Video
6 - 10 mins
Stakeholder management, or more accurately stakeholder engagement, is the process of managing relationships with individuals who have an interest in your project. Stakeholders include anyone affected by the project, from team members and internal staff to external parties such as suppliers, customers, and regulators . The term "stakeholder engagement" is preferred over "stakeholder management" as it emphasizes a respectful and collaborative dialogue rather than controlling stakeholders . Effective stakeholder engagement involves a five-step process:
1. Identify Stakeholders: Recognize everyone who has an interest in the project, both internal and external parties.
2. Analyze Stakeholders: Understand their needs, fears, preferences, and their impact on the project .
3. Plan Engagement: Develop strategies for how to engage with different stakeholders. Some may need to be informed, others consulted, and some influenced.
4. Act: Implement your engagement plans.
5. Review: Continuously evaluate the impact of your engagement efforts and adjust as necessary.
Stakeholder analysis and engagement are crucial for project success, as poor stakeholder relations can lead to project failure regardless of other project components. Communication with stakeholders is a significant part of project management and can determine the acceptability and success of a project . Engaging stakeholders through dialogue helps to listen, learn, consult, inform, and influence them effectively .
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