Every project needs both stakeholder and project management to be successful. The latter is the process of organizing, executing, and wrapping up a project to meet set goals within predetermined parameters like resources, time, and money. In contrast, the goal of the former is to identify, evaluate, and involve stakeholders—individuals or organizations impacted by or having influence over the project—in order to meet their requirements and expectations.
What is Project Management?
Project management, as name suggest, is simply management that focuses on management of project as well as help team members to reach its goal and effectively manage project related activities. It is the process of organizing, executing and wrapping up projects to meet predetermined objectives within predetermined parameters including scope, money, and time. Coordinating resources, tasks, and activities is necessary to guarantee that the project achieves its goals and provides value to all parties involved. When projects are managed well, they are finished on schedule, on budget, and to the necessary quality standards.
Characteristics of Project Management
- Progress Tracking: Monitoring project progress in relation to deliverables and milestones allows for necessary adjustments to be made to stay on track and under budget.
- Communication with Clients and Stakeholders: Keeps in touch with clients and stakeholders to report on the status of the project and make sure their requirements are satisfied.
- Finishing and Assessment: Concentrates on accomplishing the project according to schedule and, after it's finished, assesses its success by rating performance and documenting lessons learnt.
What is Stakeholder Management?
Stakeholder Management, as the name suggests, is simply management that focuses, gives strength and vitality to project relationships simply to increase performance. The process of identifying, evaluating, and involving people or groups that are involved in or impacted by a project is known as stakeholder management. Throughout the course of the project, it is important to control stakeholder expectations, make sure their demands are addressed, and win their support. Stakeholder management that is effective lowers risks, promotes teamwork and raises project success rates.
Characteristics of Stakeholder Management
- Engagement: Creating plans to draw in stakeholders and keep them interested in the project as a whole.
- Communication: Keeping stakeholders informed and involved by ensuring efficient, timely, and clear contact with them.
- Resolution of Conflicts: Handling disputes or issues brought up by interested parties in order to facilitate the development of a project.
Difference between Project Management and Stakeholder Management
Here are the following difference between Project Management and Stakeholder Management:
| Project Management | Stakeholder Management |
|---|---|
| It mainly focuses on management and successful development of project. | It mainly focuses on management and maintaining good relationship with most effective individual. |
| It is a temporary process i.e. one time process. | It is a permanent management process i.e. an ongoing process. |
| Project manager have more responsibilities than stakeholder manager. | Stakeholder manager have less responsibilities than project manager. |
| Factors affecting project management includes project manager, unavailability of intelligent people, narrow planning, etc. | Factors affecting stakeholder management includes hiring project manager, ineffective communication between project and stakeholder, time and quality, etc. |
| Process of this management includes initiation, planning, executing, monitoring, controlling, and at last closing project. | Process of this management includes managing needs, expectations and requirements of stakeholders. |
| Its benefits include increase productivity, saves time and cost, increase customer satisfaction, improve processing, etc. | Its benefits include improve performance, better understanding, identify issues, saves cost and time, effectively manage risk, etc. |
| Its main objective is to produce final project on time and in effective manner. | Its main objectives is to maintain, create better and positive relationship by managing individual needs and expectations. |
| Type of project management includes , PRINCE2 project management, Lean project management, etc. | Types of Stakeholder Management include marketing stakeholder management, sales stakeholder management, executive stakeholder management, etc. |
| Project management is more difficult than stakeholder management. | Stakeholder Management is less difficult than project management. |
Conclusion
Stakeholder management makes ensuring that all parties affected or interested in a project are sufficiently involved and satisfied, whereas project management makes sure that a project is finished on schedule, within budget, and accomplishes its objectives. Project management drives the process, and stakeholder management makes sure that the process complies with stakeholder expectations. Both disciplines are necessary to achieve project success.