Stakeholder Management is a critical factor for project success regardless of size or complexity. It would also be the most underestimated discipline in Project Delivery.
It is vital to understand the values and issues that stakeholders have, in order to address them and keep everyone involved throughout the project.
There are three reasons why investing in stakeholder management will pay dividends:
- Communication can be efficiently focused where it is needed most
- Stakeholders are a major influence in the success or failure of a project, their attitudes and actions can have significant positive or negative consequences
- If a project does not have adequate buy-in from stakeholders that provide resources it is likely to run into problems
Stakeholder Management is a discipline that helps you identify various stakeholders and gain their support. An efficient approach is to identify Key or Non-Key stakeholders so appropriate communications and actions can be executed.
Regular communication is fundamental to any project especially when part of an overall communication plan that results in stakeholders being better informed throughout the life of the project.
“Traditionally PMOs have largely focussed on improving project delivery practices however executives and key business stakeholders have an increasing need for effective portfolio management practices. This discrepancy could be a key reason why over a third (38%) of PMOs who have been in operation for over five years still do not believe they are respected by the business.”
PM-Partners group PMO Trends 2012 Research Report