Stakeholders

Course Delivery Options

In house and Public Program

Next public program session: 2 - 4 May 2017

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Do contact us for a proposal for an in house session.

Description

Implementing Project Risk Management is an advanced course in project management. It aims to provide the participants with a deeper understanding of the importance of and techniques of implementing project risk management practices of any project prior to and during execution of projects.

This course aims to provide an avenue for participants to learn how to manage real project risks so that projects may be undertaken in a structured manner to enable them to be implemented effectively. It covers all key areas for projects to be completed successfully and participants attending the course will receive 21 PMI approved PDUs.

Course Objectives

• Definefundamental approaches to project risk management;
• Identifyproject risk characteristics and risk elements that have to be considered;
• Listcategories and sources of risks;
• Recognizethe difference between known and unknown risks;
• Planfor project risk management;
• Developa risk register and risk response plan;
• Recognizethe significance of assumptions in projects;
• Undertakequalitative and quantitative risk analysis;
• Evaluaterisk probability and impacts;
• Developan appropriate project risk response;
• Undertakemonitoring and controlling of project risks.

Program Outline

Day 1

Day 2

Day 3

Key Features

• HRDF SBL Approved
• Student Workbook, Process charts & other tools and materials provided
• Participants earn 21 PDUsin attending the session
• Conducted by a Certified Training Professional with vast experience

Selected Past Clients

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People want to be trusted. They want to be trusted to be able to do a good job, provide excellent service, deliver what they promise. Trust is especially important for stakeholders, who can be anyone who contributes towards work or is affected by the outcome of work done.

Does undertaking efforts to manage risk really make a difference? There are times I wonder whether it does. I recently conducted a project review for a construction project that was stalled due to the collapse of a portion of the roof structure. I requested for the risk register and was provided with one that was very comprehensively documented and yet this risk of the roof collapsing was not included.

Project risk management covers many aspects. One of them is the development
of a risk response strategy. Developing a risk response strategy for projects is
tedious, time consuming and laborious. It takes a toll on project managers and
project team members. It consumes a lot of time to identify, analyze and
develop risk response strategies. Despite doing this, projects still fail. Why is this
so? This article seeks to share some insights that address this question. 

In our previous newsletter, we highlighted how optimizing knowledge management processes enables the gradual transformation of an organization from a culture of blaming to a culture of accountability. We stressed that only through active involvement of all parties involved facilitated through knowledge management based practices, can such a situation come to fruition.

In this segment allow us to explore the idea mooted by Forbes that Knowledge Management facilitates decision making, enables the building of a learning organization as well as creates a culture of knowledge sharing and innovation. We focus in this segment the intimate relationship between better decision making by leaders and knowledge management at a personal level.

In order to make high-quality better decisions in volatile and highly uncertain and complex business environments, three requirements need to be fulfilled. The first is the ability to undertake assumptions analysis. The second is the ability to suspend unilateral perspectives in favour of multiple perspectives when attempting to understand the situation and complication being faced. The third is the ability to make a decision that meets the short as well as long term aspirations of all stakeholders involved.

Assumptions analysis

In the highly complex and uncertain business leaders have to rely on their gut feel and intuition to decide on the best way forward. They are forced to decide based on limited, changing information and make assumptions on what other issues impact the proposed decision. This was an acceptable practice in the past but is not the case anymore. Today, the volatility and extremely complex interrelationship between different elements of a business environment makes renders the tendency to assume a very risky option to undertake.

To minimize the risk associated with making assumptions that may not be correct, leaders need to acquire critical information either through association with people have relevant experience within the areas in question or be able to analyse intelligently data presented to guide them better and quicker in assessing the assumptions they make. Hence knowledge acquisition process needs to be optimized by enhancing the ability to connect people who have necessary expertise at short notice and the expertise to analyse information intelligently.

Multi perspective Analysis

Rapid and significant changes have become commonplace occurrence these days. There have been cases where what appeared to be the “obvious” decision to make from a leadership standpoint, led to a nightmarish outcome. A case in point is the decision by Nokia to downplay the advent of Apples I Phone because according to the leaders at that time that ,“such a phone not go far” in 2007 led to the demise of its leading position as a retailer of cell phones.

