Abstract
From when a project begins, an uncertain number of
stakeholders participate in its planning, execution, monitoring, and
controlling, and these stakeholders may change over the course of the project.
Project success relies on appropriate stakeholder management and maximization
of stakeholder satisfaction. Conventionally, stakeholder management relies
solely on the experience and traits of project managers; thus, it can only
refer to theories and principles, and cannot be implemented effectively and
systematically. To solve this predicament, this study developed a mathematical
model that maximizes stakeholder satisfaction considering the level of
influence of stakeholders, the available engagement time, project risks, cost
of changes, and engagement costs of stakeholders at every stage of a project.
The model uses LINGO to calculate the most favorable engagement time for each
stakeholder at every stage and maximize stakeholder satisfaction according to
the project risk and influence level of stakeholders under conditions of
limited engagement time and cost.
References
- Aaltonen, K. 2011, “Project stakeholder analysis as an environmental interpretation process”, International Journal of Project Management, vol. 29, no. 2, pp. 165-183.
- Aapaoja, A. & Haapasalo, H. 2014, “A framework for stakeholder identification and classification in construction projects”, Open Journal of Business and Management, vol. 2, pp. 43-55.
- Bailey, S. & Van B. 2015, “Quality of work life issues in the introduction of ERP systems in a sub-saharan african context, ICIME 2015, China.
- Chang, K. & Huang, H. 2003, “Critical factor of WAP services adoption; an empirical study,” Electronic Commerce Research and Application, vol. 5, no. 3, pp.25-38.
- Cleland, D.I. 1986, “Measuring Success: The owner’s viewpoint”, Proceedings of the 18th Annual Seminar/Symposium, Montreal, Canada.
- Davies A. R. 2013, Right to Buy: The Development of a Conservative Housing Policy, University of Bristol, UK.
- Deloitte. 2016, Deloitte and Touche. http://www.stakeholdermap.com/stakeholder-theory.html.
- Figueiredo, J. & Richter, K. 2014, “Advancing the empirical research on lobbying”, Annual Review of Political Science, vol. 17, pp. 163-185.
- Freeman, R. E. 1984, Strategic Management: A Stakeholder Approach, Boston, MA.
- Friedman A. & Samantha, M. 2006, Stakeholders: Theory and Practice, Oxford University Press, Oxford, UK.
- Garvin, D. 1987, “Competing on the eight Dimensions of Quality”, Harvard Business Review, Norvember.
- Grimble, R. & Wellard, K. 1997, “Stakeholder methodologies in natural resource management. A review of principles, contexts, experiences and opportunities”, Agricultural Systems, vol. 55, no.2, pp. 173-193.
- Jensen, M. 2002, “Value maximization, stakeholder theory, and the corporate objective function”, Business Ethics Quarterly, vol. 12, no. 2, pp. 235-256.
- Li, G. 2012, “Consumption insurance and local elections: evidence from Chinese villages”, Economics of Transition, vol 20, no. 3, pp. 521547.
- Nash S. & Ezekiel C. 2010, “The Magnitude of Stakeholders’ Interests in the Course of Construction Projects”, Engineering Project Organizations Conference, South Lake, Tahoe, CA.
- Mats, U, Baumgarth, C. & Merrilees, B. 2013, “Brand orientation and market orientation - From alternatives to synergy”, Journal of Business Research, vol. 66, pp. 13-20.
- Muller, R. & Turner, R. 2007, “The influence of project manager on project success criteria and project success by type of project”, European Management Journal, vol. 25, no. 4, pp. 298-305.
- PMI. 2016, Project Management Body of Knowledge (PMBOK GUIDE), Project Management Institute Inc, PA. Suchman M. C. 1995, Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management, MI.
Abstract
From when a project begins, an uncertain number of
stakeholders participate in its planning, execution, monitoring, and
controlling, and these stakeholders may change over the course of the project.
