Project stakeholders are the components that has an interest in a projects outcome. This refers to an individual, group, or organization that contributes to the project and can have an affect from the conclusion of the product. A project stakeholder could be customers and users, sponsors, sellers, business partners, etc. If a project became abundantly successful with the completion of a project, which stakeholder would be greatest affected? How can the abundant revenue, press recognition, etc impact the specific stakeholder life?
In my opinion, the most affected stakeholder group would be the investors. Factors such as revenue and press recognition would affect the investor's financial impact. For example, abundant revenue and profit can cause an increase in stock prices and financial returns for investors. The increased press recognition can enhance the investor's wealth and financial security as the project is becoming more recognized than before. These factors can also affect the investor's investment decisions. They might decide to invest more in the project after seeing its success. Lastly, press recognition, specifically, could potentially increase the investor's reputation, since the project is getting significant recognition which would directly correlate with the investor's recognition and reputation.
Depending on the device that is produced, I would argue that the end user is most benefited from the success of a project. Especially in the medical device industry, where new innovations coming out have the ability to change lives for the better (or even for the worse), the success of these products directly impacts the people who are eventually using the device. Some of these projects can be absolutely game changing in regards to health and general well being. Although many different parties are to benefit from the success of a medical product, at the end of the day what we should be most concerned about is the user/customer. Is this person thriving because of the device we made? How has it improved their quality of life or how have the people around the customer benefited from this invention? Although revenue and recognition are more involved with the Teams/Investors involved in making the device, it can definitely be positive for the customer to know that the product that has possibly saved their life is being marketed to other people as well.
As a student, I've come to understand that the stakeholder who would be most affected by the abundant success of a project is unquestionably the project sponsor. This person or organization provides the crucial financial and resource support that drives the project forward, and they ultimately bear the responsibility for its outcome. Abundant success can genuinely transform the life of the project sponsor in numerous ways. It can bolster their job security and open doors for career advancement. It often results in greater responsibilities and more challenging projects, earning them the respect of peers and superiors. Additionally, it enhances their personal brand and reputation, offering potential financial rewards like bonuses and stock options. Moreover, it allows them to make a substantial contribution to their organization and the broader community, which is truly fulfilling. It's also worth noting that other stakeholders, such as customers, employees, investors, and the community, can reap the benefits of a project's abundant success, creating a positive ripple effect across the board. This understanding underscores the profound impact that successful projects can have on all those involved, making them invaluable learning experiences for students like me.
I think the stakeholder groups brought up thus far are all legitimate options; however, a stakeholder group that is often overlooked in these discussions is regulators and healthcare providers. If a medical device project takes off and becomes abundantly successful, public trust and approval in regulatory bodies (e.g., FDA) would increase. Thus, they would benefit tremendously as patients would increasingly approve of their decisions, seeing that devices validated by them are safe and effective in a real-world setting. However, this also increases the pressure placed on these regulatory bodies, as widespread success typically means a drastic increase in the utilization/expansion of the device's market. This would then mandate post-market surveillance responsibilities to retain that trust and adapt to evolving industry standards.
Healthcare providers (e.g., physicians, nurses, and medical entities themselves [hospitals]) would also be impacted. As they are typically the end user, effective clinical tools would improve patient outcomes and potentially reduce complications. However, increased press recognition could put strain on adoption rates. Once again, if a project becomes abundantly successful, providers might feel pressured to integrate new devices swiftly into practice to keep up with surrounding hospitals and patient expectations. This could lead to a drastic change in the standard of care, potentially harming patients. For example, hospitals might reallocate funding to train more physicians on a device from another proven, yet older program that has benefited other patient lives. Additionally, an inflated adoption rate may sometimes lead to the dissemination of this successful project too quickly, resulting in improper use/training/alternate uses. For example, robotic surgery tools in California initially gained traction upon project completion due to the validation study results; however, some surgeons were not being adequately trained on the devices, leading to a sudden and widespread surge in complications.
Based on this discussion, what do you think about press recognition influencing the adoption of medical devices? Should leading providers/patients adopt potentially life-changing tools only after a wealth of long-term evidence is available? Is there a way stakeholders can balance caution with excitement in these types of scenarios?