Stakeholders can be any person or group that has a vested stake in the success of a project, program, or portfolio. It can be individual team members, functional groups, sponsors, vendors, and definitely customers. Expectations of all stakeholders must be carefully identified, communicated, and managed. Missing this can lead to misunderstandings, conflict, and even project failure.
Once the project is confirmed and before it is executed, there are steps that can be taken to set realistic stakeholder expectations around achieving identified goals. Here are just some steps.
· Assembling the right team that is specific to the project goals. The team members should have the skills and knowledge to deliver.
· Leave sufficient time in advance of a project for key individuals to delve into and discuss issues and goals before the project begins.
· Ensure the project timeline, and scheduled tasks are realistic.
Project scope
Within the planning stage of a project, all project details need to be solidified, including goals, deliverables, assumptions, roles, tasks, timeline, budget, resources, quality aspects, terms, and so on. The customer and key stakeholders work together to solidify and agree on the scope before the project can begin. The scope guides the project work and any changes to the scope of the project must be presented and approved as a scope change request.
Project budgets
Budgets play a large role in whether a project progresses, or if it can be completed. Few companies have an unlimited budget, so the first thing project stakeholders look at in determining whether a project succeeded or failed is the bottom line. This fact fuels the pressure project leaders, and their teams face with each passing day. As such, effective budget management is a primary area of focus for project managers who value their careers. The following are five strategies for maintaining control of your project budget before it succumbs to whopping cost overruns:
· understand stakeholder’s true needs and wants
· budget for surprises
· develop relevant KPIs
· revisit, review, re-forecast
· keep everyone informed and accountable