Stakeholder Management
Stakeholder Management
Juan Webb
CPMGT 301: Strategic Planning and Portfolio Management
Instructor: Ray Krum
May 29, 2006
Stakeholder Management
Until recently, I was not aware of the term "Stakeholder" as it relates to project management or the need for their management. Over the past seven years, I have been witness to projects that were driven away from their intended purpose for no apparent reason. I have been witness to projects that were considered to be very important to the company's vision but were abruptly terminated at a moments notice. Conversely, projects that were a complete waste of time and a drain on the company's resources were continued without reason. I am beginning to understand that these decisions were most likely driven by "Stakeholders". "Stakeholder management is critical to the success of every project in every organization I have ever worked with. By engaging the right people in the right way in your project, you can make a big difference to its success" (Rachel Manktelow)
Stakeholder's Definition
In the early days, a stakeholder was a person who holds money and property while its owner is being determined. For project management, the term has evolved to include a person or organization that has a legitimate interest in the activity being performed. For clarity, stakeholders are broken into two separate categories; primary and secondary. Primary stakeholders have a legal or contractual relationship to the project such as the banker who finances a new construction project. Secondary stakeholders do not a have a legal or contractual relationship to the project but are affected by the outcome such as the residents of a community that is undertaking a construction project on one of its major roads.
Stakeholder Management Process
The management process is centered around identifying, analyzing, and communicating with the stakeholders...
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