ABSTRACT
A project is a means to create value for stakeholders. This is a two-way street as contributions from the stakeholders are imperative to create the desired value. The existing project management literature offers advice on how to manage project stakeholders to enhance the likelihood that agreed upon deliverables will be delivered within time and budget by the project team. The literature is based on a notion of a stable environment in which both the project task and the stakeholders are ‘manageable’. Today’s projects, however, are often faced by unexpected changes in the environment. This means that the project representatives (the project sponsor, the project manager and the project team members) continuously need to adjust the project plan and thereby potentially affect the stakeholders. Further, many organisations desire sustaining relationships with their stakeholders. Only satisfied stakeholders will want to sustain their relationships and knowledge about their preferences is therefore necessary. Our claim is that the current literature on project stakeholder management is not well-suited for dealing with the challenges related to project stakeholder management facing today’s project representatives as the understanding of project stakeholders’ interests and value perception is not sufficiently unfolded. A clear understanding of the project stakeholder values may enable the project representatives to create better value for all stakeholders.
