Question

How does a project manager regain the trust and confidence from the project stakeholders when the project plan must be revised?

Answer 1

To regain the trust if the stakeholders for revising the project plan, a project manager should do the following:

1. Future cash flows: The project manager should try to show that the given project has the capability to generate future cash flows for the firm and can revive the firm from the current shortcomings. The PM should use the financial perspective in place to convince the stakeholders.

2. Goodwill: The goodwill produced by integrating the project in the company's portfolio shall be more than the incremental cost of the project. This can convince the project stakeholders to revive the project plan.

3. Efficiency: The PM should showcase the firm and team's efficiency to complete the project in time as well as cost constraints. This can save the firms resources and hence be a better plan to carry out operations. The PM should try to use this point as the strength of the firm.

4. Market share: The current project, if revived will produce superior cash flow for the firm and will attract more customers leading to increased market share and hence is profitable for the firm in the long run.