Stakeholder Management Strategies
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=Abstract= | =Abstract= | ||
| − | Stakeholder Management is a substantial practice that needs to be focused on throughout the life cycle of the project. A successful collaboration between an organization and its stakeholders is based on working together to achieve common objectives. | + | '''Stakeholder Management''' is a substantial practice that needs to be focused on throughout the life cycle of the project. A successful collaboration between an organization and its stakeholders is based on working together to achieve common objectives. (PMBOK). Stakeholder management is a significant step towards the project's success, in terms of Project, Program, and Portfolio management. In practice, various frameworks have been built for efficient and effective stakeholder management in a project. It aims to identify all the relevant stakeholders, in order to categorize and prioritize them based on their importance, impact, and power using alternative mapping tools, to profile stakeholders, and prepare for their participation, and to achieve the stakeholder management processes. |
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| + | The significant sight in project success is effective communications between all stakeholders, where structured communication is adhesive that holds everything together. Effective communication can be served as a great technique to structure and manage the stakeholder at multiple levels. Besides, the Communications Strategy sets the groundwork for the potential progress of the combined organization. Communication and stakeholder interaction processes and strategies are often characterized as 'fragile,' dealing with various stakeholders, and designing suitable knowledge sharing messages is difficult because of unforeseeable project actions and uncertainty, and it is difficult to establish reliable means to evaluate progress or even success in engaging stakeholders effectively (Kirti Rajhans). A slice of stakeholder management is also to have an effective communication plan. | ||
| + | This article offers a critical viewpoint of the existing Stakeholder management strategies, intending to fulfill the void in the literature. The focus of this article is to shed light on key challenges and uncertainties in stakeholder management, by leveraging Social Network Theory an effective methodology with a framework to use communications as an efficient tool for managing successful stakeholder connection at all levels. | ||
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By Shubham Ingole | By Shubham Ingole | ||
| − | = Introduction = | + | = Challenges in Stakeholder Management = |
| − | = | + | == Uncertainty in Stakeholder Management == |
| + | = Introduction to Stakeholder Management = | ||
| + | == Identifying Stakeholders == | ||
=== Internal Stakeholder === | === Internal Stakeholder === | ||
=== External Stakeholder === | === External Stakeholder === | ||
| − | = Stakeholder | + | == Stakeholder Analysis == |
| − | === | + | === Influence vs interest grid === |
| + | === Directions of influence === | ||
==== Salience Model ==== | ==== Salience Model ==== | ||
| − | === | + | = Stakeholders Engagement = |
| − | = | + | == Social Network Theory == |
| − | = | + | === Two-step flow of communication hypothesis === |
| + | === The theory of weak ties === | ||
= Conclusion = | = Conclusion = | ||
= Annotated Bibliography = | = Annotated Bibliography = | ||
Revision as of 23:23, 21 February 2021
Contents |
Abstract
Stakeholder Management is a substantial practice that needs to be focused on throughout the life cycle of the project. A successful collaboration between an organization and its stakeholders is based on working together to achieve common objectives. (PMBOK). Stakeholder management is a significant step towards the project's success, in terms of Project, Program, and Portfolio management. In practice, various frameworks have been built for efficient and effective stakeholder management in a project. It aims to identify all the relevant stakeholders, in order to categorize and prioritize them based on their importance, impact, and power using alternative mapping tools, to profile stakeholders, and prepare for their participation, and to achieve the stakeholder management processes.
The significant sight in project success is effective communications between all stakeholders, where structured communication is adhesive that holds everything together. Effective communication can be served as a great technique to structure and manage the stakeholder at multiple levels. Besides, the Communications Strategy sets the groundwork for the potential progress of the combined organization. Communication and stakeholder interaction processes and strategies are often characterized as 'fragile,' dealing with various stakeholders, and designing suitable knowledge sharing messages is difficult because of unforeseeable project actions and uncertainty, and it is difficult to establish reliable means to evaluate progress or even success in engaging stakeholders effectively (Kirti Rajhans). A slice of stakeholder management is also to have an effective communication plan. This article offers a critical viewpoint of the existing Stakeholder management strategies, intending to fulfill the void in the literature. The focus of this article is to shed light on key challenges and uncertainties in stakeholder management, by leveraging Social Network Theory an effective methodology with a framework to use communications as an efficient tool for managing successful stakeholder connection at all levels.
By Shubham Ingole
Challenges in Stakeholder Management
Uncertainty in Stakeholder Management
Introduction to Stakeholder Management
Identifying Stakeholders
Internal Stakeholder
External Stakeholder
Stakeholder Analysis
Influence vs interest grid
Directions of influence
Salience Model
Stakeholders Engagement
Social Network Theory
Two-step flow of communication hypothesis
The theory of weak ties
Conclusion
Annotated Bibliography
Reference
1. ISO 21500, Guidance on Project Management. 2. PMBOK(Project Management Body of Knowledge) Guide – 5th Edition (2017). 3. Freeman, R. Edward, and McVea, John, A Stakeholder Approach to Strategic Management (2001). Available at SSRN: [1] or [2] 4. [3] Strategies for Dealing With Difficult Stakeholders, By Ian Haynes, September 25, 2020
