Comparative Analysis of Stakeholder Management †MyAssignmenthelp

Question: Discuss about the Comparative Analysis of Stakeholder Management. Answer: Introduction The mega projects are complex and very uncertain in nature thus, it requires effective stakeholder management. Stakeholder management enables a construction project to enhance their growth as well as brand image. In the recent years, Australia and India both have running mega projects. Thus, it is crucial for both countries to manage the stakeholder relationship. However, if an industry is not able to manage the stakeholder then conflicts between the stakeholders will be occurred (Mok et al. 2015). The mangers of a project need to accommodate the stakeholder interest by using their skill. This will enable the project managers to get best outcomes from their project. This study deals with the stakeholder management in India and Australian mega projects. Therefore, from this study, the issues of stakeholder management in a mega project and the way of managing stakeholders in a proper way will be evaluated. This research study sheds light on comparative analysis of stakeholder management in mega projects between India and Australia. Stakeholder management refers to the management of both internal and external stakeholders in an industry. In order to develop and delivery of a mega project stakeholder management is crucial for construction industry (Kerzner and Kerzner 2017). In Australia, the process of stakeholder management is changed. In the recent years, the mega project developers have divided their stakeholders into two groups that are the primary and secondary stakeholders. Primary stakeholder includes workforce and customers. Therefore, secondary stakeholders include suppliers, regulatory bodies, media and environmental group. Success of a mega project needs proper support from these stakeholders. On the other hand, in India, the corporate failure is found in construction industry. This is due to lack of good governance. However, for this reason, stakeholder management is essenti al in Indian mega projects. In Australia, there is a huge complexity in transport infrastructure, which is also categorized under construction industry. This project faced slow political sensitivity and diverse group of stakeholder engagement. Development of transport mega project has both positive and negative impact on the parties who are involved in this project. However, in India, there are a lot of conflicts between the stakeholder management in a mega project (Chang et al. 2013). It has been found that mega projects are considered as a closed system at the beginning of the project. However, if the legitimate stakeholders do not take part actively in decision-making process then high risk and consequences can occur in the mega project. In the context of Australia, an involvement of stakeholders in transportation decision-making process s a big challenge as it is important for managers to optimize the value and concern of stakeholders. Providing reward is a helpful process to op timize the value of stakeholders and to get the best outcome in a mega project. In Indian mega project, the managers focus more on the communication process and establishment of good stakeholder relationship. Research Questions What type of stakeholder management is followed in India and Australia? What are the success factors of stakeholder management in the mega-project? Which country has best stakeholder management between India and Australia? This research paper highlights a comparative analysis of the stakeholder management in mega projects between India and Australia. This paper seeks to identify the methods through which the stakeholder management in the mega project is done. Therefore, the major issues of stakeholder management will be evaluated in this paper. To understand the stakeholder management in Indian and Australian mega project To carry out a comparative analysis of stakeholder management in a mega project between India and Australia To identify the success factors achieved from stakeholder management in a mega project of India and Australia To critically evaluate the best stakeholder management between India and Australia Literature Review Stakeholder management is considered as a critical component to deliver a project successfully (Littau et al. 2015). A stakeholder is an individual or a group, which may bring a big effect on an organization. It is important for a construction industry to involve their stakeholders in decision-making as it is required to give shape the project. Stakeholders management is a process of building a good relationship with the stakeholders by managing their expectations and proposed objectives. However, for any project, stakeholder management is crucial as if there is no proper stakeholder management in a project then it will be difficult for an organization to enhance their growth as well as the profitability. However, stakeholder management is a plan and one type of control, which needs to be managed through underlying principles. Stakeholder management in a mega project focuses on the adoption of strategy. In order to manage the stakeholders, an organization, as well as construction industry, needs to gather proper information. Stakeholder management is focused on the relationship between the organization and their interest group (Giezen 2012). This relationship leaves a major impact on the organization. It is crucial for the mega project developer to manage their project stakeholders by minimizing the negative effect on a project. The main purpose of stakeholder management is to ensure that there is no obstacle in mega project. In constructor sectors stakeholder management is considered as a theory. Stakeholders are divided into internal and external stakeholders. Internal stakeholders include an employee of the organization. Therefore, internal stakeholders provide finance to a project. External stakeholders refer to those people who are affected by a project (Eskerod et al. 2015). As for example, employee, partners and team members are internal stakeholders while, customer, government and external agencies are considered as external stakeholders. In the context of construction industry maximum projects include a lot of stakeholders and the diverse nature of stakeholders develops a conflict of interest. In construction project, the checklist of the stakeholders is big, which includes project management, facility manager, designer, shareholders, suppliers, competitors, banks, government, media, community, competitors, insurance company, general public and regional development agencies. In order to fulfill the expectations of stakeholders, the construction industry needs to identify their stakeholders properly. As argued by Eweje et al. (2012), registering stakeholders are the major risks for a construction industry. They often influence a project negatively. Stakeholders, who have a great power over the success of a megaproject, are vital for the construction industry. Construction industry often depends on external stakeholders such as resources, licenses, and financing. Stakeholder management model or stakeholder management umbrella is a vital model to understand the how