Stakeholders, a key factor in a company’s decision-making process

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The Professional Master’s Degree in Project Management from TECH University supplies the complete guide to develop stakeholders project successfully 

The emergence of companies and startups in recent years has opened multiple variants to consider to establish solid business strategies that adapt to the constant changes in the market. Nowadays, a company cannot make decisions independently if it really wants to succeed, therefore, it is necessary to nurture and promote business alliances to continue growing and increasing its presence, in this way, every organization must consider both external and internal stakeholders when making decisions.

Professional Master’s Degree in Project Management:

Having in mind the previous point, TECH University has designed the Professional Master’s Degree in Project Management to prepare students to face challenges and business decisions in project management and is designed to specialize experts to understand it from a strategic, international, and innovative perspective including the importance of stakeholders to achieve development and commitment, however, one of the key aspects is to have skills and knowledge in different business areas, such as strategy, communication and negotiation.

In the business world, each stakeholder group has its own interests and can determined according to their impact on an organization and the results of their actions, which can be divided into six types:

  • Internal stakeholders: They are people whose interest in an organization stems from a direct relationship. This may be employment, investment, or ownership.
  • External stakeholders: They do not work directly with a company but in some way affected by the company’s actions and results such as suppliers.
  • Primary stakeholders: These are those who have a special interest in the outcome and are often active contributors to projects such as customers or managers.
  • Secondary stakeholders: This people are related to administrative, financial, or legal processes.
  • Direct stakeholders: People involved in the daily activities of a company such as employees because their daily tasks revolve around developing a company’s internal projects.
  • Indirect stakeholders: They are the customers who are only interested in the result and are concerned with pricing or packaging.

The importance of a project manager in stakeholder management

Project management specialists are the ones who keep the team and the client together. Moreover, without this expert, there is no one who can keep the project on track; this role guarantees rigor in the processes; leadership, realistic project planning, ensure quality control, risk management, among other relevant actions to get satisfactory results.

However, Skilled project managers must have the ability to balance stakeholder requirements, gain their buy-in; mediate, and understand at what point engaging them is key to project success. Also, The selection and participation of stakeholders can help to empower people; create sustainable change, build valuable relationships, develop a better organization, and increase success. In this process, it is necessary to manage them and identify each role to be played by each of the stakeholders. 

Thus, the strategic project manager must identify stakeholders, prioritize their relevance, understand their needs; establish objectives with each stakeholder, align the company’s strategy with their requirements, create effective communication; share data and information to keep their trust, and challenge their decisions and seek feedback. It is also essential to keep stakeholders organized to know when and how to involve them at the right time; checking their level of commitment and their ability to influence the development of the project.

Re-Learning method applied in the best program in project management

The Professional Master’s Degree in Project Management of TECH developed entirely online. During the 12 months of training, the student has access to the contents of the program at any time and from any device; allowing them to self-manage the study time with maximum flexibility and adapt to the schedule of each student. 

It has its own learning method, ‘Re-Learning’, based on asynchrony and self-management. The contents are presented in an attractive and dynamic way in multimedia capsules that include audio; videos, images, diagrams, and conceptual maps to validate knowledge.

TECH Technological University

TECH Technological University, the world’s largest university, is also the official online university of the NBA in Latin America. It belongs to the TECH educational group, a Spanish-owned multinational recognized by the Financial Times as one of the 200 fastest-growing companies in Europe. The company, founded and directed by Manuel Sánchez-Cascado de Fuentes; has also considered the most highly valued Spanish technology company in the last 15 years.

Thanks to its fully digital learning system, it supplies training to students from anywhere in the world. An international trajectory that has allowed it to become a benchmark in distance learning; with a catalog of more than 10,000 programs, more than 100,000 new students each year; and 500,000 graduates from more than 150 countries.

Specialized in highly qualified postgraduate programs, they offer their students the best training programs at an international level; being leaders in employability with 97% of their students working in the first twelve months; according to data from the consulting firm KPMG.

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