Critical component of your project - stakeholder management

It’s very important to satisfy your stakeholders. Without their support, project may go for a stake. There cannot be a single pill for all problems likewise you cannot have a standard strategy for managing all your stakeholders. The strategy has to be customized based on their interest, Influence & power towards the project.
Referring to the above matrix, let us review each of the quadrants
High Interest & Low Power – Example an interested team member. The team member, interested in the project but do not have power to influence any part of the project. Such stakeholders should be “Keep Informed”. If you ignore them, their interest in the project goes down as they do not see that you value them and their cooperation for the project goes down. Hence, keep them informed of what is happening in and around the project and consult them on interest areas.

Low Interest & Low Power – Example any support team/department like procurement department. They may not have interest in this project as it doesn’t add any value to them instead increases the work load and also low power to influence the project. Monitor them, as suddenly their support requirement for this project may increase or they may get promoted increasing their power. If you do not monitor them consciously, they may impose problem to the project. Hence just keep monitoring them to see whether interest/ power increases and inform them on the project via general communication like mails, newsletter. High Power & High Interest – Example your client or your sponsor. Their power and interest is high in this project. The most important category. If they are not satisfied, the project goes for a toss. Manage them closely by focusing on them, involve them in decision making, engage and consult them regularly High Power & Low Interest – Any functional or HR head, partner of the client’s organization who may be against this project being given to your organization. Their power is high to influence and interest is low in the project. Understand their basic needs, satisfy their needs, watch out for the common interest areas and satisfy the same. Managing the stakeholder is not only in project, it applies in operation and even in our personal life. Don’t you think your spouse and your kids (and more to say) are stakeholders in your life?

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