Stakeholder management is the process of creating and also maintaining a healthy relationship with the people who are concerned with your product or project. Therefore, it means creating a positive impact on the stakeholders by meeting their expectations.
What is a Stakeholder?
A stakeholder is an individual, group of individuals or an organization which can impact the outcome of your project. This is because they have a vested interest in the project. Also, such individuals can be a part of your organisation or the external environment for e.g. a project head or a contractor to the project.
What are the benefits of Stakeholder Management?
- Building Trust: Active stakeholder management helps in building trust and confidence in stakeholders and also helps in gathering their support
- Risk Management: It also helps in identifying new risks and taking necessary actions to minimise it
- Increased Perceived Value of Success: Keeping stakeholders engaged in the project further helps in improving the value of the success of such a project
- Improved Accountability: It helps in enhancing accountability and in fact, improves the legitimacy of decisions
Process of Stakeholder Management
- IDENTIFY: Firstly, you need to identify the potential stakeholders of a project by researching individuals and organisations.
- ANALYSE: Then the second step is to carefully study these stakeholders. You need to research about their objective of interaction with the project, their level of activity and even their public profile. In addition to online research, you also have to make in-person efforts to maximize the extent of your analysis.
- PLAN: Next, you need to devise a plan to communicate with your stakeholders. This plan should include the stakeholder’s roles and responsibilities, their needs and objectives etc.
- ENGAGE: Now that you have created a plan, the final step is to establish great communication with your stakeholders and engage them in the project in the most appropriate way so as to benefit both, the project as well as the stakeholders.
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