Is it really true that on time, on budget, and fulfilling all requirements means project success? Whose requirements are we really trying to meet anyway? And who decides if the original due date can be changed when the scope grows?

In this article we’ll address the people swirling around your project: stakeholders. You’ll find some tips and other resources for optimizing stakeholder involvement in your project.

"Who cares?" "What do they care about?" "What am I going to do about it?"

Those are the three simple questions a project team can ask to understand their stakeholders and develop a strategy for keeping them happy.

As we developed a workshop on stakeholder management built on those three questions one of our project management experts, put all the pieces together when he said, "That’s just risk management for people."

We think he’s right. Review this classic risk management process. Can you see the parallel?

1. Identify risks. 2. Analyze and quantify the risk. 3. Develop a risk response.

So on your next (or current) project consider treating your stakeholders as opportunities or threats.

Step One: Identify risks (stakeholders)

Just as with risk management, we can only manage stakeholders that we are aware of, so be creative and energetic in identifying stakeholders. Cast your net wide and consider all those stakeholders that won’t make a peep unless you step on their toes. Regulators, end-users, your customer’s customers, and internal support staff such as accounting or procurement. Too many project managers don’t include these secondary stakeholders in their normal communication plans yet get indignant when they obstruct the project. In risk management we identify threats and opportunities. Stakeholders can be project adversaries just as easily as advocates.

While you are trying to uncover the hidden stakeholders, don’t forget about the obvious ones: your team, your sponsor, and the people who will be approving the funding.

TIP: Make sure your stakeholders have a name and email id. Stakeholders are people, not organizations. "Facilities" isn’t going to sign off on your change request, but Cindy, who runs the department, might.

Step Two: Analyze and quantify the risk (what do they care about?)

Risk management calls for prioritizing the risks according to probability and impact. We can prioritize stakeholders similarly – by authority and interest. Interest means "how much do they care?" and authority equates to their ability to affect the project.

Now analyze the high priority stakeholders. You won’t be able to quantify your stakeholders as much as your project risks, but you can organize some key information: What do they care about? How will the project affect them? How does this project fit into their priorities? What do you need from them for the project to run smoothly?

Step Three: Develop a risk response (What are you going to do about it?)

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