What is meant by the term managing expectations, Business Economics

What is meant by the term managing expectations? Why is expectation management a significant part of the project manager’s job? What affects a customer’s expectations?

We all have various expectations regarding to the outcomes of a project or a change at work. Several are very personal and secret as “I wish to get a desk by the window and a modern PC”, while some are business associated as “I want to be capable to satisfy customer queries in completed over the phone”. The declared probabilities will all be business associated or have some non-personal aspect to them. Managing probabilities or expectations implies managing theses declared expectations in the direction of the goals of the project and trying to make sure that you are most powerful stakeholders obtain their personal expectations met as well.

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