With the complexity and interdependency of technological start-ups including the advent of artificial intelligence and advanced robotics, boundaries of technological developments are becoming increasingly blurred. Under these circumstances, leaders are limited in options available to our current level of superficial understanding within the confines of a limited point-of-view when making critical decisions given their limited comprehension of the unprecedented evolution of technology that is unfolding before them.

The only way to make better decisions in such situations is through the production of knowledge that broadens the understanding of the emerging business environment. This requires the involvement of all stakeholders in terms of sharing and producing knowledge on a regular basis. This will over time, enable development of a more holistic and multi perspective view of issues. These perspectives raised and discussed amicably through dialogue using Knowledge Management techniques such as the Knowledge Café will go a long way in extending options available to leaders in dealing with issues that are ambiguous in nature.

Balancing short and long term needs of stakeholders  

In general the thinking process of people involves perceiving what is happening and from that perception, developing an understanding of how what is happening affects the wellbeing of the person followed by making a decision on what to do based on the understanding achieved.

When this is done by one person such as a leader who has to decide on the next course of action, his or her perception may be clouded by inaccurate or incomplete information that could lead to a superficial understanding of the situation and complication inherent within it. Consequently the decision made may be sub optimal and at times disastrous. This is by virtue of the fact that all stakeholder considerations were not made and the decision most often is based on good short term returns without considering long term implications of these decisions.

To mitigate the negative outcomes of a wrong decision and to minimize the possibility that sub optimal decisions are made, leaders need to develop a knowledge management capability that optimises the process of acquiring the correct knowledge from the right stakeholders at the right time, producing a holistic, shared understanding of the situations and complications involved from all relevant stakeholders and based on such an understanding be in a better position to make better decisions.

Making a reasoned, well thought out decision that can affect stakeholders wellbeing is dependent to a large extent on minimizing the consideration of unverified assumptions and adopting a unilateral, superficial understanding of issues. Such a decision has to be premised on the need for internalizing concerns and welfare of stakeholders involved both in the short and long term.

If this is done as a matter of routine, then such a decision making process is deemed to have been integrated within the decision making approach adopted by leaders in the organization. Developing and maintaining a well-oiled and thought out knowledge management approach as a catalyst for making the right decisions is certainly a step in the right direction.

2026 Update: While the core knowledge management principles in this article remain relevant, digital transformation and new technologies have evolved the industry standard. To learn modern strategies and get certified, view our fully updated Certified Knowledge Management Course in Malaysia for the latest class schedules and HRD Corp claimable options.

In our previous article, we explored how optimizing knowledge processes enables organizational transformation from a culture of blaming towards a culture of accountability. A key lesson learned was that only with active involvement of all parties involved, facilitated through knowledge management practices, can such a situation come to fruition.

Recently, we have been discussing an idea suggested by Forbes that Knowledge Management facilitates decision making, enables the building of a learning organization, as well as creates a culture of knowledge sharing and innovation. In this segment, we focus on the intimate relationship between better decision making by leaders and knowledge management at a personal level.

In order to make high-quality better decisions in volatile and highly uncertain and complex business environments, three requirements need to be fulfilled. The first is the ability to undertake assumptions analysis. The second is the ability to suspend unilateral perspectives in favour of multiple perspectives when attempting to understand the situation and complication being faced. The third is the ability to make a decision that meets the short-term, as well as long-term, aspirations of all stakeholders involved.

Assumptions analysis

In highly complex and uncertain business environments, leaders have to rely on their gut feel and intuition to decide on the best way forward. They are forced to decide based on limited, changing information and make assumptions on what other issues impact their proposed decisions. This was an acceptable practice in the past but is not the case anymore. Today, the volatility and extremely complex interrelationship between different elements of the business environment renders the tendency to assume a very risky option to undertake.

To minimize the risks associated with making incorrect assumptions, leaders need to identify and acquire critical information either through the association of people who have relevant experience or be able to intelligently analyze data to guide and assess the assumptions they make. As a result, the knowledge acquisition process needs to be optimized through enhancing the ability to connect with people who have the necessary expertise at short notice and the expertise to analyze information intelligently.

