From the course: Business Acumen for Project Managers

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Define the benefits of your project for stakeholders

Define the benefits of your project for stakeholders

From the course: Business Acumen for Project Managers

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Define the benefits of your project for stakeholders

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- People are always looking for the WIIFM, what's in it for me? In order to get and keep their support for your projects, you need to help people see the benefits. In other words, you need to show them the WIIFMs for your project. In this video, we'll look at some common ways to define the benefits that your project will provide to a variety of stakeholders. Let's start with the financial benefits, because this is an issue in almost every project. What are the ways that a project can provide financial benefits to an organization? Well, one obvious way is by lowering costs. If your project will allow the organization to save money, then be clear about how it's going to save that money and how much of a savings you expect it will produce. Do the savings come from making workers more efficient, by streamlining your supply chain, or by reducing waste? A project can also have a financial benefit by increasing revenue. For…

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