Year 2016, Volume 3, Issue 4, Pages 314 - 322 2016-12-30

SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS
SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS

Chiu-Chi Wei [1] , Chung-Cheng Fu [2] , , Chiou-Shuei Wei [3]

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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. 

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. 

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Subjects Social
Journal Section Articles
Authors

Author: Chiu-Chi Wei

Author: Chung-Cheng Fu

Author: , Chiou-Shuei Wei

Bibtex @research article { rjbm357677, journal = {Research Journal of Business and Management}, issn = {}, eissn = {2148-6689}, address = {PressAcademia}, year = {2016}, volume = {3}, pages = {314 - 322}, doi = {10.17261/Pressacademia.2016.355}, title = {SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS}, key = {cite}, author = {Wei, Chiu-Chi and Fu, Chung-Cheng and Wei, , Chiou-Shuei} }
APA Wei, C , Fu, C , Wei, , . (2016). SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS. Research Journal of Business and Management, 3 (4), 314-322. DOI: 10.17261/Pressacademia.2016.355
MLA Wei, C , Fu, C , Wei, , . "SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS". Research Journal of Business and Management 3 (2016): 314-322 <http://dergipark.org.tr/rjbm/issue/32211/357677>
Chicago Wei, C , Fu, C , Wei, , . "SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS". Research Journal of Business and Management 3 (2016): 314-322
RIS TY - JOUR T1 - SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS AU - Chiu-Chi Wei , Chung-Cheng Fu , , Chiou-Shuei Wei Y1 - 2016 PY - 2016 N1 - doi: 10.17261/Pressacademia.2016.355 DO - 10.17261/Pressacademia.2016.355 T2 - Research Journal of Business and Management JF - Journal JO - JOR SP - 314 EP - 322 VL - 3 IS - 4 SN - -2148-6689 M3 - doi: 10.17261/Pressacademia.2016.355 UR - https://doi.org/10.17261/Pressacademia.2016.355 Y2 - 2019 ER -
EndNote %0 Research Journal of Business and Management SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS %A Chiu-Chi Wei , Chung-Cheng Fu , , Chiou-Shuei Wei %T SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS %D 2016 %J Research Journal of Business and Management %P -2148-6689 %V 3 %N 4 %R doi: 10.17261/Pressacademia.2016.355 %U 10.17261/Pressacademia.2016.355
ISNAD Wei, Chiu-Chi , Fu, Chung-Cheng , Wei, , Chiou-Shuei . "SATISFACTION MAXIMIZING MODEL FOR MANAGING PROJECT STAKEHOLDERS". Research Journal of Business and Management 3 / 4 (December 2016): 314-322. https://doi.org/10.17261/Pressacademia.2016.355