The Importance of Creating a Stakeholder Management Plan After Business School

January 10, 2022

Improve your collaboration and communication!

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Successful projects are an outcome of effective management. Here, professionals need to consider various factors simultaneously—including budgets, deadlines, and stakeholder expectations. These stakeholder expectations become a crucial part of project management, especially since meeting them can define the success of your efforts.

Different stakeholders may have a wide range of needs and expectations. In order to navigate this and better address each vested interest, professionals can rely on effective stakeholder management plans. Through them, project managers can ensure that deliverables and stakeholder expectations are consistently in sync. Here’s a closer look at how stakeholder management plans can enhance your leadership and project management efforts.

Understanding the Purpose of Stakeholder Management Plans

Stakeholder management plans focus specifically on individuals who have a particular interest in your project, as well as those who may be impacted by it. These individuals, or stakeholders, can include anyone from project team members and sponsors to company executives and clients. Many projects will likely involve a variety of stakeholders, including key project stakeholders who can directly influence your project.

To better manage these different players, each with their own interests and expectations, professionals can rely on a stakeholder management plan. This document clearly outlines how you and your team will achieve project goals and meet stakeholder expectations throughout the project lifecycle. In this way, you can begin to cultivate a stakeholder management strategy that can effectively resolve potential conflicts and promote your success.

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Stakeholder management plans can help business school graduates better analyze a project’s key stakeholders

Exploring the Benefits for Professionals With an MBA in Project Management

Professionals with an MBA in Project Management can greatly benefit from stakeholder management plans, which can improve communication and streamline project efforts. By creating this plan, you’ll be in a better position to understand your stakeholders and analyze their motivation—allowing you to effectively anticipate their needs. Communication can then become easier and more direct, especially since team members would have a clearer understanding of what needs to be done.

An effective stakeholder management plan can also help with engaging stakeholders, positively impacting your project. Through this document, you’ll have the opportunity to improve how you work with key stakeholders who have access to project assets – like materials or funds – or have the power to make big decisions. Creating a plan that uniquely addresses these stakeholders can serve to improve your collaborative efforts, leading you to success.

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Project managers can use stakeholder management plans to improve their collaboration and communication

Tips for Creating an Effective Stakeholder Management Plan

Attending an MBA school will help you develop new skills and expertise in project management, equipping you with an up-to-date toolbox that you can use when managing different projects in your field. These skills can be combined with an effective stakeholder management plan to further strengthen your efforts.

Here, you’ll want to list each stakeholder, their role, and their contact information. You’ll also want to include individual stakeholder expectations and preferences, creating an action plan that addresses each point. It may help to start as early as possible, updating your document as the project continues to grow. Ensuring transparency and open communication are key aspects of a successful plan, helping you provide and receive the support you may need. With these steps in place, you’ll be able to create an effective plan that can help you meet your project objectives more efficiently. 

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