Contemporary Project Management Study Set 3

Business

Quiz 5 :
Leading and Managing Project Teams

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Quiz 5 :
Leading and Managing Project Teams

Stakeholder: A stakeholder is a person who has interest in the project and who can influence the project. A stakeholder works for the project and provides resources for the project. In order to determine the needs and wants of a stakeholder, the project manager should understand the stakeholder. Understanding the stakeholders is important for the success of a project due to following reasons: Project planning: In order to create the project planning, negotiation, and execution of the project, there should be understanding with the stakeholder. The project manager should know about the objectives and requirements of stakeholder so as to plan the project. Decision making: In order to make a decision regarding the strategies, budgets, techniques, and resources required at every stage of the project it is necessary to understand the desires of the stakeholder. Relationship with the customer: In order to create a good relationship with customers, it is necessary to meet the project target on time as well as fulfill the requirements of the customers as per their specifications in the project. To meet the project target on time, it is necessary that project team members and the shareholders work together in a team and develop an understanding with one another.

Stakeholder: A Stakeholder could be defined as a person or a group of people who has an interest in an organization. A Stakeholder can be internal or external in an organization. Internal stakeholder is the one who engages in economic activity of an organization. It includes owner, employee and supplier. External stakeholder is the one who does not directly engage in economic activity of an organization. It includes public, communities and media. While erecting a new grocery store, internal stakeholders are the individuals those who are directly involved in the project. It includes employees who provide services to the customers, owner who invests in the construction of store, suppliers who work closely with the business and staff of the store. External stakeholder would be customers and local communities. Though they do not make any investment in business but influence the decision that internal stakeholder make in business.

Communication Management plan: Communication management plan is the component of project management plan. It contains the information about the time, place and channel through which information is distributed by the project managers to their team members. Communication model: Communication model describes the communication process in which information is shared between two and more people so that planning and objectivity of the project is completed on time. Stakeholder register: Stakeholder register is a document in which the stakeholders of the project are identified, classified and assessed. It records the information regarding all the stakeholders of the project. Organizational breakdown structure: Organization Breakdown Structure is a model that represents an outline of the resources, time and expenses incurred for a particular project. Hence, the communication management plan is the one which is the component of the project management that contains the information about planning, monitoring, controlling and the structure of the communication plan. Therefore, the correct option is the (b).