Emerging project management concepts incorporate steps and stages that each culminate to each other. Traditionally, project management is driven by five key stages, they do include Concept development, Definition Planning, Launch or Execution, Performance and Control and Project Close. From the figure below each of the steps is detailed by steps and objectives all meant to improve work-breakdown procedures. However, skipping either of the stages or failing to develop steps, essentially cripples the project execution process. If such a step is not achieved as originally planned, the project might cripple, funding might be constrained, stakeholder disagreements could arise, and the project might incur losses.
Figure 1: Project Management Steps
Failing Step: Consequences to Stakeholders
Essentially, stakeholders, primarily project executive committee, investors, employees, clients, suppliers and the government remain liable for the collapse of the project. Ideally, investors would want their funds returned as promised. Stakeholder disagreements might institute possible managerial changes, with stakeholders being interested in learning from the project. Changes are the most crucial with the project management committee revising the objectives of the affected stage, as such making collective decisions towards avoiding such challenges.
Pitfalls of Failing Stakeholders
Meanwhile, there are legal, moral or professional actions that a stakeholder is liable depending on the nature of the contract. If a stakeholder received funding or goods for the project stage and failed to participate as agreed, other stakeholders will be challenged to begin a negotiation procedure. The negotiation procedure would ultimately result in a dispute resolution process. The dispute resolution will look at the possible reinstatement of the failing stakeholders. If the stakeholders fail to corporate at this stage, the legal measure as per the contract mechanism can be applied. Meanwhile, other stakeholders might decide to replace the failing stakeholder, this time stakeholders will implement more suitable terms and mechanisms for administrating the project.
Eby, K. (2019). Why planning is the most critical step in project management. Retrieved 29 July 2019, from https://www.techrepublic.com/article/why-planning-is-the-most-critical-step-in-project-management/
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