Project success relies on appropriate stakeholder management and maximization
of stakeholder satisfaction. Conventionally, stakeholder management relies
solely on the experience and traits of project managers; thus, it can only
refer to theories and principles, and cannot be implemented effectively and
systematically. To solve this predicament, this study developed a mathematical
model that maximizes stakeholder satisfaction considering the level of
influence of stakeholders, the available engagement time, project risks, cost
of changes, and engagement costs of stakeholders at every stage of a project.
The model uses LINGO to calculate the most favorable engagement time for each
stakeholder at every stage and maximize stakeholder satisfaction according to
the project risk and influence level of stakeholders under conditions of
limited engagement time and cost.
References
- Aaltonen, K. 2011, “Project stakeholder analysis as an environmental interpretation process”, International Journal of Project Management, vol. 29, no. 2, pp. 165-183.
- Aapaoja, A. & Haapasalo, H. 2014, “A framework for stakeholder identification and classification in construction projects”, Open Journal of Business and Management, vol. 2, pp. 43-55.
- Bailey, S. & Van B. 2015, “Quality of work life issues in the introduction of ERP systems in a sub-saharan african context, ICIME 2015, China.
- Chang, K. & Huang, H. 2003, “Critical factor of WAP services adoption; an empirical study,” Electronic Commerce Research and Application, vol. 5, no. 3, pp.25-38.
- Cleland, D.I. 1986, “Measuring Success: The owner’s viewpoint”, Proceedings of the 18th Annual Seminar/Symposium, Montreal, Canada.
- Davies A. R. 2013, Right to Buy: The Development of a Conservative Housing Policy, University of Bristol, UK.
- Deloitte. 2016, Deloitte and Touche. http://www.stakeholdermap.com/stakeholder-theory.html.
- Figueiredo, J. & Richter, K. 2014, “Advancing the empirical research on lobbying”, Annual Review of Political Science, vol. 17, pp. 163-185.
- Freeman, R. E. 1984, Strategic Management: A Stakeholder Approach, Boston, MA.
- Friedman A. & Samantha, M. 2006, Stakeholders: Theory and Practice, Oxford University Press, Oxford, UK.
- Garvin, D. 1987, “Competing on the eight Dimensions of Quality”, Harvard Business Review, Norvember.
- Grimble, R. & Wellard, K. 1997, “Stakeholder methodologies in natural resource management. A review of principles, contexts, experiences and opportunities”, Agricultural Systems, vol. 55, no.2, pp. 173-193.
- Jensen, M. 2002, “Value maximization, stakeholder theory, and the corporate objective function”, Business Ethics Quarterly, vol. 12, no. 2, pp. 235-256.
- Li, G. 2012, “Consumption insurance and local elections: evidence from Chinese villages”, Economics of Transition, vol 20, no. 3, pp. 521547.
- Nash S. & Ezekiel C. 2010, “The Magnitude of Stakeholders’ Interests in the Course of Construction Projects”, Engineering Project Organizations Conference, South Lake, Tahoe, CA.
- Mats, U, Baumgarth, C. & Merrilees, B. 2013, “Brand orientation and market orientation - From alternatives to synergy”, Journal of Business Research, vol. 66, pp. 13-20.
- Muller, R. & Turner, R. 2007, “The influence of project manager on project success criteria and project success by type of project”, European Management Journal, vol. 25, no. 4, pp. 298-305.
- PMI. 2016, Project Management Body of Knowledge (PMBOK GUIDE), Project Management Institute Inc, PA. Suchman M. C. 1995, Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management, MI.
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | December 30, 2016 |
| Published in Issue | Year 2016 Volume: 3 Issue: 4 |
Cite
Research Journal of Business and Management (RJBM) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. RJBM aims to provide a research source for all practitioners, policy makers, professionals and researchers working in all related areas of business, management and organizations. The editor in chief of RJBM invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. RJBM publishes academic research studies only. RJBM charges no submission or publication fee.
Ethics Policy - RJBM applies the standards of Committee on Publication Ethics (COPE). RJBM is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).
Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.