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Stakeholder Management Overview

Knowledge Areas Covered on the PMP® Certification Exam

One of the many responsibilities held by project managers is to manage the expectations of stakeholders. Stakeholder satisfaction is a key ingredient to the success of a project.

6 Benefits of Project Stakeholder Management

As part of becoming a Project Management Professional (PMP), you will study Chapter 13 of the Project Management Body of Knowledge, which consists of Stakeholder Management. This part of PMP involves developing a stakeholder management plan that will engage stakeholders in a project.

 

What Project Stakeholder Management Includes

One of the many responsibilities held by project managers is to manage the expectations of stakeholders. Stakeholder satisfaction is a key ingredient to the success of a project.

Successfully managing stakeholder expectations is often a difficult process. Many project managers face the problem of how to reconcile conflicting stakeholder demands. One of the solutions that many project managers have found to manage these as well as other challenges are to perform a detailed analysis of stakeholders including their needs and requirements for a project.

Despite the challenges that can come from creating projects that fulfill the goals of stakeholders, there are several advantages that project managers realize from developing project stakeholder management and this article will review some of these advantages.

# 1 - Fewer Surprises

Without training, a large number of people have experienced stakeholders that behave in surprising ways. In the most severe cases, stakeholders can unexpectedly begin to exert influence in a certain way that causes friction among coworkers. By mastering project stakeholder management, however, you will be able to create plans that are more likely to cause stakeholders to act in predictable ways.

# 2 - More Meaningful Involvement

Many business professionals who have never developed stakeholder management plans have not had the experience of adequately engaging stakeholders. By creating project management plans, you are able to understand how and when to best increase the participation and interest of stakeholders in projects.

# 3 - Increased Understanding of Shareholder Needs

Each project created by companies involve unique products or services that have a distinct impact on new and existing audiences. One of the considerations that must be considered with each project is that each stakeholder has needs that need to be met. Learning project stakeholder management lets business professional determine the specific needs of shareholders early on in projects and then make decisions that take these interests into consideration.

# 4 - More Efficient Shareholder Plans

Without an intricate understanding of what stakeholders care most about, business professionals often end up spending a much larger amount of time and energy in creating programs that satisfy the needs of stakeholders. By learning project stakeholder management, you become more efficient at creating programs that are advantageous to stakeholders. As a result, business professionals who master project stakeholder management are able to create and implement projects that require less of a time investment and still satisfy stakeholders.

# 5 - An Improved Understanding of Stakeholder Needs

Each stakeholder has unique concerns about potential conditions that could help or hinder the growth of a project. Many people discover through conversations with stakeholders how a project will probably impact their positions. While it is impossible that a business professional will ever make all stakeholders happy, by understanding shareholder concerns, you will likely have a much easier time making sure that stakeholders are content and satisfied with a project. By improving how stakeholders feel about a project, you are in turn making it easier for you to navigate a project.

# 6 - Improved Stakeholder Conversations

By increasing your understanding of stakeholder preferences and needs, stakeholder management allows you to better understand the preferences of workers. Once equipped with this information, project managers are then able to better communicate with stakeholders. These conversations frequently provide business professionals with improved skills at understanding how to best respond to the needs of stakeholders. Subsequently, many business professionals discover that this improved communication enables them to advance their career and bolsters the reputation of their stakeholder management skills.

Enroll in Our PMP® Certification Class Today

If you experienced missed deadlines or challenges that led to other types of extra work and cost, an understanding of project stakeholder management could be particularly helpful. By understanding the challenges that can arise in engaging stakeholders and discovering solutions to these problems, you can create projects that are successful like never before. As part of our PMP® Certification classes, you can take the steps necessary to not just project stakeholder management but all parts of PMP®.