Stakeholders typically invest in projects that they see will have potential in bringing more money than they invest in. Outside of monitoring the finances throughout the project, do you think stakeholders should be involved with the project as far as the the equipment being used, the schedules of the staff, how close projects are to encountering deadline, or should they just follow the financial statistics of the project in order to determine if they would like to continue investing or not?
I think stakeholders should not be involved with the project unless they have experience in that field or line of work. I remember, when I sat on the board of this new nonprofit back in 2018, that were only looking for people who are in the education industry to sit on their board. This allowed them to kill two birds with one stone, by having someone who was in that field. This gave them the opportunity to discuss other concepts that would help the company from budget to important topics.
Great question Meagan. I would suggest that the stakeholders just continue to follow the financial statistics of the project because thats usually all they are well versed in when it comes to different projects. If they start getting involved in the day to day of the project, and they do not know what each step, or process entails, it will start a lot of confusion and misdirection which will do way more harm to the project than good.
Great question! I think that stakeholders should not be involved in the day-to-day operations of the project they are investing in. This is because I feel as though most stakeholders in a project have multiple projects or have a different job as their primary source of income. If they are needed to plan the meetings, and schedules of employees they also may feel as though they should not have invested in the project and team because they are incapable of completing the project by themselves. I think the investors should be part of the planning phase in the types of outputs they would like to see, as they are investing and aiding in the financing of the product. If the stakeholder wants to be part of the day-to-day discussions, however, and have expertise in the area, then it may be worth the conversation of allowing them to be part of the project. They could provide valuable insight and experience, although I think this would be unlikely as they probably have things going on in their lives besides the project.
I do not think stakeholders should be involved in the project process. As mentioned their role should be limited to financial oversight and they should leave the project to those they have entrusted their funding to. Of course if the stakeholder has expertise in the area then it wouldn't be obtuse to offer a suggestion but there shouldn't be too much overlap. This scenario would be similar to you going to eat a restaurant, and then giving suggestions to the chef. While you know how to cook yourself, you have paid the chef to take on the task himself. There should be a separation if your initial role is strictly financial. Similarly the project "doers" can not decide where to put other peoples money, merely suggest based on their experience.
I think it is important for stakeholders to maintain distance from specific company operations as they are not qualified to do certain tasks and it may slow the process down if they are constantly caught up to speed on what is being done and why. Also, they may provide input that may work theoretically but not having worked in the environment directly on those tasks may show that those ideas are not as practical. It is important for the stakeholder investing in the company to trust their ways of operation in order to meet the financial goals they seek.
stakeholders should no involved in the project. They don't have any experiment. They will instructions on how to do this project but most of time they make no sense. those instruction may cost delay on final deliver time. their main force should be on how much money this project is spending and how to make sure they will stay in buget
Beyond funding the only acceptable intervention form a stakeholder would be the input regarding aesthetic design and marketing. It is not a good idea to have stakeholders give design input in a project that they have very little technical background in. The deadlines are another input where the stakeholder can make suggestion but the overall project timeline is still dictated by the project manager and the task at hand.
Stakeholders typically invest in projects that they see will have potential in bringing more money than they invest in. Outside of monitoring the finances throughout the project, do you think stakeholders should be involved with the project as far as the the equipment being used, the schedules of the staff, how close projects are to encountering deadline, or should they just follow the financial statistics of the project in order to determine if they would like to continue investing or not?
I agree with troy about stakeholders and how they should not be a part of the little details behind the project. However, the stakeholder needs to understand the basic idea of the project. It is even more important for the stakeholder to believe in the people the stakeholder invested in since they are giving a large sum of money to the project because they believe in the idea. So the stakeholders must understand enough of the project to invest in it. This usually takes some persuasion from the project leaders to get the stakeholders on board to believe in the project they create.
Stakeholder's should not be involved in the project. They should view the project with high level details; typically they are not interested in the administrative areas of the projects because they trust that your company has a strong operational team that will make the project succeed. A PowerPoint explaining the key points/ statistics of the project is sufficient for Stakeholder's to determine if they would like to invest or not.
I don’t think a stakeholder should be involved in the day-to-day activities of a project as their main concern is their money: how is it spent and how it will generate money. This might cause some misdirection as the stakeholders might not understand the necessity of every activity done; they just care about making profit and minimizing the costs. If they find that an activity is unnecessary to perform, then they will most likely request to remove it from the timeline. However, if a stakeholder is well educated about the project and has some experience in the field, then it will be good to take his/her advice. In general, if the stakeholder is educated or not, the stakeholder should always be constantly informed on the progress of the project and the bigger picture so that he/she can better understand the risks that can come along in the future.
They should absolutely not be involved with anything other than financials. The other areas should be left to those professionals. Having the stakeholders more involved in the project leads to too many cooks in the kitchen. It should be: here is the project using a, b, and c resources to produce x, y, and z outputs; leaving the decision to the stakeholder to invest or not. The details should be provided to the stakeholders, but they should not have authority to modify any specifics unless access was granted.
