The stakeholder management process – OPEN

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Topic 2.1: The stakeholder management process

The benefits of early and ongoing stakeholder management are numerous for both your project and your stakeholders.

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The benefits of early and ongoing stakeholder management are numerous for both your project and your stakeholders.

  • Higher quality decision-making
  • Increased efficiency and effectiveness of project delivery
  • Improved risk management practices, allowing risks to be identified and considered earlier, thereby reducing future costs
  • Greater engagement with stakeholder interests, ensuring outputs align with organisational objectives and outcomes
  • Enhanced community confidence in projects, and
  • Enhanced capacity to innovate

* Greater opportunities to contribute directly to project development

* More open and transparent lines of communication, increasing the accountability of the project team and driving innovation

* Improved access to decision-making processes, resulting in the delivery of more efficient and responsive services, and

* Early identification of synergies between stakeholder and project work, encouraging integrated and comprehensive solutions to complex issues

So how should you manage project stakeholders?

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A taxonomy is a classification scheme for concepts, principles or things.

A stakeholder taxonomy is therefore a categorical grouping of all the stakeholders you are likely to encounter in your project.

Such classifications are especially useful when trying to identify our likely project stakeholders, as we can use them to ensure that no group is overlooked.

Over the next few topics, we will introduce and define the stakeholder categories typical to most projects.

The inner-circle represents direct stakeholders – those high-need individuals and groups you will interact with on a regular basis.

The outer, indirect stakeholders should not be overlooked, however, as they bring their own unique suite of costs and benefits to project performance.

As your organisation projectises and matures, you should look to develop your own, detailed stakeholder taxonomy that more accurately depicts your project and operating environment.

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