Stakeholder Management Strategy

This section should introduce and discuss the goals and objectives of the Stakeholder Management Strategy for the project. Effectively managing stakeholders is a key component of successful project management and should never be ignored. Proper stakeholder management can be used to gain support for a project and anticipate resistance, conflict, or competing objectives among the project’s stakeholders.

The Stakeholder Management Strategy for FiberTech’s LightWave Cable Project will be used to identify and classify project stakeholders; determine stakeholder power, interest, and influence; and analyze the management approach and communication methodology for project stakeholders. This will allow us to identify key influential stakeholders to solicit input for project planning and gain support as the project progresses. This will benefit the project by minimizing the likelihood of encountering competing objectives and maximizing the resources required to complete the project.

Early identification and communication with stakeholders is imperative to ensure the success of the LightWave Project by gaining support and input for the project. Some stakeholders may have interests which may be positively or negatively affected by the LightWave Project. By initiating early and frequent communication and stakeholder management, we can more effectively manage and balance these interests while accomplishing all project tasks.

This section should discuss the methodology the project team will use to identify stakeholders and how stakeholders are defined. It is imperative that all stakeholders are identified regardless of how major or minor they are. This is because they will be categorized after they’re identified. If stakeholders are omitted there is a likelihood that they may become evident at some point during the project’s lifecycle and introduce delays or other obstacles to the project’s success. Great care and effort should be dedicated to this step of the Stakeholder Management Strategy.

The LightWave Project Team will conduct a brainstorming session in order to identify stakeholders for the project. The brainstorming session will include the primary project team and project sponsor. The session will be broken down into two parts. The first part will focus on internal stakeholders within FiberTech. These stakeholders may include functional managers, operations personnel, finance personnel, warehouse and material handlers, and any other FiberTech employee who will be affected by the LightWave project. The second part of the session will focus on external stakeholders. These may include suppliers, trial customers, partner organizations, or any other individuals who reside outside of FiberTech.

The following criteria will be used to determine if an individual will be included as a stakeholder:

1) Will the person or their organization be directly or indirectly affected by this project?
2) Does the person or their organization hold a position from which they can influence the project?
3) Does the person have an impact on the project’s resources (material, personnel, funding)?
4) Does the person or their organization have any special skills or capabilities the project will require?
5) Does the person potentially benefit from the project or are they in a position to resist this change?

Any individual who meets one or more of the above criteria will be identified as a stakeholder. Stakeholders from the same organization will be grouped in order to simplify communication and stakeholder management.

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