Managing Project Stakeholders: A Strategic Approach

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Managing Project Stakeholders: A Strategic Approach

by Michael Wood

September 2, 2008


What does it take to manage the stakeholders of a project and why is it so important? More than ever, the most challenging part of a project isn’t the budget or the time constraints but rather the politics in play. Keeping stakeholders happy is no easy task, and when they are not happy, bad things can happen to projects, project managers and their teams.
 
The problem is that far too many project managers see stakeholders as necessary evils, and in so doing create their own demise. Project stakeholders can make or break a project. When happy they can provide support, resources and slack, but when unhappy they can create stress, micromanage, sabotage efforts and wreak havoc. So what does it take to manage project stakeholders? Perhaps the answer can be found in the approach use to evaluate how they are most likely influence that success.
 
Those who have a vested interest in the outcome of a project are stakeholders in that project.



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