In the Context of Project Finance, How Can Stakeholder Engagement Enhance Project Success?
Failure to do so may expose the project to unnecessary delays, missed opportunities, negative financial impacts, and potential damage to the organization's reputation.
Additional complexity factors include number of different internal and external organizations involved, sources and complexity of technology required, sources of funding, external or internal customers, degree of customer involvement in the project, levels of risk (Archibald and Archibald, 2016). Therefore, facing projects complexity can be very hard: intrinsic nature of complexity, on the one hand, is dynamic and multidimensional, and its dimensions include scope management, contracting and procurement, leadership, human factors, stakeholders, logic, interfaces, schedule, risks (Pells, 2017), on the other, is characterized by a continuous trend to growth, that is valid, a fortiori, in large and major projects, and when spreading to program and/or portfolio domains"
In an environment where office politics often appear to cloud a project’s progression, stakeholder analysis provides the team with views and measures and that can help uncover and remove barriers.
Archibald R.D. and Archibald S.C. (2016), Leading and Managing Innovation, 2nd Edition, CRC Press.
Pells D.L. (2017), Complexities, Size Matters, the Death of Simple Project Management, and…, PM World Journal Vol. VI, Issue XI – November 2017.
Retfalvi, L. A. (2014). Project success using proven stakeholder management techniques. Paper presented at PMI® Global Congress 2014—North America, Phoenix, AZ. Newtown Square, PA: Project Management Institute.
Smith, L. W. (2000). Stakeholder analysis: a pivotal practice of successful projects. Paper presented at Project Management Institute Annual Seminars & Symposium, Houston, TX. Newtown Square, PA: Project Management Institute.
Solera, J. (2009). Project Decelerators – Lack of Stakeholder Support. Silicon Valley Project Management. Retrieved from https://svprojectmanagement.com/project-decelerators-lack-of-stakeholder-support.