Project Stakeholder Management

Project Stakeholder Management

Project stakeholder management focuses on the processes required to identify the people, groups, or organizations that can either impact or be impacted by the project. Some of these processes include the following:

• Analyzing stakeholder expectations and their impact on the project
• Developing appropriate management strategies for engaging stakeholders
• Implementing continuous communications with stakeholders to understand needs and expectations
• Fostering stakeholder engagement in the project for decisions and activities
• Focusing on stakeholder satisfaction as a key project objective

Identify Stakeholder

Identify Stakeholders is the process of identifying all individuals or organizations that can be positively or negatively impacted by the project, and documenting their influence, impact, interest, and involvement on project success. This is a key area in the project management process, as many projects fail due to a lack of complete stakeholder identification.

Most projects will have a large number of stakeholders, and it is a project manager's job to identify stakeholders and understand the impact of the project on their specific business areas. In this respect, the project manager's job amounts to a relationship management function. The key output of this process is to create a stakeholder register which identifies in great detail, everything about the stakeholders on the project.

Stakeholder Analysis for the Exam

For the exam, stakeholder analysis fundamentally involves three steps:

1. Identify all potential stakeholders and document all relevant information, such as influence level, project interest level, specific skill set and business knowledge, their role on the project, their operational department and their decision-making authority.
2. Identify the impact level the stakeholder has on your project, either positive or negative, and define useful strategies to deal with issues or concerns. Power grids are an effective graphical tool to identify stakeholder influence.
3. Assess how key stakeholders may respond to specific situations (i.e. determine stakeholder 'hot buttons'), and develop approaches to influence or enhance their support of the project.

Stakeholder Management - PMP Certification Exam - Memory Check

• ___Identify stakeholders
• ___Plan stakeholder management
• ___Manage stakeholder engagement
• ___Control stakeholder engagement

A. The process of developing appropriate management strategies to effectively engage stakeholders throughout the project lifecycle, based on the analysis of their needs, interests, and potential impact on project success

B. The process of monitoring overall project stakeholder relationships and adjusting strategies and plans for engaging stakeholders

C. The process of identifying the people, groups, or organizations that could impact or be impacted by a decision, activity, or outcome of the project

D. The process of communicating and working with stakeholders to meet their needs or expectations, address issues as they occur, and foster appropriate stakeholder engagement in project activities

Materials in this course are based on the text, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth edition, Project Management Institute, Inc. 2018