Last updated on May 26, 2024

Here's how you can effectively manage project stakeholders.

Managing project stakeholders is a critical skill in business operations. It's about identifying everyone with an interest or stake in your project and ensuring they're engaged and informed throughout the project lifecycle. Effective stakeholder management can lead to smoother project execution, increased support, and reduced resistance. By understanding their needs, expectations, and potential impact on the project, you can strategize accordingly. Remember, your stakeholders can range from team members and customers to sponsors and suppliers. Each has unique concerns and contributions, making it essential to manage them proactively.

1 Identify Them

The first step in managing project stakeholders is to identify who they are. This includes anyone who has an interest in the outcome of your project, such as team members, investors, customers, and suppliers. Use tools like stakeholder maps or matrices to categorize them based on their level of interest and influence. This will help you understand their perspectives and how best to communicate with them. Remember, stakeholders can have both positive and negative impacts on your project, so it's crucial to identify all of them early on.

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Débora França

Business Analyst | System Business Analyst | SQL | UX Design Wireframes
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Since a project's fate rests on its stakeholders, stakeholder management becomes one of the most critical aspects of a project. Identifying who holds the power must be done in the early steps of the project. A good way of keeping track of the roles is to have a spreadsheet or matrix with name, role, impact on the project, contact and their preferred method of contact, if they are internal or external stakeholders, and if they are being updated accordingly. A good way to identify is to ask yourself questions like: who is investing on the project? Who gains if the project is successful? Who are the suppliers? Who can accept or reject the project?

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2 Assess Needs

Once you've identified your stakeholders, assess their individual needs and expectations. This involves engaging with them to understand their concerns, what they hope to gain, and any potential risks they perceive. By doing this, you can prioritize stakeholder requirements and ensure that the project delivers value to all parties involved. Keep in mind that needs may evolve, so maintain open lines of communication to adapt to any changes.

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3 Plan Engagement

Developing a stakeholder engagement plan is essential for maintaining regular and effective communication. This plan should outline how and when you will update each stakeholder group throughout the project. Tailor your communication strategies to their preferences—some may prefer detailed reports while others might just want high-level summaries. By planning your engagement activities, you ensure that stakeholders remain informed and supportive.

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4 Build Relationships

Building strong relationships with stakeholders is vital for project success. This means establishing trust through transparency and regular communication. Listen to their feedback and show that you value their input by incorporating it into your project planning and execution. Strong relationships can turn stakeholders into project champions who actively support your initiatives.

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5 Manage Expectations

Managing stakeholder expectations is a balancing act. You must set realistic expectations about project outcomes, timelines, and potential issues. Clearly communicate any limitations or constraints that affect what the project can deliver. By managing expectations, you can minimize disappointments and maintain stakeholder satisfaction throughout the project lifecycle.

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6 Monitor Changes

Finally, monitor any changes in stakeholder interests or influence over the course of the project. Stakeholders may come and go, or their priorities may shift as the project progresses. Stay alert to these changes and be prepared to adjust your engagement strategies accordingly. Regular monitoring helps you anticipate and address issues before they become problems.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Dan Holloway

The Last Fractional COO You’ll Ever Need! - Respond to Ops Challenges like a Ninja! 🥷 - Operations Training for Ops Teams 🚀 - Founder, Operational Voodoo & Part-Time Cake Addict 🍰
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Stakeholder management is crucial to the success of a project. You need to: Know your players: Identify the power players and those who need to be handled with extra care. Customise your approach to each. Over-communicate: Share updates early and often, both good and bad. But keep it as succinct as possible. RAG status updates are always a winner! Be clear and don’t waffle!: Be transparent about challenges, but focus on solutions and progress. Manage expectations: Underpromise and overdeliver is the name of the game….! Set realistic goals and timelines to stick to them. Collaborate: Stakeholders often have great ideas and contributions. Hear them out and work together.

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Here's how you can effectively manage project stakeholders.

1

2

3

4

5

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1 Identify Them

2 Assess Needs

3 Plan Engagement

4 Build Relationships

5 Manage Expectations

6 Monitor Changes

7 Here’s what else to consider

Business Operations

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Here's how you can effectively manage project stakeholders.

1

2

3

4

5

6

7

1 Identify Them

2 Assess Needs

3 Plan Engagement

4 Build Relationships

5 Manage Expectations

6 Monitor Changes

7 Here’s what else to consider

Business Operations

Rate this article

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