A review of stakeholder management in construction

Ezekiel Chinyio, Sukhtaj Singh and Subashini Suresh

Chapter 20 in Research Companion to Construction Economics, 2022, pp 422-444 from Edward Elgar Publishing

Abstract: When the interests of stakeholders in a project do not align, conflicts could ensue which could manifest as opposition, hostility, sabotage, antagonism and so on. The cost and time consequences of stakeholders' negative actions could impinge on the economics of an organisation and thus industry. Stakeholder management is now recognised and entrenched in organisational developments. It is practised overtly or covertly in negotiations, dispute resolution, leadership functions, and so on. Strategies, tactics and tools for stakeholder management are increasingly deployed; including the use of information technology. While implementation of stakeholder management still faces challenges, some enablers are enhancing it. As stakeholder management continues to gain popularity, its phraseology will likely appear increasingly in contracts, procurement and other construction practices. Areas of future research into stakeholder management include assessments of the time spent on it, the cost of its implementation, its tangible and intangible benefits and the role of technology in its deployment.

Keywords: Business and Management; Economics and Finance; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2022
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