To witness successful portfolio management, you should engage stakeholders throughout the journey. However, consistent engagement is a problem. In this article at the Association for Project Management, Imo Ehimiaghe shares how some PPM professionals engage stakeholders.
Engaging Top Stakeholders
Senior stakeholders are busy people and have several commitments. So, the onus is on you to keep them engaged. In a recent portfolio management conference, several PPM professionals confessed to facing the following challenges when they wanted to engage stakeholders:
- They had trouble convincing the stakeholders regarding the portfolio benefits. They needed to use terminologies and cite examples that stakeholders can understand.
- Stakeholders have varied interests. It was challenging to address all those interests as well as tackle internal politics among the top executives.
- The PPM professionals needed to use hard facts to showcase how the portfolio is going to add value to the company.
Coming to a Solution
To engage stakeholders, the PPM professionals tried out several approaches. Below are some of the conventional methods you should use to engage stakeholders:
- Find out what the stakeholders require and expect from the involved projects.
- Compile a benefits realization strategy for all the projects and portfolios. Link each of them to the corporate objectives.
- Identify the issues in every project and portfolio and the resources you need for all.
- To make informed decisions, create a project or task list based on priority and value. It helps the stakeholders to make the right investment strategies.
- Leverage a simple collaboration tool that can display project and portfolio status and engage stakeholders further. At a glance, they will get clear visibility of the associated advantages, risks, challenges, and progress.
- Continuously confirm and update regulations, procedures, and estimates with the stakeholders to improve transparency and trust in the relationship.
- Customize reports according to their requirements.
To view the original article in full, visit the following link: https://www.apm.org.uk/blog/engaging-senior-stakeholders-challenges-in-portfolio-management/