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Role of Stakeholders in Project Success: Theoretical Background and Approach

Author

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  • Rajeev Dwivedi
  • Pradeep Dwivedi

Abstract

Purpose: The main aim of the article is to elaborate the role of stakeholders in key areas of project management. Design/Methodology/Approach: Literature review of theories related to project management, analysis, and synthesis. Findings: The role of stakeholders in a successful project becomes important and crucial. Stakeholders' active participation in the project ensures the sustainability, success, and performance of the project. It is crucial and very substantial for a project manager to acquire stakeholder management skills that will demonstrate and address the communication requirements of the stakeholders. Practical Implications: Stakeholders are the ones who can affect the project and can be affected by the project. Originality value: Adequate participation of stakeholders in the project not only ensures the probabilities of project success but also minimizes the jeopardy associated with the projects. Therefore, it becomes important to address the role of the stakeholders in different key stages of the project that includes scope management, work breakdown structure, schedule management, and requirement analysis.

Suggested Citation

  • Rajeev Dwivedi & Pradeep Dwivedi, 2021. "Role of Stakeholders in Project Success: Theoretical Background and Approach," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(1), pages 38-49.
    • Handle: RePEc:ers:ijfirm:v:11:y:2021:i:1:p:38-49
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    References listed on IDEAS

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    1. Andrew L. Friedman & Samantha Miles, 2002. "Developing Stakeholder Theory," Journal of Management Studies, Wiley Blackwell, vol. 39(1), pages 1-21, January.
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    Cited by:

    1. Pradeep Dwivedi & Rajeev Dwivedi & Adilson Carlos Yoshikuni & Bo Xie & B. Koteswar Rao Naik, 2023. "Role of Digitalization in Business Process to Reduce Manpower: A Case of Human Resource Management Process," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 66-76.
    2. Iliyasu Abdullahi & Casey Watters & Georgios Kapogiannis & Michal K. Lemański, 2023. "Role of Digital Strategy in Managing the Planning Complexity of Mega Construction Projects," Sustainability, MDPI, vol. 15(18), pages 1-18, September.
    3. Kasimu Ssenyange, 2023. "The Impact of Leadership Styles on Government Construction Project Success: A Structural Equation Modelling Approach," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(3), pages 50-75.

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    More about this item

    Keywords

    Stakeholder; Project Management; Project Success; WBS.;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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