Business Analysis 2016: Secrets for Successful and Effective Communication with Stakeholders
Many organizations, including Project Management Institute (PMI), have performed studies to identify main reasons behind challenges and failures in projects. Although very often low quality of requirements as well as stakeholder management were among the top causes, the main reason behind all of them is ineffective communication.
PMI’s 2013 Pulse of the Profession® report revealed that US$135 million is at risk for every US$1 billion spent on a project. Further research on the importance of effective communications uncovers that a startling 56 percent (US$75 million of that US$135 million) is at risk due to ineffective communications. The Pulse study also revealed that the most crucial success factor in project management is effective communications to all stakeholders—a critical core competency to all organizations. In a complex and competitive business climate, organizations cannot afford to overlook this key element of project success and long‐term profitability.
This presentation will reveal secrets for successful and effective communication with stakeholders. You will learn some tips and tricks about how to improve your current communication skills in order to reduce project risks and increase the overall project results.
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