Managing stakeholders

Abstract

According to the ISO 21502 standards, a stakeholder a person, group or organization that has interest in, or can affect, be affected by, or perceive itself to be affected by, any aspect of a project, programme or portfolio ( ). Stakeholder management is the process of organizing, monitoring and improving relationships with stakeholders.

When managing stakeholders, it is necessary to identify all the stakeholders, analyze their needs and expectations, as well as planning and carrying out various tasks in order to engage with them. Effective stakeholder management necessitates not only understanding the values and issues that stakeholders must address, but also keeping all stakeholders on board and interested in the duration of the project.

A stakeholder analysis is used to identify the project's stakeholders. It is a critical step in ensuring that the project will be a success. Identifying your project's stakeholders, particularly those who will be impacted indirectly can be a challenge. The power-interest grid is a popular and tested way to get a better understanding of the interest level of stakeholders. The stakeholders are placed on the grid based on their power in the project and interest, they are then managed according to the placement. If the stakeholders have both high interest and high power, then they must be very closely managed, and more effort must be made to satisfy them. However, if the stakeholder has low power and interest, they do not need to be closely managed but should still be monitored and not over-communicated.

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