Who is stakeholder?
When a project or software is being implemented there are people within the organization or entities that get affected by this new project or software are called as Stakeholders of the project. In other terms the Stakeholders have direct influence on the project.
A stakeholder for your project is anyone who has an interest in the project.
Why is stakeholder management necessary?
Stakeholder management involves considering the different interests and values stakeholders have and taking necessary steps during the course of execution of the project to ensure that these are taken care of.
HAPPY STAKEHOLDER = SUCCESSFUL PROJECT
Stakeholder management also helps in identifying existing relationships with the stakeholders. This would need to be converted into partnerships and lead to building trust and enhance collaboration among stakeholders.
How does Stakeholder management work?
Stakeholder management mainly works through a strategy which would deal with managing different aspects of Stakeholder expectations. These are important steps or processes that needs to be followed for a better stakeholder management:
The Stakeholders can also be effectively managed by employing the Responsible-Accountable-Consulted-Informed analysis, most famously called as RACI chart or matrix.
These are some of the typical stakeholders that we would encounter in most of the projects.
• Project Sponsor: Generally a Senior Manager would be the sponsor for the project.
• Other teams within the organization: These teams might provide the resources, skills and expertise to execute the project. They may also be waiting the outcome of the project which might feed into their own projects.
• Customers: These are the ones for whom the project is executed for. These are the direct beneficiaries of the project outcome.
• Suppliers: These are the ones who would provide services or products.
• Project Team: These are team members who are responsible for executing the project who would also are important stakeholders. It’s very important to consider the Project Team’s interests.