Strategic Context and Stakeholder Management

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Strategic Context and Stakeholder Management
Floyd Dudley, Karen Govea, Anthony Hester,
Charles Hobbs, Joyce Joiner and Richard Paige
CPMGT: Strategic Project Management
University of Phoenix
May 26, 2008

Strategic Context and Stakeholder Management
A strategic emphasis is critical to Project Managers and the projects they select. “Projects, as building blocks in the design and execution of organizational strategies provide the means for bringing about realizable changes in products and processes” (Cleland and Ireland, 2002). Team A will discuss strategic context which is defined as a set of plans a company develops to produce a mission statement, strategic goals, key strategic issues, interim adjustments to the strategic plan, a budget and key strategy impacts. These items help the company fine tune its overall strategic plan. This plan is used in tandem with project selection. Team A will also discuss why stakeholder management is so important. Cleland and Ireland say that “stakeholder management is an important part of the strategic management of organizations” (Ch 6, p. 161, 2002). “The management of a project’s stakeholders means that the project is explicitly described in terms of the individuals and institutions that share a stake or an interest in the project” (Cleland and Ireland, 2002). Finally, Team A will examine various organizational strategies and tactics the company uses to manage projects; describe how project management relates to these organizational strategies; analyze project selection criteria in the context of strategic management within this organization; describe the identification and management of project stakeholders; include an evaluation of the primary and secondary stakeholders; and describe the structure of the organization and what impact that structure has on the management of the project. Organizational strategies to manage projects

Fidessa categorizes projects based on their potential for business continuity and growth, process improvement, return on investment (ROI) and regulation compliance. Fidessa’ current projects have the following goals: •Identify new markets (globalization)

Identify new products
Process Improvement
Data center projects expansions
Client implementations and upgrades
Projects that support business growth are incorporated to provide security and guarantee continuity. For example, data center expansion and hardening projects buys Fidessa the ability to support its growing business while complying with industry regulations. In order to identify new markets and products, Fidessa has organized development teams to explore new business ventures. Furthermore, resources have been allocated and funds are invested in either creating or integrating new areas of trading. Other strategic projects promote and support globalization as Fidessa is going from a regionalized equity trading system to a multi-asset system encompassing the buy and sell side with the benefits of globally connected systems. Finally, Fidessa is analyzing ways of improving the current process for client implementation, billing and procurement. In order to manage these projects, Fidessa categorize “which ones are operational (short term) and which are strategic” (Cleland and Ireland, 2002) and set ups committees and teams to run the projects from assessment to completion. Fidessa uses the following tactics before initiating a project: •Carry out a project “Readiness Assessment”

Develop Logic-Based Plans
Establish ownership of the project plans
Specify project objectives
Address issues of teamwork and leadership
Set up communication tools
Identify the project management process to will be used. (Cornelius, 2006). At Fidessa, the assigned project manager or functional manager decides which project management methodologies and tools will be use to track the projects through their cycle. For the most part Fidessa uses an informal project management process unless...
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