Please Help. Thanks 1 What strategy would you use to manage stakeholders with hi
ID: 2746514 • Letter: P
Question
Please Help. Thanks
1 What strategy would you use to manage stakeholders with high interest and high power?
2 What type of document can you prepare to clarify stakeholders’ rankings of project scope, time, cost and other constraints
3 What are the most important success criteria for information technology projects according to the Standish Group?
4 If a project has a 50 percent probability of making $100 and a 50 percent probability of making no money at all, what is its expected monetary value?
5 Essay: What does risk mitigation mean? Provide an example of how to mitigate risk in a project.
6 Why do you think that many books and people do not spend much time discussing the topic of procurement management?
Explanation / Answer
Ans 1.
The high interest and the high power stakeholders are key to success of any project as they are decision authority. Therefore stakeholders with high power and high interest should be managed with the utmost care and they should always kept satisfied. All information regarding the project should pass with them first.
Ans 2.
We should prepare an expectation management matrix to clarify stakeholders’ rankings of project scope, time, cost and other constraints. The expectation management matrix lists stakeholders' expectations from each other. To build this matrix each and every stakeholder should be consulted. The expectation management matrix helps to manage the project more smoothly since we know what each stakeholder expects from other stakeholders.
Ans 3.
The most important success criteria for information technology projects according to the Standish Group are user involvement, executive management support, and a clear statement of requirements.
Following are the all success criteria ranked in descending order of importance:
1. User Involvement
2. Executive Management Support
3. Clear Statement of Requirements
4. Proper Planning
5. Realistic Expectations
6. Smaller Project Milestones
7. Competent Staff
8. Ownership
9. Clear Vision & Objectives
10. Hard-Working, Focused Staff
Ans 4.
Expected Monetary Value = 0.5*100 + 0.5*0 = $50
I hope this will help. Good luck.