- Executive Summary
The Waste Heat Recovery Project is established to increase production and optimize the profits realized by the company. It is a response project to help curb the high cost of heat production. The company spends $150000 annually on heat production and efforts to reduce the cost of production have lead to the Waste Heat Recovery project. The project offers a reliable solution to the problem of heat generation by allowing the company to generate more heat at a relatively cheaper cost. The use of well-established procedures, lagging of heat pipes, and efficient heat condensers will enable the company to save up to $70,000 annually.
The project needs stakeholders to realize success and allow the project get the support it needs financially and technically with a goal of making it into a fully functional project. The project sponsors, change manager, and the project manager are the most important stakeholders as far as the success of the project is concerned. Combined efforts of the stakeholders will yield into an active company that employs new methodology in heat production while saving funds enough to ease development of other functional departments.
- Stakeholder Analysis
Stakeholders play a critical role in ensuring that a project is effectively initiated and run to meet the set objectives of an organization (Eskerod & Jepsen, 2013). In the case of the Waste Heat Recovery Project, there is a need to identify and engage interested stakeholders in supporting the project financially and technically. The stakeholders’ are grouped into three distinct levels according to their level of interest, involvement, and risk to the success of the project.
The stakeholders’ are grouped into three distinct levels according to their level of interest, involvement, and risk to the success of the project. Level 1 stakeholders have a deep interest and a high level of involvement in the project. Level 2 stakeholders have a relatively lower degree of interest and involvement compared to level 1 stakeholders. On the other hand, level 3 stakeholders share a distant involvement on the project and their support does not affect the completion of success of the project.
- Level 1
Project manager– the project manager is responsible for the initiation of the project and the transition from the old system to the new system. He or she should have a grave concern about how the project is going to be initiated, and his/her primary goal is to ensure the success of the project…