Why stakeholders matter

- Imagine a technology project. The team plows through coding, testing, drafting user manuals and even training and yet, when it's time to go live, the project stalls, is put on hold, and then eventually forgotten. Now, think about a large multinational retailer entering a brand new market. Exciting, right? Building a new retail facility, fully stocking and staffing it and then waiting for several more years to actually open the doors to the customers. The project can be technically solid, completed within scope, schedule and budget, and it could still struggle if the project team fail to manage requirements and expectations of the people who can influence the project outcomes. As a matter of fact, the Project Management Institute states in its Pulse of Profession Report that the primary reason for project failure is inadequate sponsor support. Your project sponsor is a key stakeholder who provides resources for your project and advocates for the project from initiation to closure. In other words, you need project stakeholders who are highly invested in the project and have considerable stakes in the project's success. In addition to the project sponsor, there are other people in groups whose interest may be positively or negatively impacted by the project as well as anyone who can have positive or negative influence over the project. Typically, your key stakeholders would be your project sponsor, project team, subject matter experts and functional managers who will provide team members to perform project work. Other stakeholders might include consultants, regulators and community groups. You should always think who will be impacted by my project and who can help with its success. Each stakeholder will have their expectations and needs for the project. These needs will inform the project requirements which in their turn will impact every component of your project, from execution to sign-off. In addition to their requirements, stakeholders have perceptions and attitudes towards the change the project is designed to bring. Stakeholders with positive attitudes may be strong champions and great contributors. On the contrary, if a stakeholder doesn't see the value in the work or is concerned about the impact, they may be resistant. There is no better way to demonstrate the value of proper stakeholder management than a successful project that goes beyond technical execution and empowers organizations to adopt the change and fully realize promised benefits. Who are your project stakeholders? Consider, are they supportive or resistant? Know who your stakeholders are, understand the requirements and help them gain and maintain positive attitudes towards the change. This will secure much needed support for your project goals, resources for your project work as well as acceptance of the end result.