In this series of blogs we’ve been outlining core skills that teams need for managing projects, programmes, and portfolios. In this last one, we’re discussing why stakeholder management is an essential ability.
The public sector, as well as other organisations, are responsible for initiatives that involve many different internal and external stakeholders. And all of them will have varying needs, interests and priorities which need to be considered. But if their requirements are not met and managed well, this could lead to issues, such as:
Internal and external stakeholders have a huge influence over resources, investments, and key project decisions. Which is why it’s so important to identify key stakeholders, communicate project objectives and status, manage expectations, and engage with them to get their input at every opportunity.
And this is why stakeholder support (or lack of support) can make or break a project.
Stakeholders have the power to contribute key project resources, finances, guidance, team members, etc. But it’s also important to consider that if you neglect to share key information, align goals and objectives, and manage expectations, project outcomes could end up disappointing and disengaging stakeholders.
So, stakeholder management is vital for keeping stakeholders up to date and giving them the
information they need to make key decisions.
Here are some potential signs to look out for:
Our Learning Hub is a complete digital learning solution for all your project, programme, and portfolio management training needs. Watch our webinar ‘Maximising Efficiency Key project management skills to help you do more with less’ to learn more about the importance of stakeholder management, and how the ILX Learning Hub can support you and your team.