So why do we practice stakeholder management?

Stakeholder management is a vital aspect of project management. It involves identifying, understanding and strategically managing individuals, groups or institutions who can either impact or be impacted by a project. So it's a two-way relationship between the project and the stakeholders. And this means we should take a proactive approach to ensure smooth project execution.

There are various key benefits of stakeholder management. Firstly, we have support and cooperation. Stakeholders can be valuable allies. They can offer support and cooperation for the project. Powerful stakeholders, whether they're in government, business or if they're even just influencers in the community, can contribute significantly to a project's success.

Engaging stakeholders also gives us insight and understanding. Stakeholders can give us valuable insights that enhance the project's understanding of the situation. Our stakeholders can give us unique perspectives that will help us in designing and delivering more effective projects.

Stakeholder management also helps us to anticipate reactions such as stakeholder support or concerns, enthusiasm or resistance. When we understand these reactions, it helps the project team to tap into the positive sentiments and address concerns promptly.

And if there is resistance, stakeholder management can support us in addressing this. For those stakeholders with negative perceptions, our stakeholder analysis helps us to formulate strategies to address their fears and gain their support. This helps to minimize interference and ensures stakeholder alignment with project goals.