Most of the Project in Oman get delay or cancelled prior to Stockholder satisfaction especially in salalah most of project has been cancelled due to stakeholder influence and objection. To avoid all the risk of stockholder objection the investors has to know the power, influence and interest of each stockholder in the project.
2) Development of the feasible alternatives
Refer to Figure no.1 Stakeholder is anyone that has interest or concern in an organization either directly or indirectly Stakeholders can affect or be affected by the organization’s actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government and its agencies, owners shareholders. suppliers, unions, and the local community from which the business draws its resources. There are three steps to manage the stakeholder and success of the project as follow.
A) Step – Identify Stakeholders
The first step in Stakeholder Analysis is to brainstorm who is our stakeholders. As part of this, we have to think of all the people who are affected by our work, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.
B) Step 2 – Prioritize Stakeholder we have to get long list of people and organizations that are affected by the work. Some of these may have the power either to block or advance. Some may be interested in what you we are doing, others may not care. We have to map out our stakeholders on our Interactive Screen App, and classify them by their power over our work and by their interest in our work as per figure no 2 below .
Figure no 2.
C) Step 3- Understand the key Stakeholders Is to develop a good understanding of the most important stakeholders so that you know how they are likely to respond, and so that you can work out how to win their support – you can record this analysis on a stakeholder map as per Figure no 3 below.
Figure No 3.
3) Possible solution
The Stakeholder Analysis tools allows the investor to understand the influence and power of each stakeholder in the project and it help him to know how to manage the stakeholder The first step is to identify who is stakeholders. The next step is to work out their power, influence and interest, so to know who should focus on. The final step is to develop a good understanding of the most important stakeholders so to know how they are likely to respond, and so that can work out how to win their support
4) Selection of Criteria.
The investor has to take in consideration the power and interest of each stakeholder and satisfaction by analyzing their influence
5) Analysis and Comparison of the Alternative
The above step of stakeholder analysis will help the investor to understand and manage the power and influence of each stakeholder as well their interest on the project as per follow.
- High power and interested people: These are the people you must fully engage and make the greatest efforts to satisfy.
- High power but less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
- Low power but interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
- Low power but less interested people: again, monitor these people, but do not bore them with excessive communication
6) Selection of the Preferred Alternative
The high power and interested stakeholder are the most effective so this must be fully engage and they have to be satisfied all the time. Where the other can be categorized as per their interest and influence to the project
7) Performance Monitoring and the Post Evaluation of Result.
Stakeholder is the key player of any project where the investor has to analyze them before even thinking about any project either the power and interest of stakeholder will affect the project or it will support the project implementation and to categorize the stakeholder position in each stage
Stakeholder introduction retrieved June 12, 2014 from http://www.tutor2u.net/business/strategy/stakeholders-introduction.html
Stakeholder analysis retrieved June 13, 2014 http://www.mindtools.com/pages/article/newPPM_07.htm
Stakeholder and their objective retrieved June 13, 2014 from http://www.dineshbakshi.com/igcse-business-studies/business-activity/revision-notes/1257-stakeholders-and-their-objectives