As a project manager you may be missing out on the crucial part of managing the stakeholder efficiently. In this article in ProjectRiskCoach.com by Harry Hall, the author gives us nine clear benefits of stakeholder management that project managers have not focused on. Let’s find out what these nine benefits are:
Reduced Risk of Surprises: A better understanding of the stakeholder helps you prepare for the influence they could exert. This understanding could help reduce the risk of reworks and even additional costs.
Quality Engagement: A stakeholder management plan will help create better engagement with members. A project manager should work with project teams to determine where and how stakeholders can be engaged effectively.
Understanding Stakeholder Needs: Project managers should find out the needs of each stakeholder early on to ensure that the project isn’t adversely affected on account of these needs not being fulfilled.
Stakeholder Concerns: Similarly, time should be spent understanding the concerns of the stakeholders. This will allow stakeholders to explain how the project could impact their roles and responsibilities.
Effective Time Investment: Regular engagement, inputs, and feedback from stakeholders can allow project managers to invest more time in activities that add the greatest value to the project.
Satisfied Stakeholders: Regular engagement with stakeholders gives project managers a better chance of keeping them satisfied and even happy. This could even reduce the stakeholder’s stress which will result in less stress for the project manager.
Better Communication: More engagement results in better understanding of the stakeholder, and this, in turn, can help the project manager carefully craft improved communication plans and strategies to get their message across.
Expectation Management: If regular communication and engagement with stakeholders aren’t carried out, this could lead to gossip and hearsay influencing stakeholder expectations. Project managers should, therefore, take the time to understand and shape stakeholder expectations to guard against false expectations.
Better Reputation: Project managers who are effective engagers and communicators with stakeholders are recognized as such and receive a positive reputation. Now, this reputation could be of pivotal importance to managers who wish to advance their careers.
Now that you clearly understand the benefits, it’s time to put it into action in your latest project.
Click on the following link to view the original article: http://projectriskcoach.com/benefits-of-stakeholder-management/
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