How to create a stakeholder management plan for project success

Effectively managing stakeholder expectations can make or break a project. Unlike a stakeholder engagement plan, which maps out activities to involve stakeholders, a stakeholder management plan is about governance. This requires figuring out who matters most, what they need, and how project managers effectively manage relationships across the project lifecycle.

A good stakeholder management plan helps project managers and team members keep decision-making clear, risks low, and stakeholder relationships on track. It’s an ongoing process, not a one-off doc, and it’s built to support project goals, monitor progress, and promote success.

Stakeholder management vs stakeholder engagement: key difference

Understand the difference between stakeholder engagement and management.

Stakeholder management refers to managing relationships, influence, expectations, and risk.
Stakeholder engagement is about designing activities and collaboration moments.

One sets the rules of the relationship; the other acts on them. Both are necessary for success, but they serve different phases and outcomes.

Step-by-step: creating a stakeholder management plan

1. Stakeholder identification

Kick things off by building a comprehensive stakeholder list. Don’t just think about board members or department heads, consider:

Internal stakeholders like your internal team members and the broader project team
External stakeholders including regulatory bodies, suppliers, investors, or anyone affected by project progress

This forms the backbone of your stakeholder register, which keeps you oriented on who the next project depends on.

2. Stakeholder analysis

Once you’ve got your register, run a stakeholder analysis to understand:

How much power and influence each stakeholder has
Who has high interest or low interest
When concerns might escalate
How much influence each stakeholder group has over progress

Tools that can help include the salience model or influence mapping frameworks used in project management planning to sort and group stakeholders properly.

3. Document stakeholder expectations

This is the heart of stakeholder management. Capture:

Stakeholder needs and objectives
Stakeholder concerns that might block project success
Preferred channels for effective communication
What progress looks like from their perspective
The level of stakeholder involvement they expect at each phase

4. Build Your communication strategy

Your communication strategy sets the tone for your management plan. Tailor it by stakeholder group:

High power / high interest: Manage this group closely. Keep them aligned and actively involved in project progress.
High power / low interest: Keep these individuals satisfied. Provide concise updates, don’t overwhelm.
Low power / high interest: Keep this group informed. Maintain transparency and address stakeholder concerns early.
Low power / low interest: Monitor this group. Maintain awareness and limit comms.

Define preferred channels, owners, and frequency so your stakeholders stay informed without drowning in noise.

5. Mitigate risk & define escalation paths

An effective stakeholder management plan includes risk planning, like:

Identifying concerns ahead of each project phase
Assigning ownership to resolve risks efficiently
Defining escalation paths if something threatens project success

Move fast, but document everything in your stakeholder plan so your internal team stays aligned.

6. Track progress & review regularly

Stakeholder management is a loop, not a line item. Set yourself up to:

Track progress and stakeholder alignment
Watch for changes in stakeholder influence over time
Update the stakeholder register at major project phase intervals
Monitor stakeholder sentiment throughout the project lifecycle

Then, bake in a regular review cadence to keep your stakeholder plan up to date and aligned to project goals.

What a good stakeholder management plan gets right

A good stakeholder management plan gives your project:

Stronger stakeholder relationships through open communication
Clear direction for decision making processes
Fewer blockers from management strategies
Early input from key project stakeholders
A reliable communication plan for managing expectations

Strong stakeholder management skills power better relationships, clearer decision making, and stronger outcomes. It’s a competitive edge that helps project managers navigate influence, balance needs, and manage expectations without the chaos. For more actionable insights, leadership resources, and management strategies that help you work smarter, explore employer insights at Hays.