Mallak, Larry A.
; Patzak, Gerold R.
; Kurstedt, Jr., Harold A.
- Computers and Industrial Engineering
Successful project management has been defined as balancing the triangle of the cost, schedule, and cjuality criteria (Kerzner, 1989). For example, if the project manager must meet a tighter schedule, he or she must know the effect on specifications and/or cost. Except in cases of greater efficiency, the specifications must relax and/or the cost mast increase. This classical triangle applies to all levels of management, including program management. Today, successful project management cannot be secured by meeting just these three traditional criteria. We must meet the cost, schedule, and quality criteria and, in doing so, we must satisfy the stakeholders
more » of the project. Why are stakeholders now an issue? Haven't project managers always had to contend with stakeholders? I'll address why stakeholders have risen in visibility, power, and influence in project management. To satisfy our stakeholders, we must know who they are. I'll identify categories of stakeholders, identify their main interests, assess the power of each category, locate the channels this power is exercised through, design ways to address stakeholder expectations, and discuss how stakeholder satisfaction strategy can be implemented in project management. I argue that satisfying stakeholders is a compromise. Stakeholder satisfaction relies on information about the three success criteria plus assurances on data and information accuracy and reliability (and also assurances past problems have been fixed and reoccurrence minimized). Project managers will dramatically increase their potential to manage projects successfully if they understand who their stakeholders are, each stakeholder's agenda, stakeholder power and how it's used, how to satisfy stakeholders, and ways to actively and sincerely seek and address stakeholder concerns.« less