I think where the value goes depends case-by-case. Those decisions are often made before creating a project, and involves outlining the strategy and analyzing the market and economy. If the market and economy favor the needs of customers that aren't being met by the company, making a new device for a new area of customers would be the better decision. This may cause some shareholders to be against it, but if successful, the company might gain more shareholders from a new sector and grow the company.

I agree that where the value goes depends case-by-case. I would also add that a project manager could/should also weigh long vs short-term impacts of favoring one stakeholder group over another. Prioritizing customer needs may foster brand loyalty and growth, while prioritizing stakeholders could lead to maximized immediate profits. Finding an equilibrium could overlap both sides of the coin and both parties could benefit. It also depends on the project itself. In a highly regulated industry, i.e. healthcare, it probably makes the most sense to prioritize customer outcomes and mitigate risk. Start-ups on the otherhand, probably put a larger emphasis on stakeholders to secure funding and establish a foundation for growth.

In my opinion, balancing the differing values is a nuanced challenge for project managers, as both groups contribute to a project's success but often have different priorities. In most cases, it’s best to approach this balance on a case-by-case basis, as the nature of the project and its objectives determine whose perspective should take precedence. For example, delivering a product or service that meets or exceeds customer expectations might be prioritized in customer-centric projects. However, in projects heavily funded by stakeholders, their strategic goals, such as cost control or long-term profitability, may take precedence.

To navigate this, project managers should maintain open communication with both groups to understand their definitions of value clearly. They can then find alignment by emphasizing shared goals, such as ensuring customer satisfaction while delivering within the agreed budget and timeline. Transparent decision-making and regular updates can help manage expectations and minimize conflicts. Ultimately, the key is adaptability—evaluating the specific circumstances of each project and making decisions that provide the most holistic value while keeping the project's success and integrity intact.

Balancing the needs of stakeholders and customers can be challenging, but project managers need to find a way to meet both sides while keeping the company’s goals in mind. Each project is different, so the right approach depends on the situation. A good way to handle this is by focusing on what will bring the most value in the long run for both stakeholders and customers. Instead of choosing between making quick profits for stakeholders or focusing only on customer needs, project managers can take small steps to satisfy both. For example, they can release a product in phases—first meeting stakeholder goals by making money, and later improving it based on customer feedback to make it more useful and appealing. Good communication is also very important. Keeping both stakeholders and customers informed and involved throughout the project helps ensure their expectations are aligned. By staying flexible and open to changes, project managers can find the right balance and make sure the project benefits everyone involved.

I agree that typically values depend on a case-by-case basis, however in terms of medical devices I believe stakeholder values might take priority. For customer values there is typically a necessity involved that ensures a permanent presence of the customer's needs. The customer’s needs are what result in the creation of the project, goals being involved with the aim of bettering a patient’s quality of life. In contrast, the stakeholder, who is the source of most funding, is focused on the profit that can be made from the venture. If it seems that the values will not allow for the stakeholder to profit, there can be a drop in funding made available. Without the large amounts of funding needed for the development of medical devices, the lack of a stakeholder presence can result in an end in the project being undertaken.

Managing the competing needs of different stakeholders and the market for a medical device is one of the biggest and most important difficulties that has to be addressed. Investors, regulatory agencies, and top managers in the businesses, for example, focus on things like cost, speed to market, and the ability to get government approval. In contrast, end-users such as surgeons and clinicians and even patients who will use the device emphasize factors such as usability, newness, and safety. Navigating these sometimes conflicting priorities requires a concerted effort in strategizing, prioritizing them, and communicating.

For example, in the making of a new surgical tool, there is a likelihood of a stakeholder urging the organization to meet an aggressive timeline so that competition for market share can be met, yet surgeons may wish that the device be tested thoroughly. Failure to manage such perspectives might create some frictions.

An example of a primary strategy I have witnessed is starting with the user in focus during the initial stages of development. The project teams from the outset may include users such as patients and clinicians in usability feedback and testing to realize critical design changes before so much capital is consumed. One also has to stress the need to bring the various stakeholders on board by illustrating the importance of these changes. Showing how much user feedback is able to contribute to balancing stakeholder issues with the reality that there is a market to serve greatly aids the situation.

What do you think is the best way to resolve conflicts when customer needs do not match stakeholder priorities? Is it possible that both sides may reach an agreement or is a compromise inevitable?

Balancing stakeholder and customer values is indeed a multifaceted challenge for project managers, requiring a clear understanding of each group's priorities and the project's overarching goals. A case-by-case approach, as many have noted, is often the most effective, but there are guiding principles that can help maintain balance.

