managing stakeholders

How To Create A Stakeholder Management Plan For Your Projects

Projects are not created in a vacuum – they exist within the framework of specific rules, guidelines, and expectations set by the people who initiate them. These expectations are typically defined in the project brief, budget, program, and scope of work.

However, even with these well-defined roadmaps, stakeholders can still significantly impact projects. Stakeholders can bring significant risk to a project and derail it entirely if they are not correctly managed. In this article, we will discuss how you can help manage stakeholders and juggle their expectations.

What exactly is a stakeholder?

A stakeholder is anyone with a vested interest in the outcome of your project. Anyone who stands to gain or lose from the successful completion of your project is technically considered a stakeholder.

With such a broad definition, it’s no wonder that managing stakeholders can be such a challenge. Stakeholders come with different levels of influence and authority, often bringing conflicting objectives and opinions to the table. With so many different voices on a project, it can make aligning everyone behind the same goal seem impossible.

Do you need a project stakeholder?

You should always have a project stakeholder, even if you don’t think you need one. While stakeholders come with their own complications, they do bring crucial elements to the table. When properly utilized, stakeholders are vital for influencing the decision-making process which can guide and support the project management team. Stakeholders bring momentum to projects and their expectations can guide the course of a project.

Not all stakeholders are created equal. Just because someone is a stakeholder in a project doesn’t mean they have the same level of influence or authority. There will always be some stakeholders who are more influential than others, so it is crucial to identify these key stakeholders early on and include them in the project.

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Identify the role of your stakeholder

To get a handle on the stakeholders within your specific project, identify their roles and how they fit within the scope of the project. First, determine if they are internal or external stakeholders:

Internal stakeholders

Internal stakeholders are people within your organization who have a stake in the project. This can include upper management, functional managers, team members, and other project managers. Internal stakeholders are those who are working closely on a project and will be more affected by the day-to-day changes of a project.

External stakeholders

External stakeholders are people outside of your organization who also have a vested interest in the project. This can include customers, suppliers, contractors, and regulatory agencies. The external stakeholders are not typically the people who are making changes to a project daily, but have a high-level view of projects and are interested in the final outcome.

The key to successful stakeholder management is communication. You need to create a seamless communication flow with all stakeholders — both internal and external. This means having a clear understanding of their objectives, expectations, and concerns. It also means being able to provide timely updates on the project’s progress and addressing any issues that may arise.

Create a stakeholder management plan

Stakeholder management is a critical component of any project manager’s toolkit. By definition, projects are complex undertakings with many moving parts. There will always be people involved who have a vested interest in the outcome – whether it’s the project sponsor, the team members, or the customer.

And while it’s essential to keep all of these stakeholders informed and engaged, it’s not always easy. That’s why it’s crucial to have a plan for managing stakeholders.

Here are some tips for creating a stakeholder management plan:

  • Define who your stakeholders are
  • Identify their roles and objectives
  • Understand their expectations
  • Communicate regularly with all stakeholders
  • Keep them updated on the project’s progress
  • Address any issues or concerns that may arise

1. Define who your stakeholders are

The first step in creating a stakeholder management plan is identifying who your stakeholders are. This includes anyone who has a vested interest in the project’s outcome. This is both internal and external stakeholders and those who are actually going to be touching the project, and those who are just interested in the outcome after the project is completed.

2. Identify their roles and objectives

The next step is to identify the roles and objectives of each stakeholder. This will help you understand their expectations and how they fit into the project. Creating individual roles and a roadmap for each of the stakeholders involved in a project will create boundaries and help stakeholders understand how they fit into a project.

3. Understand their expectations

What does each of the stakeholders want to see from the project? What are their goals? What are their concerns? For example, a stakeholder who is funding a project might want the project to be financially successful at its completion, while a stakeholder who is actually working on the project might prioritize use over financial success. Understanding each stakeholder’s expectations from the start of a project will ensure everyone knows the project’s endgame.

4. Communicate regularly with all stakeholders

You need to be able to communicate with all stakeholders – both internal and external. This means having a clear understanding of their objectives, expectations, and concerns. It also means providing timely updates on the project’s progress and addressing any issues that may arise. In order to keep communication organized and on point, consider investing in a project management software program, like Hive. Hives project management software can help you manage all your stakeholders in one place, as well as keep track of key project milestones and deadlines.

5. Keep them updated on the project’s progress

Stakeholders need to be kept up-to-date on the project’s progress. This includes regular updates on milestones, deliverables, and any schedule changes or scope changes. If you don’t communicate and update the project at every step of the way, there is more room for error or confusion. Don’t leave anything up to chance – more questions and more information is always better.

6. Address any issues or concerns that may arise

Finally, it’s important to address any issues or concerns that may arise during the project. This can include changes to the scope, budget, or schedule. By addressing these issues early, you can avoid potential problems later on. Don’t let any problems compound or fester. Scope creep can happen almost overnight, so if you foresee any problems, nip them in the bud immediately!

By following these tips, you can help manage stakeholders and their expectations. However, it’s important to remember that each project is unique and will require its management strategy. The key is to be aware of the different types of stakeholders involved in your project and to tailor your approach accordingly. With careful planning and execution, you can successfully navigate the waters of stakeholder management and deliver a successful project.

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