Stakeholder Risk Management. Retrieved January 25, 2016, from https://www.projectsmart.co.uk/project-management-stakeholder-risk-management.php
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