It's a fine line

In today's ultra-competitive global marketplace, organizations are increasing measuring project success in relation to stakeholder perceptions than in meeting triple constraint targets. Based on the white paper "Avoiding the Successful Failure" (CID: 8471) that project management professional Lynda Bourne presented at the PMI Global Congress 2007--Asia Pacific (Hong Kong), this article discusses how project managers can shape stakeholder perceptions and how stakeholders can influence a project's outcome, even when the project significantly misses its triple-constraint (schedule, budget, and scope) targets. In doing so, it overviews the effort to construct the new Wembley Stadium (London, UK), noting why stakeholders perceive the project a success despite its significant budget overruns and delivery delay. It then defines the three elements of the "stakeholder circle," a tool for managing project stakeholders. It also explains an approach for managing--and communicating with--project stakeholders.
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