What is Stakeholder Management?

Stakeholder management is a set of techniques that harnesses the positive influences and minimizes the effect of the negative influences. Stakeholder Management is very Important. Good project managers begin their projects by identifying stakeholders, understanding their role in the project, identifying their project-related expectations, and, relative to other stakeholders, confirming common expectations while resolving expectations that are in conflict.

Stakeholder management for a project is the responsibility of the project manager. On larger projects or where the project is part of a program, there may be assistance from a support function. It comprises four main steps:

-Identify stakeholders;

-Assess their interest and influence;

-Develop communication management plans;

-Engage and influence stakeholders.