Impact of stakeholder management on construction industry

The fundamental concept of sustainable construction is to deliver long term affordability, quality and efficiency, value to clients and users, whilst decreasing negative environmental impacts and increasing the economic sustainability.

They also mentioned that stakeholders are beneficial when they help to achieve its goals and they are antagonistic when they oppose to the mission. Uncertainty and complexity in an environment, increase the difficulty of achieving this balance.

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Click here to learn more! While stakeholder theory originated in corporate strategic management, it has been applied to various other areas, such as environmental management, public policy, corporate social responsibility, and more recently, construction project management.

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He notes that managers should check in with and update stakeholders regularly. The systematic process may help project management to identify, classify, and manage stakeholders more comprehensively.

Leave this aside and you lose that personal touch. Table 1 next page provides a summary of the extant literatures on stakeholder engagement and its relationship with sustainability. Traditionally, shareholders or owners have been the primary stakeholder of a business.

Stakeholder Analysis

Identifying stakeholders involves the following actions: His experience includes developing public consultation and communications plans, managing social impact assessments and land use studies in support of major infrastructure projects in the GTA, preparing community strategic plans, and developing and implementing urban and environmental planning policies.

ISO TS defines a framework for sustainability indicators of buildings which is based on the premise that sustainable construction brings about the required performance with the least unfavorable environmental impact, while encouraging economic, social and cultural improvement at a local, regional and global level [ 9 ].

Stakeholder (corporate)

Conflicts are at the root of most project management difficulties—at both the strategic level e. Figure 1 illustrates the research process. The results suggest that understanding the different sustainability agendas of stakeholders and measuring their performance using key performance indicators are important stages to be emphasized in any stakeholder engagement process to achieve sustainability-related goals.

The argument is that debt holders, employees, and suppliers also make contributions and thus also take risks in creating a successful firm. In support of this the Considerate Constructors Scheme operates a voluntary Code of Considerate Practice, to which many construction companies register their sites.

Financial Impact Companies are still in business to make money. SR in construction contributes by identifying challenges around durability, stakeholder engagement and reputation management. There he defends a "principle of stakeholder fairness" based on the work of John Rawlsas well as a distinction between normatively and derivatively legitimate stakeholders.

Example analysis of stakeholder influence and interest: Analyze level of influence and interest:Hasli Azilla, Hamzah () The impact of communication approach towards stakeholder management in construction industry.

Faculty of Industrial Management, Universiti Malaysia Pahang. Stakeholder theory was first described by Dr. F. Edward Freeman, a professor at the University of Virginia, in his landmark book, “Strategic Management: A Stakeholder Approach.” It suggests that shareholders are merely one of many stakeholders in a company.

The concept of stakeholder management is becoming more and more important and strengthened in the industries. This is particularly relevant to the construction industry as construction projects are managed and.

This book captures best practice in construction stakeholder management using a range of international case studies.

Stakeholder Analysis

It demonstrates stakeholder mapping, presents the power/interest matrix and analyses a model for the timely engagement of stakeholders.

Jul 15,  · Many believe effective stakeholder management is one of the most important aspects of successful project management.

In an article written by Jergeas, Williamson, Skulmoski, & Thomas (), they surveyed three companies who manage construction projects in the oil and gas industry. STAKEHOLDER IDENTIFICATION AND ANALYSIS 13 Stakeholder Identification and Analysis The first step in the process of stakeholder engagement is stake.

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Impact of stakeholder management on construction industry
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