Stakeholders provide the financial and strategic backing necessary for a project to move forward, while customers determine the project’s ultimate success in the market. Without stakeholders, there’s no funding; without customers, there’s no purpose. This interplay means project managers must act as mediators, finding overlap between profitability and user satisfaction.

For example, in industries like medical devices, stakeholders may prioritize profit and regulatory approval timelines, while customers focus on safety and efficacy. In such cases, project managers might adopt strategies like incremental product launches. These could satisfy stakeholders by generating early returns while giving the team time to refine and optimize based on customer feedback.

To achieve balance, effective communication is critical. Establishing regular touchpoints with both stakeholders and customers can uncover shared values and priorities. For instance, stakeholders may value brand reputation as much as customers value quality, creating an opportunity to align on long-term objectives. Additionally, leveraging tools like stakeholder analysis and customer journey mapping can help identify conflicting interests early and allow for proactive adjustments.

Ultimately, the goal should be to deliver holistic value—ensuring the project meets financial, strategic, and user-centric objectives. By staying flexible, transparent, and focused on long-term impacts, project managers can foster trust among all parties and drive successful outcomes.

Balancing the values between stakeholders and customers is what I would call being stuck between a rock and a hard place. In a perfect world, all values would align in perfect harmony. However, as anyone can assume this is almost never the case. Typically, stakeholders may care much more about the financial situation of the company, while customers so rarely care about how much profit the company is making and are much more concerned with other aspects of a product like its affordability or effectiveness. This can be especially true in the case of a medical device, where customers do not always have the option of not purchasing the product. The satisfaction of stakeholders and customers often ends up as a seesaw, where making a decision that increases one, decreases the other. Due to this, I believe that there is no one clear protocol for making important decisions that will affect both parties. Stakeholders are essential to a company, because without them there is no funding or support. Customers are equally essential, as without customers there is no need for a product at all. Good project management will evaluate each case individually, weighing the pros and cons of each outcome to determine the best steps for the company to take that will yield the most benefit for everyone. 

A project's scope is based on customer needs and stakeholder values. Stakeholders are most invested in the financial situation with the project, while customer values focus on what is needed by the customers (surgeons, patients, researchers, etc). Often, project members and stakeholders are aligned on the scope ensuring that the medical devices is of the highest effectiveness and deliverable quality possible while also within the budget, timeline, and other factors. This scope is usually clearly defined ahead of time. Cutting down on the budget or hastening the timeline can have negative effects on the quality of the work on the project, which would negatively affect the consumers. I think this is a case-by-case scenario because not all stakeholders are involved in the same way. Some are involved lightly as consultants while others choose to be more involved with the decision-making. It also depends on their contirbutions and how valuable they are to the project.

In an ideal world, customer needs would be help of the highest importance. Behind every medical device, the purpose is most crucial as it impacts lives. However, in reality, compromises are made to appease stakeholders because without them, the project might not be completed. If you can't work with stakeholders, finding new ones can delay the project and be even more harmful than not going along with compromises.

Balancing value between stakeholders and customers often hinges on project context, timelines, and long-term strategic goals. On one hand, prioritizing customers can foster loyalty and market expansion, especially if you’re addressing unmet needs or aligning with consumer trends. This approach can lay the groundwork for sustainable success, potentially attracting new stakeholders in the process. On the other hand, stakeholders—whether they’re investors or corporate leadership—frequently prioritize financial returns or rapid growth, especially in early-stage ventures where securing continued funding is crucial.

A project manager’s role is to weigh these perspectives, considering both immediate and long-term outcomes. For example, in highly regulated fields like healthcare, valuing patient safety and outcomes is critical, leading to tighter controls and potentially slower returns. Meanwhile, in a more fluid start-up environment, a focus on stakeholder demands might accelerate growth and market presence.

Ultimately, a case-by-case evaluation is ideal as others in this discussion mentioned. Factors such as corporate culture, industry norms, and overarching project objectives guide where the balance lies.

It is clear that the main priority of the stakeholders is profit and reaching finance goals, while the customers value product safety and affordability. While there are some times where the values of these two groups overlap, there is a usually a gap. Often times, reaching financial goals and cutting costs requires taking shortcuts and decreasing the priority of safety or quality assurance. It is up to the management teams to be wise and discern how they will satisfy both groups, which is by ensuring financial success while not compromising customer well being. This is for the overall product development and marketing. At the same time, attempting to make the product extremely affordable is hurtful to the business and the stakeholders. However, making the product extremely expensive for any reason, whether it is for ensuring maximum profit or because of a monopoly of the market, is hurtful to the customer. It is for this reason I mentioned that wisdom, discernment, and goodwill are needed in order for the company to be successful in pleasing both stakeholder and customer.