Stakeholder management
The importance of stakeholder management is to support an organization in achieving its strategic objectives by interpreting and influencing both the external and internal environments and by creating positive relationships with stakeholders through the appropriate management of their expectations and agreed objectives.
Stakeholder Management is a process and control that must be planned and guided by underlying Principles. Stakeholder Management, within business or projects, prepares a strategy utilising information (or intelligence) gathered during the following common processes:
1.Stakeholder Identification - Interested parties either internal or external to organisation/project.
2. Stakeholder Analysis - Recognise and acknowledge stakeholder's needs, concerns, wants, authority, common relationships, interfaces and align this information within the Stakeholder Matrix.3. Stakeholder Matrix - Positioning stakeholders according to
the level of influence, impact or enhancement they may
provide to the business or it's projects.
4. Stakeholder Engagement - Different to Stakeholder
Management in that the engagement does not seek to
develop the project/business requirements, solution or
problem creation, or establishing roles and responsibilities. It
is primarily focused at getting to know and understand each
other, at the Executive level. Engagement is the opportunity
to discuss and agree expectations of communication and,
primarily, agree a set of Values and Principles that all
stakeholders will abide by.
5. Communicating Information - Expectations are
established and agreed for the manner in which
communications are managed between stakeholders - who
receives communications, when, how and to what level of
detail. Protocols may be established including security and
confidentiality classifications.)
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