Many large energy projects often have many stakeholders that are not identified during project planning or only become known after the project encounters issues such as a delayed permit or right-of-way challenge. The more complex the project, the greater the pool of stakeholders and the greater the risk of missing key stakeholders during the identification process. During the stakeholder identification process, it’s important to reach out to not only a large and diverse group of internal personnel but also their peers. Moreover, while project conditions and the regulatory environment varies from region to region, a lot of insight can often be gained through sharing lessons learned with peer organizations that recently completed or are currently developing a similar project.
Effective stakeholder management and communication is critical to the successful completion of capital projects, but can be complex and time-consuming. Depending on the specific issues impacting the project (i.e. regulatory scrutiny, environmental concerns, local contracting opportunities, joint venture profitability), the successful management of stakeholder interests ensures that stakeholders have a voice, participate in the management process, and contribute to the overall success of the project.
In this installment of the KPMG Major Projects Advisory Project Leadership Series, we discuss the key elements of stakeholder management and project communication as well as provide guidance on how to communicate effectively through tailored project reports.