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Stakeholder Management

Posted: Sun Jun 18, 2017 2:10 am
by nazrulq
A project manager has to manage different stakeholder expectations. Project sponsor and customer are two very important stakeholders in any project. In this respect, which of the following is NOT the responsibility of both the project sponsor and the customer?

1 Take into account risk tolerance
2 Provide key events, milestones, and deliverable due dates
3 Formally accept the product of the project
4 Provide financial resources for the project.

Correct Answer 4.

All are the responsibilities of customer and project sponsor. In my point of view as customers are not providing finance for the project option 4 is the right choice.
NOT really clear question!

Can you please clear Manish!

Thanks.

Re: Stakeholder Management

Posted: Sun Jun 18, 2017 7:14 pm
by manishpn
nazrulq wrote:A project manager has to manage different stakeholder expectations. Project sponsor and customer are two very important stakeholders in any project. In this respect, which of the following is NOT the responsibility of both the project sponsor and the customer?

1 Take into account risk tolerance - This is one of the responsibilities of the Sponsor
2 Provide key events, milestones, and deliverable due dates - as per me this is the responsibility of the project manager and not of Sponsor or customer
3 Formally accept the product of the project - This is responsibility of the customer or someone within customer organization
4 Provide financial resources for the project. -- This is one of the responsibilities of the Sponsor

Correct Answer 4.

All are the responsibilities of customer and project sponsor. In my point of view as customers are not providing finance for the project option 4 is the right choice.
NOT really clear question!

Can you please clear Manish!

Thanks.


What is the source of the question?

Re: Stakeholder Management

Posted: Mon Jun 19, 2017 6:48 am
by Prembalaji
I would pick:
1.Take into account risk tolerance (choosing the ans by elimination method)

And to my understanding , working on Risk Tolerance would be PM and PM Teams responsibility rather than Sponsor/Customer , although Sponsor/Customer would contribute initially in giving their inputs for Risks .

Please correct me if im wrong .

Re: Stakeholder Management

Posted: Mon Jun 19, 2017 7:24 am
by Prachi Bansal
According to me, 2 should be the correct response as providing events, milestones and deliverable due dates is PM's responsibility. Customer or sponsor might provide inputs to them but Core responsibility of finalizing them lies with the PM.

2 Provide key events, milestones, and deliverable due dates - as per me this is the responsibility of the project manager and not of Sponsor or customer

Re: Stakeholder Management

Posted: Mon Jun 19, 2017 11:03 am
by manishpn
Prembalaji wrote:I would pick:
1.Take into account risk tolerance (choosing the ans by elimination method)

And to my understanding , working on Risk Tolerance would be PM and PM Teams responsibility rather than Sponsor/Customer , although Sponsor/Customer would contribute initially in giving their inputs for Risks .

Please correct me if im wrong .


Risk tolerance is defined at multiple level
1. At organization level
2. at project level.

Sponsor will help PM define risk tolerance at PM level.
Operation risk tolerance dealing is done by PM but sponsor also has a role at tactical level to provide guidance to PM on project level risk tolerance.

Re: Stakeholder Management

Posted: Wed Jun 21, 2017 2:44 am
by nazrulq
Very clearly explained. I think customer to be excluded from answer. (option 4)

Re: Stakeholder Management

Posted: Wed Jun 21, 2017 4:15 pm
by nazrulq
Mile stone and events are by Project Manger but also subject to approval of customer. Milestone and mailevents can be changed if those are not approved by customer and other stakeholders. Risk Tolerance is only by project sponsor ! NOT stakeholders as well!
Utility theory tells about the tolerance of risk by stakeholders.
Please Clarify!

Thanks.