Great Expectations

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Great Expectations
Neil Solovitsky (November 16, 2006)

Project success or failure is ultimately judged by stakeholders, not project managers. However, organizations and PMOs routinely cite stakeholder management as one of their biggest challenges. It's imperative that project portfolio management tools facilitate stakeholder communications so that expectations are understood and met. Many fall short.

Most project portfolio management (PPM) solutions have the ability to aggregate all the project data that concerns project stakeholders — whether it be managing resources and tracking inventory, or capturing high-level project cost and prioritizing projects. What many of these tools lack are the formalized templates, processes and methodologies to identify and manage project stakeholders as well as the means to deliver this information to project management offices and project managers. Stakeholder management is too often the missing functional link in PPM.

A logical first step prior to providing the most relevant information to stakeholders is to identify who they are and what results (or stakes) determine success in their eyes. Project success is based on a number of variables outside the standard project manager’s mantra of “on time, within budget, and within specifications.” A project’s success is driven by the unique concerns of all stakeholders. Clients may determine the project ROI as their primary stake, where CEOs may focus on project profitability.

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