Stakeholder Management
Stakeholder management refers to the act of identifying priorities, conducting research, and engaging stakeholders in the product development process.
Implementing Stakeholder Management Strategies
It is important that you remember the truth that “No human being can be an isolated island.” You’re likely to rely on others for capital, support and resources.
Management will be dependent on:
- The extent and complexity of the project. Review the project’s schedule and compare it with other projects. Review the resources and time that were allocated to the project.
- To achieve the best results, you need to be able to provide support.
What kind are you?
Both internal and external stakeholders can be found in a variety. Customers, suppliers, communities, even governments are all examples. These downstream stakeholders support, sell, promote, and support products.
Five steps to develop stakeholder management plans
There’s a lot of ways you can manage your stakeholder interactions. But, each strategy will be unique based on the goals and objectives of your project or company.
Make sure your stakeholder management strategy includes these five steps.
| Steps | Explanation |
| 1. Determine your stakeholders | Identification of stakeholder is a key step in any strategy to manage stakeholder stakes. |
| 2. Give your stakeholder’s priority | Be aware who the key people are and how they will influence the project. |
| 3. Stakeholder interviews | At the beginning, it might be difficult to work with new stakeholders. It is highly recommended to meet with stakeholders.
* What is your goal for this project? Which of these items pique your curiosity? * What changes do you think this effort will be able to bring about the next? * When do you expect the project to move forward?
* What is your reason for being concerned about this particular project? |
| 4. Establish a Power Interest Grid. | A power matrix or grid of project interests is a chart that lets you know the level of power and interest held by your stakeholders.
This list is arranged by importance. * High-ranking and highly interested parties * High-ranking but uninterested parties Stakeholders that have limited power, but large amounts of * Small-scale, uninterested stakeholder |
| 5. Set out and control expectations
|
Be specific about the steps involved by each stakeholder and the deadlines within which their responses will be required |
Essential guidelines for stakeholder involvement
Engaging and managing stakeholder are essential elements of project execution. Public only becomes aware when they are involved.
1. Have it checked regularly and get it fixed early.
It is often confusing for people involved in a project to understand its scope, risks, goals and process, particularly at the beginning stages.
Resource examples
- Participant involvement in and communication an effort for transportation in cities
- Participation in a proposal to expand an existing school
- Stakeholder relations improved during construction of new university research center
- Participation from stakeholder groups during the construction
2. Be aware that they’re humans.
People aren’t always rational, shrewdly and consistent. Be aware of their opinions and personal agendas.
Resource examples
- Participation to an international software program.
- Participation in stakeholder and international teams
- Organizational change and management of stakeholder relations
- Participation from stakeholder groups within the context of a project of public infrastructure
- Participant involvement, communication an initiative for transport in cities
3. Get in touch with other people.
Before you attempt to influence or connect with people, it is important to get acquainted with the people on whom you will be relying throughout the project’s stages.
Resource examples
- Participation to an international software program.
- Management of stakeholder and organizational relations
- Improving stakeholder communication during an application delivery program
- Stakeholder engagement improved in the context a public-infrastructure project
4. Important Relationships
Building trust and communication with others can make it easier to collaborate.
Resource examples
- Participation from all stakeholders in global initiative for research & development
- Participation from stakeholder groups within the context of a project of public infrastructure
- All-in-one!
- What is the importance of this project?
Simple
Aside from a traditional plan and collaborating with stakeholders, foresight is a great way to increase efficiency.
Resource examples
- Improving stakeholder communication during an application delivery program
- Stakeholder engagement improved in the context a public-infrastructure project
- Participation in and communication about the citywide transportation initiative
6. Plan it!
Participation by stakeholders is crucial and encouraged.
Resource examples
- Participation of stakeholder teams and international teams
- Organizational and stakeholder management
- Enhanced stakeholder relations at the university research facility
- Increased involvement of stakeholders in the development and maintenance of an IT system
7. Risk management
As influential and powerful resource persons, Stakeholders should be considered potential risks to the project.
Resource examples
- Management and organization of stakeholder relationships
- Participation from all stakeholders in an internationally coordinated initiative for research-and-development
- Participation from stakeholder groups within the context of a project of public infrastructure
- Collaboration among project stakeholders.
8. Recognize achievement
Determine your stakeholder group’s definition of success with respect to project delivery.
Resource examples
- Participation by all stakeholders in the global Initiative for Research and Development
- Stakeholder engagement improved in the context a public-infrastructure project
- Increased involvement of stakeholders in the implementation process of an IT-system
9. Create an agreement
It is the best thing to do. Determine the best base to meet the diverse expectations and objectives for all stakeholders.
Resource examples
- Organizational change and management of stakeholder relations
- Participation from stakeholder groups within the context of a project of public infrastructure
- Improvement in stakeholder interaction during construction of a hostel
10. Accept responsibility
No one member of the project team is responsible for the engagement of participants. Everybody must be aware and familiar with their roles and responsibilities.
Resource examples
- Intensified stakeholder engagement in an Application Delivery Project
- Stakeholder engagement improved in the context a public-infrastructure project
- Participation from stakeholders in a Business Initiative for a Mining Company
Wrap it up
It is important to have relationships with stakeholders in stakeholder management as they can help build trust. They are essential for the success of your project.
Have a conversation with them about how you can ensure your stakeholders are “on board” and avoid any unpleasant surprises.
The act in identifying priorities, research and involving stakeholders in the development process of a product is called stakeholder management. It’s essential to managing products as stakeholders, also known as people or organisations that influence the performance of a product and execution, or have an impact on it, ultimately have the most influence over the length of time it will last.
