An effective stakeholder management can be your greatest asset by supporting your projects in times of need. It is an essential part to be considered in project management as it gives you more insight about the people who will be affected by the project. The influence of stakeholders on your project can be huge, and if not managed appropriately, it could lead to project delays, resource drain, political intervention or project termination. Since stakeholders have the ability to speed up, slow down or obstruct your progress, it is crucial to establish a proper stakeholder management strategy. Just realizing the importance of stakeholder management for any projects is not enough. It is the responsibility of organizations to take actions so that the best outcomes can be delivered in terms of profitability.

Leaders need to think outside the box and adopt strategies to reach the optimum benefits that an effective stakeholder management can offer. This will not only prevent potential obstructions but it will also actively support progress and ultimately improve the quality of results you deliver. An effective planning can be initiated with an innovative training and development program with the objective to up-skill the employees to the required level of expectation. Nowadays, modern learning methods are gaining traction through solutions such as simulations, gamification, e-learning, scenario-based e-learning and webinars.

The stakeholder management course at Procurement Academy, delivered through scenario-based videos, allows employees to experience real work situations. Such application-based e-learning programs provide them with the skills and knowledge which they can instantly apply in their jobs. In just a few clicks, they have the possibility to become acquainted with stakeholder management and eventually make use of best practices in their current role. The stakeholder management course at Procurement Academy has been specifically designed to allow companies create the most effective strategy to successfully manage their stakeholders.

What to expect from the course?

  • Identify your stakeholder’s interests and current level of support.
  • Use an understanding of human motivation to increase support – Move stakeholders through the change curve
  • Influence people using both hard and soft tactics and when each is more effective.
  • Present data for maximum effect.
  • Emotionally intelligent stakeholder management.

The course offers a 360 degree view about stakeholder management. Therefore employees learn about effective identification, understanding and management of stakeholders, their triggers and their expectations. This improves the ability to reduce risk, tailor mitigation measures and deliver a successful project. At the end of the day, a good training in stakeholder management has a direct impact over the outcome of any project. Some of the important elements to ensure successful stakeholder management are:

Stakeholder Identification

The more stakeholders you can identify and engage in your project, the more likely your project is to be implemented in a way that benefits the most stakeholders. A stakeholder can be a person or organization (e.g., customer, sponsor or the public) that is actively involved in the project, or whose interests may be positively or negatively affected by execution or completion of the project. Identifying the stakeholders is the key to prevent obstruction as you already know who your stakeholders are. As from there, strategies can be derived to manage them successfully.

Understanding of needs

Projects are temporary activities resulting into a distinctive product, service, or result. This might result into certain individuals, teams, and organizations being impacted. Each of these stakeholders has needs. The best project managers identify and seek to understand those needs early in the project.

Improved communication

Stakeholder management includes the identification of your stakeholders and seeking to understand their preferences. Equipped with this stakeholder information, project managers can develop a more efficient communications plan.

Management of expectations

Individuals, groups, or organizations believe that certain things are going to happen in the future, based on gossips or rumors. The winning project managers seek to understand and to shape the stakeholder’s expectations, guarding against costly false expectations. Good management of stakeholders throughout a project should ensure they view the project in a positive light, regardless of the actual outcome.

Handover process

It’s much easier to hand over the task to someone who already knows a bit about them and has been aware of the project’s development. Stakeholders who have been managed effectively will be more prepared to take the reins when your project reaches its conclusion.

Conclusion

The success or failure of a project depends highly on stakeholders. An effective stakeholder management ensures the successful completion of any project. This is a fact which is very often ignored by project managers. Sustainable benefits can be achieved in this field if competence development training is offered to employees. A good training and development on stakeholder management can act as a catalyst to bring about the best outcomes.

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