Stakeholder management
Stakeholder management is the process of determining, evaluating, and formulating plans for interacting with and overseeing the different organizations and people that have a “stake” in a project. Project failure or derailment is inevitable if stakeholder concerns and priorities are ignored. Ichsan et al. (2023), no matter how simple a project seems, it will always involve a number of stakeholders, each with their own goals, viewpoints, and approval requirements.
Stakeholder management strikes a chord with me because, despite being vital to project success, it is frequently disregarded or undervalued, particularly on smaller projects. I have previously worked on initiatives that failed as a result of improper early engagement of important stakeholders. Ichsan et al. (2023), their ability to help or hinder the project needed to be more valued, their inputs needed to be requested, and their support was taken for granted rather than actively sought.
Frameworks for proactively identifying stakeholders and creating customized engagement strategies are provided by the discussed stakeholder analysis and management tools, such as communication planning and stakeholder mapping (Ichsan et al., 2023). These procedures are crucial because even members of the project team who may have a thorough understanding of the work may need to be made aware of the particular interests and viewpoints of some stakeholder groups.
Based on the knowledge gained from this training, one of the areas I would like to personally concentrate on developing moving forward is the implementation of strong stakeholder management. As projects progress, making the initial effort to assess the stakeholder landscape and create focused strategies can help avoid problems and promote buy-in. This investment serves as further evidence that managing stakeholders is a continuous effort rather than a one-time event that occurs at the beginning of a project. Stakeholder relationships need to be developed and watched constantly (Ichsan et al., 2023),..
Risk management planning
The emphasis on proactive risk management planning struck a deep chord with me as well. So many projects encounter significant roadblocks and fire drills that, with adequate risk assessment, analysis, and response planning, may have been anticipated and prevented.
The methodical procedure that was outlined for identifying project risks, assessing them for impact and probability, and then creating risk response plans really stood out to me (Taylor, 2023). With the use of a formalized “risk register” provided by the risk management strategy, the team is better equipped to proactively monitor and address risks as they arise throughout the project.
One of the most important lessons I learned was that risk management must be approached in a timely manner and an ad hoc fashion. It needs to be well-planned and analyzed in advance, just like stakeholder management (Taylor, 2023). More than being aware of hazards is required; you also need to comprehend their features, specifically identify them, and have prepared responses ready for when they arise. These steps are required during the planning phase.
I recognized the psychological benefits of risk planning in addition to its methodological advantages. You will automatically go from an aggressively positive outlook to a more realistic, balanced perspective regarding your idea as you methodically think through the potential problems with it (Taylor, 2023). This fosters a vigilant but healthy attitude without going too far toward cynicism or paralysis.
In conclusion, although risk assessment and stakeholder management may appear like laborious upfront tasks, they are priceless investments that will raise project success rates. Early on, they need focused effort, but that work pays off later on when stakeholder support is greater, risks are reduced, and project predictability and control are improved. Taking everything I have learned from this course into account, these are the areas I will give top priority on my upcoming projects.
Reference
Ichsan, M., Sadeli, J., Jerahmeel, G., & Yesica, Y. (2023). The role of project management office (PMO) manager: A qualitative case study in Indonesia. Cogent Business & Management, 10(2), 2210359.https://www.tandfonline.com/doi/abs/10.1080/23311975.2023.2210359
Taylor, P. (2023). Projects: Methods: Outcomes: The New PMO Model for True Project and Change Success. Taylor & Francis.https://books.google.com/books?hl=en&lr=&id=tIHkEAAAQBAJ&oi=fnd&pg=PT10&dq=The+topic+of+project+risk+management+was+another+element+that+struck+a+chord+with+me.+in+PMO&ots=iKkl7LkiND&sig=_EQroGkOJsuJ8UO8NB7WrPHHdgU
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