You're struggling to balance stakeholder needs with limited funds. How do you decide who gets top priority?

I had such an experience during my work as a project manager. I was asked by the marketing team to add a new feature to the product. This change request was unofficial, but was presented as a must-have. However, when I sent them a formal change request paper, which they needed to fill with different information, such as costs, expected earnings, number of affected products and etc. - they backed down due to the understanding that such feature cost a lot but hadn't positive impact to the project. Before giving anybody money from your budget, ask them to answer a simple question - what it will bring to the project?

1. Statistics and market comparison to show the profit and loss to the account holder. 2. To move but by bit over a complete overnight change and piloting projects. Noticing, and to hold a continuous communication link between the company and stakeholders discussing every improvement and a backfire.

A Micro Assessment should be done in such cases. It should be done based on user / Client needs. Micro assessment will output some unwanted needs by user / Client, Which will have significant Cost cutting further.

Understanding needs is obviously top priority. Without understanding the needs, you will only be guessing. Guesswork is only good enough to get you "close enough", and that's only good enough in horse shoes and hand grenades. Empathy and discovery questions are how you learn the needs of your stakeholders. Always focus on language that puts you on "the same side of the table." Once you've built rapport and trust, you will ask the hard questions that allow you to truly discover the needs and potentially the black swans. Black swans are unknown unknowns and almost always beneficial to you.

To balance stakeholder needs with limited funds, evaluate the impact and importance of each request, aligning them with your strategic goals. Use a priority matrix to visually assess urgency and importance, maintaining open communication about budget constraints and decision rationale. Focus on fulfilling high-impact needs that contribute significantly to your objectives, negotiate compromises where necessary, and regularly review priorities to adapt to changing circumstances. This approach ensures informed decisions that maximize resource impact while managing stakeholder expectations.

Quantify Benefits: Estimate the benefits of addressing each need in terms of financial gains, customer satisfaction, and strategic alignment. Consider Long-term vs. Short-term Impact: Weigh the immediate benefits against long-term gains.

Après avoir identifié les besoins, évaluez l'impact potentiel de chacun sur le succès du projet. Considérez quels besoins des parties prenantes apporteront le plus de valeur ou auront le meilleur retour sur investissement. Il ne s'agit pas seulement de gains financiers, mais aussi de bénéfices stratégiques comme la satisfaction des clients, le moral des employés et la durabilité à long terme. Les besoins avec le plus grand impact positif doivent recevoir plus d'attention et de ressources.

Evaluating the impact caused by readjusting to the stake holders is very critical tothe profitability of the company.similar situations arise in open cast mines wherein I worked. Suddenly the buyers may increase the tonnage of coal they require for a particular period. Analysing the sudden demand would clearly tell you that there could be huge profitability,if met in time.You take measures such as overtime deployment of concerned personnel and holiday engagement by paying double wages etc., against the budgeted limits to grab the direct profit margins in doing so...

You need to evaluate the potential impact of meeting or not meeting each stakeholder’s needs and to consider both the immediate consequences and the long-term implications.

Budget Constraints: Review the available budget and allocate funds based on priority and impact. Resource Availability: Assess the availability of resources such as manpower, technology, and time. Regulatory and Compliance Requirements: Ensure that all actions comply with relevant regulations and standards.

Priorities basis urgency and impact both for the company and stakeholders. Even in product management, we face the issue of prioritisation because many problems feel important. Thus we use the metrics of urgency and impact to the end user or stakeholders in this case and same for the business We prioritise the common ones.

Stakeholder Influence and Interest Matrix: Map stakeholders based on their influence and interest to ensure fair prioritization. Transparent Criteria: Use transparent and objective criteria for prioritization to maintain fairness.

Strive for fairness in prioritization. While some stakeholders may naturally hold more sway due to their position or investment in the project, it's important to consider the broader implications of favoring one group over another. Prioritize based on objective criteria rather than personal biases or pressure. This approach will help maintain stakeholder trust and prevent conflicts.

Create a priority matrix or scoring system to objectively rank stakeholders based on factors such as their influence, urgency of their needs, alignment with strategic objectives, and potential risks associated with not meeting their needs.

A decision matrix allows for a structured and systematic evaluation of options based on multiple criteria. By assigning weights to factors such as urgency, importance, impact, and feasibility, we can objectively determine which stakeholder needs should be prioritized.

Clear Communication Plan: Develop a communication plan to keep stakeholders informed about decisions and their rationale. Regular Updates: Provide regular updates on progress, changes, and any adjustments in priorities. Feedback Mechanism: Establish channels for stakeholders to provide feedback and express concerns.

A comunicação com a ponderação de todos os impatos para todas as partes é que faz o sucesso da decisão. Todos devem estar cientes do método usado para se ter equidade entre as partes.

Here comes the expertise to utilize the experts in the project who brings results to the table in a short span completing the work on priority with utmost perfection. Every project has several such soo called creamers they should be mentored to meet such inevitable stakeholders demand carrying the lessons learnt of pre-planning and at the same time recognizing such honey bees who made us to taste the honey ... still I remember my team my disciples where we all spent 2.5 days continuously in making a very big go live facing the last minute challenges..it was fun though

I would also consider what other benefits company can offer, which does not require a lot of funds or any funds at all. In 2024 worl-life balance is the key, so it could be flexible schedule, remote work 1 day a week or maybe even totally remote position, depending on the projects and necessities.

Risk Management: Identify and mitigate risks associated with prioritizing certain needs over others. Flexibility: Be prepared to adjust priorities as new information or constraints emerge. Performance Monitoring: Continuously monitor the performance and outcomes of funded initiatives to ensure alignment with strategic goals.