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The success of any project is attributed to the successful management of Stakeholders. If you don’t know all your stakeholders, that implicitly states an inherent risk already in your project. For every aspect of the project, identify the key stakeholder(s).
 
 
Stakeholder Management
 
Stakeholder Management is vital part of Project Management. Communicate the right things at the right time which will make the stakeholders in line with progress made in the Project. Last minute surprises are the least expected and any delay that’s visible should be informed well ahead. The worst would be an irate customer who might become bellicose. Good news can be deferred but bad news should never be delayed.
 
Clear communication with respective stakeholder(s) about their role in the project in terms of expectation – the expected and what’s expected of them - will provide clarity on their stake. Fair to set the right expectation – don’t go overboard or unrealistic. It’s far better to buy time than fall behind schedule.’
 
By managing the stakeholders throughout the project life cycle, ensure that risks are managed well. Some of the risks can be mitigated  through effective stakeholder Management
 

How do you do Manage Stakeholder?
 
Normally 90% of the stakeholder Management can be done with proper communication. By Proper Communication, we lay open the door and become transparent to earn the trust. So long there is nothing to hide, then nothing to fear about backlashes. More often considerate clients offer counseling and even settle for trade-off in the good faith that goods delivery will happen with some delay.
 
Another important aspect of Stakeholder Management is to handle/address key stakeholder expectations formally in the projects. What do we mean Key Stakeholder?  People who have authority to change the Project Scope, Cost or Schedule or who can influence in any of these three are considered as Key Stakeholders and they need to be consulted for every change in Scope, Schedule or Cost.
 

Engage your Stakeholders
 
Another important aspect of Stake holder Management is to engage them throughout the project life cycle. If we fail to engage them, then they may get disconnected from the project and it will turn out to be a risk at a later point in time.  Communication is significant but that is not sufficient for the successful stakeholder Management. Engaging the stakeholders is considered as Successful Stakeholder Management.
 

How do you engage your Stakeholder?
 
Involve the Stakeholders in all the decision making
Get  periodical feedback or review from key Stakeholders
Incorporate the actions items into the project plan with the required changes recorded and necessary approvals from the concerned stakeholders.
Get their wish list/and future expectations and add it in backlog
Anticipate their expectation and get concurrence for due incorporation

For more information about Stakeholder Management, visit us at http://goo.gl/4s0KuY  and get to know about Project Management certification programs.

 




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