Significance of stakeholder management in construction projects Essay

Significance of stakeholder management in construction projects - Essay ExampleThis research go out begin with the statement that construction projects result in a product like residential buildings, dams, parks etc. that is further utilized to house a number of other products. A construction project may impact several interests positively or negatively. Positive impacts may include high quality living and better facilities, while negative impacts may comprise deterioration and change to environment non only at construction site scarcely on all levels. Those impacted by the project atomic number 18 referred to as project stakeholders. A stakeholder is a person or a group whose interests are affected by the execution or operation of a project. They may exert influence over the project through their attri thates of power, legitimacy, expertise and urgency but may not otherwise be considered as stakeholders. Generally, there are five key stakeholders in every project project manage r, performing organization, team up members, sponsor and end user. However, geographical differences and natural events directly affect the successful execution of the construction project and may involve a number of erratic stakeholders like environmental and community groups being effected by the building process or its operation after completion and may not be involved in other type of projects. Similarly, regulatory agencies who control certain aspects of the construction by issuing permits and certificate are also key stakeholders. These stakeholders, if not managed well, can influence the project by delaying, changing the scope and even cancelling the project.