Stakeholder management is undoubtedly an important part of an effective project relationship. The project manager should take care of the interests of the stakeholders balancing the requirements of the project. Suppose you need the resources for running the project as planned and if you have managed the expectations of HR manager positively then you will surely get a soft support from your HR manager because you’ve managed his/her expectations at the initial stage and the result can be vice-versa in case you have not managed his/her expectations initially.įurthermore, a project manager must manage the influence of all the stakeholders in relation to the project requirements to ensure a required output. It can be very costly if you ignore any of the stakeholder’s expectations and it can hugely impact the project negatively like delay in deliveries. Impact of the Stakeholders on the Projects As per PMI®, it is an initiation process in the communication knowledge area. Ideally, a project manager should identify the stakeholders at the initial stages as it will cost hugely if you missed out any key stakeholders during that period. They include the Government, neighbors, pressure groups, political groups, local councils, and the surrounding communities. External stakeholders are those who are not directly linked to the projects but can influence the activities of the project through various ways. Internal stakeholders include other managers and employees and are those that are situated within the company and affect the daily routine of the project. It is mandatory for a project manager to identify the stakeholders and manage their expectations throughout the life-cycle of the project(s). The stakeholders can be external and internal both.įew examples of stakeholders can be the customers, the clients, the project team members, the functional managers, the account managers, the operation managers, sellers, buyers, sponsors etc. It is very important for an efficient project manager to identify the names of stakeholders during the initiation stage of the projects. Stakeholders are those who can positively or negatively impact the output of the projects.
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