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.
Success can and will always be measured numerically by stakeholders. Everyone from the CEO to the CFO, project managers, VPs, corporate executives, and even interns are integral to structuring and maintaining a successful project. The common downfall of stakeholder management plans is significant mistakes in the communication process.
Stakeholders and the Company
Effective communication with our stakeholders requires influence. Influence requires the confidence necessary to communicate properly within a project management team, especially with stakeholders.
1) The ability to communicate effectively will be more likely to produce collaboration among stakeholders. Effective communication must be used by every member of the team, including the stakeholders.