15 Significant Mistakes to Avoid When Creating a Stakeholder Management Plan
Stakeholder management is a crucial aspect of project management. That means there is a demand for high risks and higher rewards if the project is managed efficiently to meet the target objectives. The project manager and supervisor need to brief key individuals on how the project will operate. This is only possible with effective communication. Successful stakeholder management presents numerous advantages for you, the project, and the team. But what you want is to make all stakeholders grin ear-to-ear.
How Does a Stakeholder Define and Measure Success?
Key stakeholders or project stakeholders measure success based on the return on their investment in a project. Stakeholders are important not only because they fund and support the project, but also because they are company clients who expect to receive an ROI that is worth their investment. When developing and executing a stakeholder management plan, there is little room for error.
Failures can be blamed on poor planning and even worse strategic implementation. However, no one wants to admit their mistakes. That is a prime example of how the project fails to meet its goals because the team did not use an effective communication method with the stakeholders, which is typically the case.
