Balancing Stakeholder Interests in Sustainable Project Management: A Circular Economy Approach
1 Independent Researcher, UK.
2 Independent Researcher, Houston Texas, USA.
3 Independent Researcher, Texas USA.
Review Article
GSC Advanced Research and Reviews, 2024, 20(03), 286–297.
Article DOI: 10.30574/gscarr.2024.20.3.0354
Publication history:
Received on 14 August 2024; revised on 25 September 2024; accepted on 27 September 2024
Abstract:
Balancing stakeholder interests in sustainable project management presents a critical challenge, particularly when adopting a circular economy (CE) approach. This review explores the integration of circular economy principles such as reducing waste, reusing materials, and promoting recycling into project management while addressing the diverse and often competing interests of stakeholders. Sustainable project management aims to harmonize economic, environmental, and social objectives, making the alignment of stakeholder goals a complex yet essential task. Stakeholders, including investors, customers, regulators, local communities, and internal project teams, often have varying priorities, ranging from maximizing profitability to minimizing environmental impact and ensuring social responsibility. This study reviews key strategies for managing these competing interests through collaborative decision-making, transparency, and stakeholder engagement. Life Cycle Assessment (LCA), closed-loop supply chains, and sustainable procurement are examined as practical tools for integrating CE principles throughout the project lifecycle. Additionally, the review emphasizes the importance of education and communication in fostering stakeholder buy-in, enhancing long-term sustainability outcomes, and improving resource efficiency. Case studies from industries such as construction and renewable energy demonstrate how stakeholder collaboration in adopting CE practices leads to both environmental benefits and project success. The findings suggest that balancing stakeholder interests in a circular economy framework not only enhances sustainability but also drives innovation and competitiveness. This research underscores the need for continual engagement and adaptive strategies in project management, ensuring that stakeholder alignment with circular economy goals results in more resilient and sustainable project outcomes. Ultimately, adopting a circular economy approach within project management offers a viable pathway to achieving long-term sustainability and creating shared value among stakeholders.
Keywords:
Stakeholder; Sustainable Project; Circular Economy. Review'
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