to manage the stakeholders in a project. This strategic model includes four components such as stakeholder identification, stakeholder analysis, stakeholder communication and stakeholder engagement (Locatelli and Mancini 2014). Hence, by using the combination of these four components the mega project developers are able to manage their stakeholder relationship. However, effective stakeholder management is used to support any project and to identify the objectives of different stakeholders. Application of such model will be beneficial for an organization as well as construction industry to understand their stakeholder position and to build a good relationship with them by using effective communication. Several critical factors are associated with stakeholder engagement in mega project. One of the major factors is the identification of each stakeholder interest. However, if an organization is not able to identify the needs of their stakeholders then it will be difficult for them to satisfy their stakeholders and to establish a good relationship with them (Turner and Zolin 2012). Development of a robust stakeholder management plan is crucial to manage the stakeholders in a mega project. Use of a range of communication channels including local network is vital for stakeholder management. However, to lead a project towards the success it is important for construction industry to generate an effective communication with the stakeholders to enhance the stakeholder engagement. On the other hand, a stakeholder prioritizing roadmap is an essential factor of stakeholder engagements in mega project. Such prioritizing roadmap is beneficial to deal with a large number of stakeholders with diffe rent types and level. On the other hand, establishment of an effective system in the project is essential to manage the stakeholders. This can be done by taking feedback from the stakeholders. Such feedback helps the construction industry to take necessary decision based on the project. The major issue of stakeholder management in Australia is lack of proper support from each stakeholder. However, often one specific group supports a decision while another group is non-supportive. This is a major challenge for Australian construction industry. Such lack of support from all level of stakeholders is a major reason of failure of mega project in Australia. In India, the mega project developer has been facing huge communication challenge during their stakeholder management (Priemus 2010). Due to poor communication between the individuals and groups, the success rate of mega projects is decreased by 4% in India. Such barriers affect the success of construction projects in both Australia and India. Apart from these the regulatory bodies of both countries often bring obstruction in construction project. As for example, it is a big responsibility of Australian construction industry to reduce their impact on the environment. If the construction industry is not able to reduce t heir impact on the environment then they may face a legal issue. Stakeholder management in Australian mega project Australian mega project developers in the construction industry identify the stakeholders based on the nature of a project. In Australia mega project developers of construction industry operate in the global market (Mok et al. 2015). They follow joint venture strategy to enhance their market share. Hence, the construction industry regulates the relationship between different process agents by making a contract. A legal contract is maintained between the builders and the client during the mega project. There is a time limitation to finish the job in a mega project, which the stakeholders need to follow. Therefore, a budgetary target is given to stakeholders, which improves the stakeholder management in a pressured environment (Molwus et al. 2017). After the building contractions phase, other stakeholders such as clients and facilities can enjoy their interest thus, the management of stakeholders is maintained throughout the construction lifecycle. Australian mega project developer in Australia often faces challenges during their stakeholder management due to lack of proper definition of stakeholder roles. In Australia, construction industry manages their internal stakeholders by using effective communication. However, they gather feedbacks from internal stakeholders and then take a necessary decision based on this feedback. On the other hand, by using different communication channels mega project developer can communicate with the different stakeholders. Proper communication helps the management to identify specific needs of each stakeholder. As argued by Yang and Shen (2014), legal compliance is a vital part to build a good relationship with external stakeholders otherwise the operation process can be affected. AER or Australian Energy Regulator has published a new framework for stakeholder management in Australia (Aer.gov.au 2018). The construction industry of Australia needs to follow such framework in order to comply with legal requirements. This framework helps the mega project developers to meet the objectives of external agencies. As per the Environmental and Biodiversity Protection Act 1999, Australian construction industry needs to reduce their business impact from an environment. Hence, the mega project developers need to co-operate with external agencies during the audit program. This will help to manage the regulatory body as well as the external stakeholders in Australia. Stakeholder management in Indian mega project Project stakeholder management in India highlights the identification of group or individual. After identification of the stakeholders Indian mega project developers creates a plan for stakeholders management (Loosemore and Lim 2017). Poor communication between the stakeholders is a big problem of stakeholder management in Indian mega project. For this reason, the construction industry uses interpersonal and management skill to enhance the communication process. By creating proper collaboration and making transparency Indian mega project developers enhances the internal stakeholder management in construction industry. Indian construction industry follows a strategic approach to give priority to the stakeholders. Therefore, they use multi-fiduciary approach, which reveals the responsibilities of stakeholders. On the other hand, by taking stakeholder synthesis approach the construction industry in India deals with the stakeholders ethically. In order to comply with regulatory bodies, t he construction industry follows National Highway Act 1998 and Central Road Fund Act 2000. From the above analysis, it has been found that Australian mega project industry has faced issue due to lack of support from their all level of stakeholders. As criticized by Yang and Shen (2014), inadequate support from the stakeholders hamperS the success of a project. On the other hand, in India, there is a huge communication problem that is faced by the mega project developer. However, from the above comparative analysis of stakeholder management between India and Australia, it has been received that Australian mega project industry focuses on environmental sustainability in comparison to