Satisfaction maximizing model for managing project stakeholders

From when a project begins, an uncertain number ofstakeholders participate in its planning, execution, monitoring, andcontrolling, and these stakeholders may change over the course of the project.Project success relies on appropriate stakeholder management and maximizationof stakeholder satisfaction. Conventionally, stakeholder management reliessolely on the experience and traits of project managers; thus, it can onlyrefer to theories and principles, and cannot be implemented effectively andsystematically. To solve this predicament, this study developed a mathematicalmodel that maximizes stakeholder satisfaction considering the level ofinfluence of stakeholders, the available engagement time, project risks, costof changes, and engagement costs of stakeholders at every stage of a project.The model uses LINGO to calculate the most favorable engagement time for eachstakeholder at every stage and maximize stakeholder satisfaction according tothe project risk and influence level of stakeholders under conditions oflimited engagement time and cost.