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This video is about 8 important tips for managing stakeholders' expectations.
So let’s begin.
First we’ll be looking at Identifying Stakeholders.
One of the most critical aspects of project management is to develop and control relationships
with all individuals that the project impacts from.
To manage the stakeholder's expectations one should identify the stakeholders, analyze
their influence on the project and develop strategies to communicate, set boundaries
and manage competing expectations.
Let’s know about the Benefits you’ll get by doing so.
By successfully managing your stakeholders, you will be better able to keep a lid on scope
creep.
Ensure project requirements are aligned, understand tolerance for risk, and mitigate issues that
would otherwise delay the project.
Good stakeholder management is a testimony to your influence in an organization, and
a key component to a healthy project environment.
Let’s look at a few Challenges managers face.
As the project manager for a coveted account you are excited for the opportunity of a new
project, but anxious for a good outcome.
The team is assembled and you have every confidence that they will help you successfully meet
and exceed the client’s expectations.
But sometimes even the best-laid plans can quickly go awry, and you need to regain control
fast before your team loses motivation.
By properly managing the stakeholder’s expectations from the outset, the chances for a smoother
journey are much greater.
Here are the 8 Tips for managing stakeholder’s expectations
1.
Identify who the stakeholders are.
Most projects will have numerous stakeholders and not necessarily just the most easily recognizable.
The PMBOK® Guide defines a stakeholder as a person, or organization that is actively
involved in the project and has interests that may be positively or negatively affected
by the performance or completion of the project and may exert influence over the project.
That could include senior management in your own company.
You will then need to identify the other non-obvious stakeholders of this project.
Like the funders.
They normally take a quiet back seat behind the movers and shakers, but if you haven’t
considered their expectations you might lose an important influencer.
2.
Identify the stakeholder’s preferred method of communication.
By doing so you will help ensure the stakeholder remains content.
If you make the mistake of using the wrong method it will cause frustration and lack
of confidence and in turn reflect that you didn’t listen to their initial direction.
3.
Keep stakeholders engaged throughout the process with timely updates.
Ask the right questions, of the right people, at the beginning and throughout the project.
4.
Accurately map expectations.
Be crystal clear on the expectations from the stakeholder’s point of view.
Ask them how they will measure the success of the project.
Inevitably you will discover conflicting definitions of success.
For some, meeting the final deadline would be their priority and for some, the end-user
functionality of the final product means most important.
To manage these conflicts, one way is to facilitate a meeting of all stakeholders which will help
them come to mutually satisfying agreements.
5.
Classify the level of communication for each stakeholder.
Understand who requires hand holding and insists on receiving all details.
Who prefers a basic, occasional overview and who wants daily or weekly communication?
6.
Identify which stakeholders will be advocates and which will be road blockers.
Map your strategy accordingly.
7.
Engage the stakeholders in decision making.
You probably have already identified the best course of action, but present your findings
in such a way that you leave room for the stakeholders to feel they have been involved
in the process.
8.
The manner in which the project is accomplished is vitally important, not just delivering
on the required specs.
Stakeholders will remember the overall mood of the entire process.
Their measure of success is not just the finished product, but the way you attained the end
goal.
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