The importance of stakeholder management in the success of a project is increasingly recognized. However, this key task is often overlooked or given little attention.

In an increasingly digital and globalized world, effective stakeholder management has become more critical and challenging. Why? The number of stakeholders in any initiative has increased, along with the complexity of coordinating communication and collaboration.

What is stakeholder management?

Stakeholder management is the process of identifying, engaging, organizing, and improving relationships with individuals, groups, or internal and external parties that may be affected by or have an impact on the outcome of a project. It is to ensure that the key stakeholders are informed and focused on their tasks.

According to Barry Brunsman, advisory director at KPMG, CIOs must be intentional in managing stakeholders; they must develop skills necessary to be efficient in this task and create processes that ensure that the work is comprehensive for all. Failure to manage stakeholders well can jeopardize the success of the project.

Benefits of stakeholder management

• Identification and inclusion of all stakeholders. Every project has different stakeholders but not all are equally important to its success. In addition, participation needs may change over the course of the project. A stakeholder management plan helps project leaders identify all stakeholders and determine their involvement at each stage of the project. In this way, incorrect, excessive, or conflicting information is avoided by including the right people as stakeholders.
• Greater clarity and focus on functions. A stakeholder plan sets realistic expectations for each type of stakeholder, which improves clarity on their roles.
• Increased productivity. Stakeholders who understand their role and the role of others tend to stay more focused, which increases productivity and the chances of keeping the project within scope from the start.
• Greater commitment. A well-designed stakeholder management plan explains how the project will affect each stakeholder, allowing them to understand the benefits they will receive. This helps to engage stakeholders, even if they are already busy with other responsibilities.
• Improved knowledge for project leaders. Increased knowledge means that stakeholders will be more willing to provide their perspective on the project, which could better guide its direction and how to complete it successfully.
• Reduced risks. A well-developed and executed stakeholder management plan reduces conflict by providing clarity and commitment. It also allows identifying potential risks early and taking the necessary corrective measures to prevent problems from arising during project execution.

How to make a stakeholder management plan?

• The first step in the process is to identify all relevant stakeholders for the project. This involves conducting an analysis to create a list of stakeholders that should be involved.
• Next, it is necessary to document the name of each stakeholder, their current role and their role in the project, their contact information, and their impact on the outcome of the project.
• Once the stakeholders have been identified, it is also important to document the role and impact of each stakeholder. This may require meeting with stakeholders to determine their level of interest in the project and their influence on its implementation and outcome.
• Stakeholders need to be prioritized according to their required involvement and expected influence on the project. This can be done by classifying them into different categories according to their level of influence and interest.
• A communications plan is then developed to maintain effective communication with stakeholders. The plan should include a description of the type of communication, frequency, format, participants, and distribution of communications.
• It is also important to cultivate mechanisms for gathering information from stakeholders so that they can share their perspectives and knowledge with project managers.
• Finally, it is recommended that a governance structure be established to ensure that the requirements are met and that all necessary stakeholders are involved.

Continue your professional training

If you are passionate about project management and want to take your skills to the next level, the Master in Project Design, Management and Administration offered by the Universidad Internacional Iberoamericana (International Iberoamerican University, UNIB) is the perfect study program for you. This program will expand your knowledge in this key area and provide you with the skills necessary to influence project outcomes in a positive way.

Are you ready to take the first step towards a successful career in project management? Apply to the program today and become a leader capable of influencing the success of any initiative!

Source: Gestión de partes interesadas: la guía para influir en los resultados del proyecto