Stakeholders are considered to be individuals, a group of individuals, and all other internal and external parties to the organization that may influence the program or be influenced by its realization positively or negatively.
Stakeholders generally expect a positive result from the program, its projects or parts of the projects.
They may provide valuable input for the program and projects at early stages or during the program realization.
Stakeholders may be the main source of defining program and projects scope and requirements.
Stakeholders can be investors or their representatives, other external parties, clients, partners, authorities, internal organizational members.
Program stakeholders management may include:
- Identifying stakeholders
- Analyzing stakeholders
- Stakeholders engagement
Identifying stakeholders may include collecting stakeholders names, contacts information, a possibility of influencing the program, influence and authority levels.
Analyzing stakeholders may include understanding their needs, expectations, interest, competency, concerns.
The BVOP suggest that analyzing the validity of the stakeholder's input during stakeholders engagement may be needed. The information they provide may not be validated against organizational, business, or markets needs. Program, project and product management roles are responsible for validating stakeholders input.
Stakeholders may have a different interest level. They may have high or low interest in a program, project, and initiative. Their willingness for collaboration may also vary.
Unmanaged and dissatisfied stakeholders or such with low interest may be considered as a major risk for disturbing the program or projects success.
Stakeholders engagement is important for the program and projects realization and it may relate to:
- Establishing trust between stakeholders and program and project management
- Establishing and maintaining transparency of information, risk, and outcomes
- Persuading them in providing accurate, adequate and timely information and assistance
- Communicating the right information
- Consulting or interviewing
- Presenting information and projects outcomes