In this article, we will discuss the stakeholder management plan as it is a crucial part of project management. The success of the project is greatly affect by the key stakeholders. You have to make strategies in order to satisfy the expectations of the stakeholders. For this purpose, you should have a better understanding of the stakeholder management plan.
The stakeholder management plan is actually the document that contains all the detail about the activities that are needed to be done to make the participation of the stakeholder most effective. Stakeholders may be a customer, subcontractor, and supplier as well.
Excel provides us with a variety of templates in the field of project management. One of these templates is the stakeholder management plan template. It makes it easier to plan for this purpose and make better decisions for the future of your project.
- It determines the suitable and eligible stakeholder for the project
- This is helpful in analyzing the expectations of the stakeholders and also determining their impact on the project.
- It provides appropriate tactics and mechanisms for engaging the stakeholder within a project.
- This is helpful in monitoring the stakeholder engagement process and making everyone aware of the risks that may arise during the project lifecycle (project life cycle Template)
Related Article: Stakeholder Register Template
Stakeholder management plan ensures that stakeholder is fully involved and attached to the project throughout the project life cycle. The primary components that are involve in the stakeholder management plan are the name of the stakeholder, their role, and contact information as well.
Benefits of Stakeholder Management Plan
Before you know how to write an effective stakeholder management plan, it is necessary to understand the benefits and importance of a stakeholder management plan in the field of project management. A well-executed management plan is a key to the project’s success.
Increase Focus and Clarity of Role
Realistic expectations are set by the project manager in order to identify and clarify the roles and focuses of the stakeholders. It is eventually helpful in enhancing productivity as well as focus. When each and every person understand their role and responsibilities it is easy to be on track and within the scope throughout the project lifecycle.
It is a very challenging task to keep the stakeholders engaged with the project as they are usually busy with multiple projects. So in this case stakeholder management plan template provides you with the best planning that gets the attraction of the stakeholder. It is also helpful in giving them more benefits than other projects to gain their attention.
It is helpful in identifying the possible risk and making better strategies to manage those risks so that your project may not face any hindrances and downfalls. If you have an effective risk management plan, you can have your project on track and within the scope. This is best for the health of your project.
This is helpful in better anticipation of needs of the stakeholders as well as actively addressing their perspectives, this creates a better understanding among the stakeholders and the team member, this better relation leads the project towards success.
How To Create a Stakeholders Management Plan Template
For the creation of an effective and efficient stakeholder management plan template, there are some important components that should be part of a plan to make it work better way. Some of the components are,
Use of best Tools
You have to make sure that you are using the best tool or template in order to manage your plan. It will help you manage your work in an appropriate way. Make consistency just to make sure that your plan is different from the other plans
Early Engagement of Stakeholder
You should have involved or gotten the stakeholder engaged in your plan even if when your plan is off the ground. This ensures the success of your project.
Stakeholders get change throughout your project lifecycle. Each stakeholder has its own expectations and they change with the passage of time. You have to upgrade your plan on a regular basis so that you meet the expectations of each stakeholder.
Transparency is the best way to build trust. When there build trust between the stakeholders and the team member. They will have greater support and corporation from the stakeholders. This is very healthful for the future of your project. Frequent and clear communication both ways create transparency.
Prioritize the Stakeholder
By getting the stakeholder prioritized according to their influences and interests it is easy to understand that where you have to put all your efforts and focus.
Management of Conflicts
You should have possible side-way plans in order to face any kind of conflict in your project. This will help you avoid any kind of delays in the completion of your project.