Multi-perspective Analysis

Rapid and significant changes have become commonplace occurrences these days. There have been cases where what appeared to be the “obvious” decision to make from a leadership standpoint, led to a nightmarish outcome. A case in point is the decision by Nokia to downplay the advent of Apple’s iPhone. According to Nokia leaders at that time “such a phone will not go far” in 2007, led to the demise of Nokia’s leading position as a cell phone retailer.

With the complexity and interdependency of technological start-ups, including the advent of artificial intelligence and advanced robotics, boundaries of technological developments are becoming increasingly blurred. Under these circumstances, where leaders are limited to their current level of superficial understanding, within the confines of a limited point-of-view, when making critical decisions. Given their limited comprehension of the unprecedented evolution of technology that is unfolding before them, we clearly need a more effective means of making such critical decisions.

The only way to make better decisions in such situations is through the production of knowledge that broadens the understanding of the emerging business environment. This requires the involvement of all stakeholders in terms of sharing and producing knowledge on a regular basis. This will over time, enable development of a more holistic and multi-perspective view of issues. These perspectives shared and discussed amicably through dialogue using Knowledge Management techniques such as the Knowledge Café will go a long way in extending options available to leaders in dealing with issues that are ambiguous in nature.

Balancing short and long-term needs of stakeholders  

In general, the thinking process of people involves perceiving what is happening, and from that perception, developing an understanding of how what is happening, affects the well-being of the person, followed by making a decision on what to do, based on the level of understanding the individual has achieved.

When this is done by one person, such as a leader who has to decide on the next course of action, his or her perception may be clouded by inaccurate or incomplete information that could lead to a superficial understanding of the situation and complication inherent within it. Consequently, the decision made may be suboptimal and at times disastrous. This is by virtue of the fact that all stakeholder considerations were not made and the decision most often is based on good short-term returns without considering long-term implications of these decisions.

To mitigate the negative outcomes of a wrong decision and to minimize the possibility that sub-optimal decisions are made, leaders need to develop a knowledge management capability that optimises the process of acquiring the correct knowledge from the right stakeholders at the right time, producing a holistic, shared understanding of the situations and complications involved from all relevant stakeholders and based on such an understanding be in a better position to make better decisions.

Making a reasoned, well thought out decision that can affect stakeholders wellbeing is dependent to a large extent on minimizing the consideration of unverified assumptions and adopting a unilateral, superficial understanding of issues. Such a decision has to be premised on the need for internalizing concerns and welfare of stakeholders involved both in the short and long term.

If this is done as a matter of routine, then such an approach to decision-making is deemed to have been integrated into the decision-making process adopted by leaders in the organization. Developing and maintaining a well-oiled and thought out knowledge management approach as a catalyst for making the right decisions is certainly a step in the right direction.

Course Delivery Options

In house and Public Program

Next public program session: 5-6 July 2017

   Register Now

Do contact us for a proposal for an in house session.

Overview

In any business enterprise, the key decisions made are often based on considerations pertaining to the stakeholders. This is because stakeholders in an organization can impact or be impacted by the overall business direction pursued as and when decisions are made.

To ensure that the interests of all stakeholders are met as far as possible, it would be necessary to categorize and manage stakeholders continually and systematically. Failing to do so would frustrate attempts to make changes deemed to be necessary for the success of the organization.

This course focuses on developing the necessary competencies of managers in stakeholder management. It provides a sound framework for undertaking stakeholder management through stakeholder needs assessment and provides participants with a structured approach towards addressing these needs. The course includes a thorough description on how to develop a stakeholder management plan.

Objectives

By the end of this module, the participants will be able to:

1. Define key components of stakeholder management.
2. Classify levels of stakeholders.
3. Recognize methods to influence stakeholders.
4. Conduct a comprehensivestakeholder needs assessment.
5. Develop a stakeholder needs assessment document.
6. Develop a comprehensive stakeholder communication matrix.
7. Develop an individual stakeholder management plan.
8. List the principles of stakeholder management.

Target Audience

Project Managers, Functional Managers and Executives who are involved directly or indirectly in managing stakeholders either in a supportive, managerial or operational capacity.

Project team members who deal with vendors and customers on a regular basis in meeting project objectives.

Course Schedule

Day 1

Day 2

Partial Client List

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