GROUP 3: Secrets for Successful and Effective Communication with Stakeholders / Victoria Cupet

Abstract

Many organizations 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 ProfessionTM 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 astonishing 56 percent (US$75 million of that US$135 million) is at risk due to ineffective communications. This study also revealed that the most crucial success factor in project management is effective communications with 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, long-term profitability and customer satisfaction.

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 customer experience.