India. On the other hand, Indian mega project developer gives their concentration on keeping transparency and establishing effective communication. Research methodology plays a crucial role in the research study. However, the success of a research paper depends on its methodology. In this current study, secondary research methodology will be taken. In order to analyze the data qualitative method will be applied. A qualitative research method is an effective approach that enables the researcher to carry out an in-depth research. A range of techniques is used in this qualitative research method, which helps the individuals to understand the perspectives of people regarding any problem (Taylor, Bogdan, and DeVault, 2015). I this current study, a comparative analysis of stakeholder management in a mega project between India and Australia will be taken. Hence, by using qualitative research methodology an individual will be able to gather authentic data on this particular topic. Qualitative research can be done by using literature review and case study analysis. To understand the stakeholder management in the mega project of India and Australia case study analysis will be helpful. In this current study positivism, philosophy will be taken to conduct the research. Positivism philosophy depends on factual knowledge that is achieved from observation. This philosophy allows the researcher to collect limited data that is quantifiable (Lewis 2015). Positivism philosophy includes ontological view, which is helpful to incorporate reliable data in the research study. Deductive approach will be selected in this current research study. Deductive approach is beneficial to develop a hypothesis in the research study. In deductive approach, hypothesis is developed from proposition theory (Chang et al. 2013). Deductive research is beneficial to transfer the research findings from particular to general. Deductive approach is based on existing theory. In this research study, application of deductive approach will be beneficial to analyze data on stakeholder management in India and Australia by evaluating the existing theory. In this research project, descriptive design will be undertaken to collect data. Descriptive research design focuses on the present issue. This design method is helpful to identify the current issue of stakeholder management in mega projects between Australia and India. However, different aspects of research phenomenon can be described by descriptive design. Many variables can be employed by descriptive design while only one variable is used to conduct the descriptive design. Observational studies are the major components of descriptive design (Silverman 2016). Descriptive design is not limited to data collection and observation; however, it can specify case studies. In this present research study case study will be taken to collect data thus, a descriptive design will be applicable. Secondary data will be collected in this research methodology by using government websites, journals, and articles. To get authentic data from the databases exclusion and inclusion criteria will be used. To cover the qualitative analysis case study based on mega projects of Australia and India will be taken. Case study analysis will be beneficial for this study as it will provide in-depth information regarding the topic (Flick 2015). A case study is significant to provide detailed information on a specific topic. On the other hand, case study provides reliable and existing data to complete the research study. This research study is an objective based research and by using case study analysis the objectives of the research will be fulfilled. After gathering data this will be represented by using chart, tables, and graphs. During the conduction of a research, it is important to keep the reliability and validity of data. Often the individual is not able to take information from all jour nals due to reliability issue. Those journals are not authentic. In order to collect data maintenance of reliability is crucial as vague data may hamper the significance as well as the quality of the study. Validity of a research can be maintained by taking updated information. A good research methodology includes current information, which ensures the validity of the data. Moreover, manipulation needs to avoid during the representation of data and proper citation is required. Case study analysis of stakeholder management in mega project of India and Australia Sustainable Melbourne Fund or SMF has taken initiative to generate environmental and economic value in mega project stakeholder management in Australia. Darzin was used by SMF to make a good interaction with key stakeholders in order to deliver development initiatives. However, Darzin provides an essential tool to SMF to fulfill the key objectives in stakeholder management. The tools include a central record keeping system regarding the stakeholder information. Darzin tools also include a qualitative analysis to identify the stakeholder issues in managing the relationship regarding funding, which is essential for stakeholder management in SMF (Darzin.com 2018). In India, Gujarat International Finance Tea-City or GIFT is a popular construction project between Gandhinagar and Ahmadabad. Stakeholders such as International Monetary Fund and Agencies of United Nation are the major stakeholders of this project. In this project, the stakeholders are managed by using different communication channels as poor communication was the major barrier to this project. The main aim of this project is the development of eco-friendly design and energy efficient city (Thebetterindia.com 2018). The stakeholders are managed by using market research survey. Therefore, the coordination between the stakeholders was improved by taking feedbacks from both internal and external stakeholders. Expected Outcomes From the above study, it can be said that India and Australia have different stakeholder management issues. Therefore, the mega project developers have taken different initiatives to enhance the stakeholder management in these countries. Therefore, it can be said this study will help to understand the major challenges of stakeholder management in India and Australia. On the other hand, based on the literature review it can be assumed that by taking proper strategic action plan and communication plan both Australian and Indian mega project developers can identify the specific issue of each stakeholder. On the other hand, legal compliance with the external agencies is an effective approach to stakeholder management, which will allow the construction industry to avoid any legal obstacle in their project. Conclusion The entire piece of work highlights a comparative analysis of stakeholders management between Indian and Australian mega project. However, it is found that lack of adequate support and poor communication are the two major barriers to stakeholder management in mega project. Use of effective communication channels and proper coordination will be helpful to enhance the relationship between the stakeholders. On the other hand, stakeholder management in Australia and India depends on regulatory bodies. 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