Stakeholder Management - Explained
What is Stakeholder Management?
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What is Stakeholder Management in a Project?
In project management, a stakeholder management plan is a formal document outlining how stakeholders will be engaged in the project.
There is a great deal of cross-over between a stakeholder management plan and a communication plan.
Who are Project Stakeholders?
A stakeholder is a person or group who has a vested interest in the project. Stakeholders can be internal and external to the organization. If a stakeholder is identified by the project team, that stakeholder should be contemplated in the stakeholder management plan. Project stakeholders might include:
- Top Management
- The Project Team
- Your Manager
- Resource Managers
- Internal Customers
- External customer
- Contractors, subcontractors, and suppliers
The interests of stakeholders are incorporated during the design and implementation process. Often stakeholder expectations control the design of the project. The results or output of the project is communicated to stakeholders throughout the project and at the conclusion.
Information to Communicate with Stakeholders
Stakeholder expectations is part of the context of the project. To identify and manage expectations, it is important to communicate the following:.
Things to discuss include:
- Project requirements
- Important formal documents
- Any other information discussed during the sales process
Once there is client understanding and buy-in, meet with the team to assign specific project roles and task responsibilities using the following approaches. Use a RACI (Responsible, Accountable, Consulted, Informed) chart to clarify roles across departments and processes.
Throughout the project, you project manager will conduct numerous status meetings with clients and team members.
The important point is that you identify stakeholder’s understanding of the situation and you manage their expectations by providing information on the status and any changes to aspects such as scope, requirements, timeline, etc.
What is Project Culture?
A project culture represents the shared norms, beliefs, values, and assumptions of the project team.
Culture is developed through the communication of
- the priority
- the given status
- the alignment of official and operational rules
Often, the internal culture is affected by the culture of the sponsor, or other stakeholders.