Stakeholder management tools in project management play a vital role throughout the project to ensure the project’s success. So, in this article, we’ll discuss 08 tools needed for project stakeholder management.
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Why Important Stakeholder Management Tools in Project Management?
Stakeholder management tools are crucial aspects of any project because they play a vital role in identifying stakeholders, planning stakeholder engagement, managing stakeholder engagement, and monitoring stakeholder engagement. As a project manager, you can use numerous stakeholder management tools, but you must select them according to the nature of your project. Typically, these tools allow you to track and handle your interactions with stakeholders (primary stakeholders and secondary stakeholders). Furthermore, you can store project information, such as project progress, deadlines, etc., by using these tools. So, let’s explore 08 essential tools for project stakeholder management.
Related: Why stakeholder management is important in project management
08 Tools for Project Stakeholder Management
Project stakeholder management tools are essential in achieving acceptable outcomes or deliverables to stay within the project’s triple constraints. Typically, these tools include a stakeholder analysis matrix, stakeholder engagement plan, stakeholder communication plan, stakeholder feedback survey, RACI matrix, stakeholder dashboard, stakeholder register, and stakeholder mapping. So, let’s explore these tools one by one.
Stakeholder Analysis Matrix
Stakeholders are an essential part of any project. Therefore, as a project manager, you are responsible for balancing stakeholders’ requirements, getting their buy-in, and understanding when and how to involve them to complete your project successfully. So, it is crucial to keep stakeholders organized and understand when and how to involve them at the right time. Therefore, as a tool, you can use a stakeholder analysis matrix to map out your stakeholders based on their level of interest and influence on your project. The following are some vital steps for creating the stakeholder analysis.
- Create a list of all the stakeholders who will influence the project. When creating this list, you can ask these questions yourself, such as who is impacted by this project, who is invested in the project, who contributes to this project, and more.
- Determine the level of interest and influence for each stakeholder because it helps you understand who your primary stakeholders are the higher level of interest and influence. Through that, you can prioritize their needs throughout the project.
- Access stakeholder’s ability to participate because it helps you find ways to involve them.
After creating a stakeholder analysis table, you can visualize it as a stakeholder analysis matrix. However, a stakeholder matrix might also called a stakeholder map, power grid, or stakeholder chart.
A stakeholder matrix shows stakeholder interest in the project and their influence over the project. It involves four quadrant tools that help you evaluate how to manage your stakeholders. It is used to identify the appropriate level of engagement to gain the stakeholders’ buy-in and trust.
The following are some benefits of using a stakeholder management matrix.
- Identifying, analyzing, and categorizing project stakeholders and developing effective communication and engagement strategies
- Gaining a better understanding of your stakeholders’ needs, requirements, and interests to deliver better results
- Minimizing the possibility of misunderstanding among stakeholders and leveraging the positive influence of your stakeholders on project outcomes or deliverables
- Improving stakeholder management skills
- Increasing stakeholder satisfaction
- Reducing conflicts between stakeholders
- Boosting project performance
Accordingly, the stakeholder analysis matrix in project management plays a vital role throughout the project to increase the chances of the project’s success. Furthermore, you can create this tool using Google Sheets, MS Excel, or online templates.
Stakeholder Engagement Plan
Stakeholder engagement plan is another vital tool among project managers. So, this plan helps project managers outline how they will communicate and interact with their stakeholders throughout the project. Typically, it includes identifying stakeholders, defining communication strategies, determining key messages, and establishing a feedback system to ensure effective interaction and collaboration. Therefore, as a tool, this plan aims to build relationships, address concerns, and foster a sense of involvement among project stakeholders.
Furthermore, a stakeholder management plan helps you define project objectives, frequency, methods, and responsibilities for stakeholder engagement and evaluate its productiveness. However, as a project manager, you can create this plan using Google Docs, MS Word, or online templates.
Stakeholder Communication Plan
The stakeholder communication plan is a tool that can be used to plan and execute your communication and engagement activities with your stakeholders throughout the project life cycle. The following are some elements that should be included in this plan.
- Project purpose
- Project objectives
- Key messages and channels
- Frequency and timing
- Roles and responsibilities
- Budget and resources
- Evaluation and feedback system
However, this plan helps you communicate effectively, consistently, and transparently with your project stakeholders. Through that, you can build trust and support throughout the project. So, you can create this plan using project management software or templates.
Related: Why important project communication management when managing a project
Stakeholder Feedback Survey
A stakeholder feedback survey is another vital tool among project managers because it helps them collect and analyze the opinions and satisfactions of their stakeholders regarding the project’s progress. So, by using this tool, you can acquire benefits as follows.
- To identify the strengths and weaknesses of the project
- To improve the relationship between stakeholders
- To adjust the project plan if necessary
Therefore, you can create a stakeholder management survey using Google Forms or software. In addition to this tool, you can use interviews, focus groups, or workshops to ask your stakeholders questions regarding their needs, expectations, and attitudes. However, this will help you identify gaps, measure satisfaction, and enhance project performance.
RACI Matrix
The RACI matrix is a tool that helps project managers clarify and assign the roles and responsibilities of their stakeholders to complete the project successfully. Furthermore, it creates clear roles and gives direction for each team member. There are four types of participation included in this chart. Those are,
- Responsible – refers to those doing the work to complete the task or activity.
- Accountable – refers to those who ensure the work gets done.
- Consulted – includes those providing feedback, such as subject matter experts or decision makers.
- Informed – includes those needing to know the final decision or output is complete.
So, the RACI matrix helps project managers define authority and the level of involvement of each stakeholder for each task or deliverable. Then, you can avoid confusion and duplication and ensure everyone knows what they are expected to do and who to contact. Therefore, you can create this tool using a table, chart, or online template.
Stakeholder Dashboard
The stakeholder dashboard is another vital tool among project managers because it helps them visualize and report the status and progress of the project to their stakeholders. Furthermore,
this tool will help you communicate the key metrics, milestones, risks, and issues with your stakeholders effectively and efficiently. On the other hand, the stakeholder dashboard showcases the achievements and challenges of your project. So, you can create this tool using Power BI, Tableau, or project management software.
Stakeholder Register
The stakeholder register is a document that helps project managers record relevant information regarding stakeholders, such as their names, roles, expectations, requirements, contact details, and communication preferences. As a tool, the risk register helps the project manager keep track of stakeholders and their needs. As well as this document serves as a reference for your project team. So, you can create this document using MS Word, Google Docs, or online templates.
Conclusion
Stakeholder management tools in project management are essential for any project when executing it. There are numerous stakeholder management tools, but many project managers use these tools including stakeholder analysis matrix, stakeholder register, stakeholder engagement plan, stakeholder feedback survey, stakeholder dashboard, RACI matrix, and stakeholder communication plan.
