Last time we looked at the key challenges in project management that Project Managers face today. In this Quick Tips article we will look at the first one of these:
Managing Stakeholder Expectations
Managing stakeholder expectations is a critical aspect of project management. It involves identifying stakeholders, understanding their needs, expectations, and concerns, and developing a plan to address them. As a project manager, it's important to keep stakeholders informed throughout the project lifecycle, involving them in key decisions, and communicating progress and updates regularly.
To effectively manage stakeholder expectations, project managers should:
- Identify stakeholders: Identify all stakeholders who have an interest in the project, including internal and external stakeholders, such as project sponsors, team members, customers, suppliers, and regulatory bodies. There are a number of models that help collate these including CPIG segmentation which is particularly useful when used alongside a stakeholder RADAR or Bullesye Map. This provided a visualisation of the individual stakeholders segmented by (C)ustomers, (P)roviders, (I)nfluencers and (G)overnance and their relative importance with more important stakeholders near the center of the map.
- Understand stakeholder needs: Understand what each stakeholder needs and wants from the project, their expectations, and concerns. Conduct stakeholder analysis to prioritize stakeholders based on their influence and interest in the project. For key stakeholders developing a "Persona" for the stakeholder with an associated Empathy Map (what they think and feel, hear and see, say and do and what they will gain or lose from the change.
- Develop a stakeholder management plan: Develop a stakeholder management plan that outlines how you will engage with stakeholders, what information you will provide, and how you will manage their expectations. The plan should include communication channels, frequency, and the level of detail required.
- Communicate effectively: Communicate regularly with stakeholders, using different channels such as email, meetings, status reports, and project dashboards. Ensure that all stakeholders receive the information they need in a timely and accurate manner.
- Manage conflicts: Conflicts are inevitable in any project, and managing conflicts among stakeholders is a critical aspect of stakeholder management. Develop a conflict management plan to resolve conflicts and prevent them from escalating.
- Monitor and adjust: Monitor stakeholder engagement and adjust your stakeholder management plan as necessary. Seek feedback from stakeholders to improve communication and engagement. The use of tools such as SLIDO during presentations and workshops is providing real time feedback of the key messages and concerns of the participants.
By effectively managing stakeholder expectations, project managers can ensure that all stakeholders are aligned on the project's goals, timelines, and budget, and that the project meets their expectations. This can increase stakeholder satisfaction, improve project outcomes, and help build stronger relationships with stakeholders.
