Penelitian ini dilakukan untuk mendapatkan pemahaman lebih mendalam dengan melakukan pengujian terkait perceived managerial discretion (PMD) dan manajemen pemangku kepentingan (SM) terhadap keberhasilan pelaksanaan proyek. Pengembangan model penelitian dilakukan dan diuji untuk mengetahui korelasi antara PMD dan SM terhadap keberhasilan pelaksanaan kegiatan proyek-proyek (PS) di sektor hulu Migas yang berada di Indonesia. Pengolahan data menggunakan structural equation modelling berbasis kovarian (CB-SEM). Berdasarkan hasil analisis data diperoleh korelasi positif antara PMD terhadap PS. Demikian juga halnya antara SM terhadap PS yang berkorelasi positif. Bila ditinjau dari aspek praktis, penelitian ini memberikan wawasan bagi seorang manajer proyek agar dalam melaksanakan kegiatan proyek hulu migas, memperhatikan aspek PMD dan faktor pendukungnya (antara lain kelincahan organisasi (OA) dan kapasitas dinamis manajerial (DMC)), serta senantiasa memperhatikan pengaruh dari pemangku kepentingan (SM) yang bila kedua hal tersebut dilakukan akan memberikan kontribusi positif terhadap keberhasilan pelaksanaan proyek.

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This study was aimed to gain understanding and examine managerial discretion and stakeholder management by developing a model and investigating the relationship between perceived managerial discretion (PMD) and stakeholder management (SM) to the success of projects (PS) in an Indonesian upstream oil and gas sector. Data were treated with the structural equation modeling – covariance based (CB-SEM) method. As an implication, the main result highlights the positive correlation between PMD and PS, SM and PS contributing to the development of this subject of research by providing empirical evidence and filling in the literature gap. In practical terms, this study provides insight for either project managers or others in authority in organizations to ensure the success of projects by considering perceived managerial discretion and its determinants (that are organizational agility and dynamic managerial capability), and stakeholder management. Finally, the results suggest that practices for project environment can be aligned to the project manager’s PMD to enable the attainment of better results and considers the aspect of stakeholder management as a vital activity in the project execution that contributes to the success of project.