It should firstly be noted that a stakeholder is a person with a vested interest in the outcome of the business transaction or project deliverable, hence there are internal and external stakeholders to manage, these can be categorized into stakeholder groups e.g.
Therefore the schedule for stakeholder engagement is really the same as the schedule for the whole project. Stakeholder mapping is a collaborative process to identify key stakeholders using research and discussion. A strategic and consistent approach, supported by a plan with clear objectives and a customised-engagement process, increases benefits for your organization and stakeholders.
Consider the objectives of stakeholder engagement and assess the program context. Manage stakeholder engagement is part of the project stakeholder management and it involves several processes that are needed to identify groups, people, and organizations that have an impact or can be influenced by the project. By thinking through when and how stakeholders will have to be involved, a project team can maximize stakeholders positive impact on the project.
Furthermore, a project manager must manage the influence of all the stakeholders in relation to project requirements to ensure a required output. The project is to conduct a review of current working practices in the business and review potential opportunities for improvement. Stakeholder management is the process of managing the expectation of anyone that has an interest in a project or will have to be effected by its deliverables or outputs.
Improved project performance is the dependent variable whereas stakeholder engagement is independent. Failure to do so may expose the project to unnecessary delays, missed opportunities, negative financial impacts, and potential damage to organizations reputation. A key dependent variable from the societal benefit perspective for assessing the impact of stakeholder engagement is the congestion management cost.
The ability to understand the importance of stakeholders in a project is arguably what separates the best project managers from the average performers. Based on their feedback, you can make a better evaluation of the current project stage and if necessary, refocus your project plan. A core principle for sustainable development is that a decision, project or initiative needs to be financially viable, environmentally responsible and socially acceptable.
The stakeholder engagement is a critical element to the success of the project and it may be useful to develop a stakeholder engagement plan. A current project timeline will have to be maintained on the project website and will have to be updated as needed to reflect project progress. The scale of projects and collaboration with other businesses will increase the number of stakeholders and organizations must create and change engagement strategies as projects evolve.
One cornerstone of good stakeholder engagement is to start early and plan for continuous input. From an organizational perspective, stakeholder engagement should, as far as practicable, allow. Stakeholder engagement is an ongoing process that builds relationships between parties, fostering respect, enabling information exchange and achieving mutually acceptable outcomes. Project stakeholders may have differing ideas as to which factors are the most important, creating a more significant challenge for a project manager.
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