Stakeholder management, the key in project management.

Blog January 26, 2024

Stakeholder management is the most important part to solve in order to improve the performance of each participant, team efficiency and project success. As we know, project management is the coordination, planning process, execution and control of resources and tools of a project to achieve specific objectives.

In this Befree blog post we offer you the points to consider in stakeholder management for optimal project management.

How does stakeholder management help the project manager?

Stakeholder management helps the project manager to: identify, involve, analyze, and improve relationships with people who may affect or be affected by a project.

In this way, a better understanding of project needs and expectations can be obtained while identifying and reducing project risks.

Why is stakeholder management important?

The importance of stakeholder management is channeled into ensuring the success of the project by keeping stakeholders informed and focused, reducing risks, gaining valuable insights and increasing engagement.

In other words, having and executing a solid stakeholder management strategy can dramatically improve the performance of individuals, teams, tools, projects, and companies.

What makes up stakeholder management?

The components of management include: analysis, recording, prioritization, communication, governance, stakeholder roles and responsibilities, as well as a plan to execute them.

As a project manager you must continuously monitor and manage stakeholder relationships throughout the project life cycle.

What are the “Best Practices” of stakeholder management?

The most important are: transparency, clarity, inclusiveness and timeliness, thus establishing trust, understanding and collaboration between the parties that make up the project.

We can conclude that project leaders need to develop skills to serve stakeholders well. This complex and diverse management can determine the success or failure of a project.

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