Managing stake holders relationship

Stakeholder management - Wikipedia

managing stake holders relationship

However, identifying stakeholders and managing their expectations takes effective leadership skills, excellent communication and an. Building strong relationships with stakeholders and maintaining them takes effort, time and a well thought out action plan. Below are six tips you can use both to. Project managers understand the importance of nurturing a stakeholder relationship – and know that poor stakeholder management can cause an initiative to.

The key is to find a balance and ensure the right tactics suit the appropriate stakeholders. If you get the process right, then your stakeholders will champion your project. They will help your project reach positive outcomes and people will be more accepting of your decisions.

managing stake holders relationship

Fail to create effective stakeholder management and your project may end up costing your thousands, millions or even billions of dollars more. Group your stakeholders More often than not, stakeholders will fall into two groups. Have a vested interest in the project Are affected by the project outcomes These two groups can be further split into those: Clearly, communicate your project scope Tell your stakeholders the process you will use to communicate information to them right from the start.

Stakeholder relations management is a key skill

People are more willing to listen when you tell them their influence over the final outcome, the decision-making process, what is negotiable and what is not. They have a stake in the organization, something at risk, and therefore something to gain or lose as a result of corporate activity. The aim of stakeholder relations management is to influence stakeholder attitudes, decisions, and actions for mutual benefit.

Stakeholders need to gain from the relationship or they may not be sufficiently motivated to cooperate. The first main steps in stakeholder relations management are to identify and prioritize stakeholders.

7 Tactics to Maintain Positive Stakeholder Relationships

You then use stakeholder planning to build the support that helps you succeed. The benefits of using a stakeholder-based approach are: You can use the viewpoints of the main stakeholders to help shape your projects at an early stage. This makes it more likely they will support you, and their input can also improve the quality of your project.

managing stake holders relationship

Gaining support from powerful stakeholders for your work can help convince senior management to allocate more resources to you. This makes it more likely your projects will be successful.

managing stake holders relationship

By communicating with stakeholders early and often, you can ensure they know what you are doing and fully understand the benefits of your project. This means they can support you actively when necessary. First steps Identify your stakeholders List the people, groups or organizations who are affected by your project, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.

managing stake holders relationship

Stakeholder prioritization[ edit ] You may now have a long list of people and organizations that are affected by your work. Some of these may have the power either to block or advance. Some may be interested in what you are doing, others may not care. There are other tools available to map out your stakeholders and how best to influence them. For example, your boss is likely to have high power and influence over your projects and high interest.

Your family may have high interest, but are unlikely to have power over it.

managing stake holders relationship

Someone's position on the grid shows you the actions you have to take with them: High power, interested people: High power, less interested people: Low power, interested people: These people can often be very helpful with the detail of your project.

Low power, less interested people: Understanding your key stakeholders[ edit ] You now need to know more about your key stakeholders. You need to know how they are likely to feel about and react to your project.

Building Stakeholder Relationships

You also need to know how best to engage them in your project and how best to communicate with them.