Business Finance
MGMT 412 AIU The Woolong Company Project Stakeholders & Sponsors Discussion

MGMT 412

American InterContinental University

MGMT

Question Description

Need help with my Management question - I’m studying for my class.

The Woolong Company produces high-end vacuum cleaners and has hired you to oversee the development and release of their latest product. A preliminary project initiation meeting will result in the identification of the project sponsor, selection of a project manager, and creation of the project charter. A manager in the production department who knows you are taking a college project management course asks you to prepare a report to help them prepare for the meeting by answering the following questions:

  • Who are the project stakeholders? How will they be involved in the project?
  • Whom should the project sponsor be? Why?
  • What skills and experience are likely needed by the project manager for each phase in the project life cycle, and how do these skills and experiences differ between the various phases?
  • What kind of roles and responsibilities should the key stakeholders have? Discuss at least 4–5 different kinds of stakeholders.
  • How should they communicate to different stakeholders during the project?
    • What information should be shared with the project stakeholders?
    • What is the mechanism that could be used for each type of information?
    • What is the frequency with which information should be shared?
    • What should be done if project communications are not proving to be effective?
    • What technology could be used for project communications?
    • At what point could communication about the project become an ethical or legal issue?
  • What are the best ways to manage project risks as well as opportunities during project execution?
    • How do they update and analyze old risks as well as new risks while undertaking the project?
    • What business opportunity might project completion create?
    • What is the potential financial impact of the project?
    • What are the expected results of the project?
    • What value will the project add?
    • What is the potential impact to the company if the project is not finished well?

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Attached.

Running head: PROJECT MANAGEMENT

Project Management
Student’s Name

Institution Affiliations

PROJECT MANAGEMENT

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Project stakeholders and how they will be involved in the project

These are individuals in the organization who will be touched by the outcome or the
activities of the project. In the Woolong Company, project stakeholders will be the top managers,
middle managers, employees, and shareholders. The top management will be involved in the
project through approval of the needed resources, while mid-level managers will be involved in
overseeing the project processes. Project employees will be involved in the product
creation/production process, and shareholders would be involved by sharing the profit from the
project (Rahman et al., 2017).

The project sponsor

The sponsor of the project will be an individual in the Woolong Company who can take
responsibility for the actions necessary as a project sponsor. The individual ought to negotiate for
necessary funds and should be the spokesperson on behalf of other stakeholders. The project
sponsor ought to provide direction to the project to ensure its success. Besides, the project
sponsor will be required to include all participants in the project when it is necessary to ensure
continuity of the project (Rahman et al., 2017). Finally, the project sponsor will be required to
appraise the level of project achievement after completion.

Skills and experience needed by the project manager for each phase in the project life
cycle, and how the skills and experiences differ between the various phases

Project manager should have the required skills in management, technical skills of the
project and relevant experiences. In the initiation stage, the project manager needs to have skills

PROJECT MANAGEMENT

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and experience in research and data collection. The project manager must have communication
skills to communicate with various people in other phases of the project (Henkel et al., 2019).

In the planning stage, the project manager will be required to have leadership skills,
which will help in mapping the path that the project team will flow. In addition, he or she will
require budgeting skills to create a plan on cost management for the project. In the execution
stage, the PM will use management skills and technical knowledge about the project, and quality
management skills, which will help in executing the project (Henkel et al., 2019). Finally, in the
closure phase, the PM will require to have skills such as communication skills, management
skills, and evaluation skills, which will help in establishing whether the project is complete.

Roles and res...

ProfHenryM (16616)
UC Berkeley

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