Legal Project Management: How much power or influence do stakeholders have on the project?

Spend as much time as possible engaging the stakeholders who wield the most power and influence over your project, set deadlines, assign responsibilities and monitor and summarize progress of project. As well as, governance arrangements should be reviewed and, if necessary, revised as the project progresses.

External Requirements

Even organization with the same name within different organizations would usually have different amount of power to influence project requirements, it should firstly be noted that a stakeholder is a person with a vested interest in the outcome of the business transaction or project deliverable, hence there are internal and external stakeholders to manage, these can be categorized into stakeholder groups e.g, additionally, researchers need to take into account the needs and concerns of stakeholders and user groups with an interest in the research, from the beginning of a project.

Financial Management

Effective project managers understand the importance of setting the right goals and milestones to successfully deliver projects and impress organizations and stakeholders, organizational management is largely influenced by the opinions and perspectives of internal and external stakeholders. As a result, its operations and financial results).

Other Activity

Terms of stakeholder refers to individual or groups who can effect or effected by a corporation activity, no consideration of issues management would therefore be complete without giving explicit recognition to the influence of organizations and groups outside the corporate realm, for example, key stakeholders should be closely involved with business decisions, whereas other organizations may require less involvement.

Present Business

Another common source of confusion for beginners is the difference between the work breakdown structure, project schedule, and project plan, in the contemporary competitive project management marketplace, the necessity for project control in every facet of a project, from conception to delivery, is important now more than ever before, then, a stakeholder analysis can make the stakeholders more involved hence ensuring your business or organization that the support of stakeholders from different levels of power and influence will have to be present.

If you understand what the stakeholder requires from the project, you will have to be in a much better position in the negotiations to obtain what the project needs from the stakeholder, the importance of stakeholder management to the success of your organization cannot be underestimated – without exaggeration, it is far more than customer focus, it is about actively understanding and managing the positive, negative and changing influences from a range of stakeholders, furthermore, project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholders needs and expectations from a project.

Deliverables Data

Identifying other or secondary stakeholders can be done either brainstorming or interviewing with experts, project management team on the project area, collect relevant data about akin individuals and organizations using information-collection sheets. In conclusion, you need to decide how much focus you put on the quality of the project, and how much on the quality of the deliverables.

Akin relationships impact on the individuals and organizations, that could be positive, or have a negative influence on any successful project, stakeholders who have greater power or influence and a strong interest in the project should be managed closely and continuously updated, also.

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