850 - Stakeholder Management

The stakeholder management plan includes the following Three Steps:

1. Identify stakeholders, 2. Manage stakeholder expectations, 3. Engage stakeholders

A stakeholder is any individual or business entity that is impacted by project or process changes in business. Typically, the project manager is responsible for organizing a stakeholder management plan. The stakeholder management plan uses What Four (4) Tools?

1. Identify stakeholders, 2. Manage stakeholder expectations, 3. Engage stakeholders, 4. Monitor stakeholder engagement

The building of engagement is a process that takes place over four different stages:

1. Inactive stage is where the company treats their stakeholders with little regard to any problems or concerns, 2. Reactive stage is when a company only responds to stakeholders when they have to and usually in an unprofessional or defensive way, 3. Proactive stage is when companies try to predict and respond to stakeholder concerns, 4. Interactive stage is where a company works constantly with stakeholders to develop trust, honesty and participation

Stakeholders are not immediately in love with a business. Just like in real relationships, a business relationship with stakeholders develops over time through stages. The stages are:

1. Inactive, 2. Reactive, 3. Proactive, 4. Interactive

What is Stakeholder Analysis Defined?

A company doesn't operate without the help and input of numerous people. Those people are called stakeholders, and they can be anyone from owners, creditors, suppliers, employees, and even the community in which business is conducted. Stakeholders have an interest in the company, and they are the focus of stakeholder management.

What is a Stakeholder Matrix?

A project without the proper support is doomed from the beginning. Sometimes called stakeholder analysis, a matrix accomplishes a few things: 1.Identifies key personnel, 2. Identifies those individuals' interest, 3. Helps you build a support network

What Pushes a project toward success?

A stakeholder matrix can help you gather support, use the opinions of your key stakeholders to guide your project, and serve to improve communication so that everyone is on the same page. A stakeholder is anyone who has a vested interest in a project or might be affected by a project.

Like many new products, programs also go through a trial-like phase. This means that they must meet conditions and specifications before a customer can utilize it. This process is known as?

Acceptance Criteria. Manage their expectations, companies need to communicate with the stakeholders. This may mean talking with them face to face or meeting with them separately to discuss the program in detail and address their concerns.

Transitioning to private management is a project that requires a review of the interests of shareholders and other stakeholders?

All shareholders are stakeholders, but not all stakeholders are shareholders. Shareholders have an ownership interest in an organization and its projects, but a stakeholder is any entity impacted by an organization's project.

Stakeholder analysis, matrix definition: Latents

Are high-power individuals, but ones who have less interest in your project. Work to keep them satisfied with your project, but don't burden them with too many details.

Stakeholder analysis, matrix definition: Apathetics

Are stakeholders who possess little power over your project, but also little interest. Monitor them, but don't go overboard.

Stakeholder Analysis First Step:

Companies that are successful and complete successful projects know who the key players are that contribute to the company's success. Thus, the very first step in stakeholder analysis is identifying who the stakeholders actually are. This involves creating a list of everyone who is affected by the company and the project they are working on as well as anyone who can influence the project or company.

Project leadership will examine each stakeholder?

Concern, verify that the problem is worth solving, and create a risk management plan that reduces the likelihood of the stakeholder's concerns ultimately becoming unpalatable risk.

Stakeholder concerns are types of risk that can?

Derail a project by chasing sponsors away. Explores engaging stakeholders to reduce risk and retain project champions and sponsors.

Management, employees, and the company itself need to create trust in the relationship they have with stakeholders. When there is a trusting relationship between the company and the stakeholders, they?

Feel confident that the program will be completed successfully. Also, sometimes stakeholders just need to receive support in the form of a confident manager. When the stakeholders know that the manager is confident to do their job, they feel reassured.

1. How to Manage Stakeholders, Keep the stakeholder involved:

From the very beginning of the program or project, stakeholders need to be involved. They need to know how much it will cost, how long it will take, and the details of the project. When stakeholders know what is going on, they are more willing to offer their support.

A stakeholder matrix helps?

Identify key personnel and their level of involvement.

Stakeholder management involves?

Identifying people or organizations that may be impacted or affected by a project. The stakeholder management plan is developed by the project manager who analyzes all stakeholders and their anticipated expectations of the project outcome and deliverables. The purpose of the stakeholder management plan is to ensure each stakeholder is involved in project decisions and execution throughout the project.

Stakeholders are those that have an interest in the company or the project they're working on and can include anyone, like employees, suppliers, shareholders, and even the community. Stakeholder analysis is the process of?

Identifying who those stakeholders are and understanding how much power and interest they have. Once you know who the stakeholders are and their power, you can then begin to partake in stakeholder management, which involves winning over those that do not support the company or project and keeping your supporters happy and satisfied.

Stakeholder analysis, matrix definition:Defenders

Include individuals who have less power, but considerable interest in being involved. Keeping them informed is key.

Stakeholders are?

Individuals with a material interest (of any kind) in the project. People with an ownership interest are shareholders. All shareholders are stakeholders, but not all stakeholders are shareholders.

3. Stakeholder Analysis Methods: Interviews

Interviews help get questions answered. When you interview someone, you can find out what their involvement is and how they feel about the company or the project.

Once you know who the stakeholders are, the next step is to prioritize them based on their?

Involvement and power. Those that work for the company, like executives and coworkers, have high influence and power over the company and their projects. The community may have high interest, but they probably do not have high power over the company or project.

In many projects, negative perception, financial concerns, and ethical concerns are?

Key Risks. The risk management plan can mitigate these by creating a process to engage stakeholders. This engagement can entail providing stakeholders with material data or by discussion that utilizes the Socratic method of inquiry.

4. Stakeholder Analysis Methods: Agreements

Many times a company will have an agreement with another person or company. When a company makes an agreement with someone, that someone becomes a stakeholder.

Subjective stakeholder concerns are answered primarily through face-to-face engagement such as?

Meetings, forums, or town-hall style events. When engaging stakeholders on these topics, program leadership can make use of the very effective Socratic method. In this style of inquiry, the leaders don't provide immediate answers to problems. Instead, they ask a series of questions designed to flesh out the best solutions by encouraging the questioning party to consider the additional information that is outside his or her current understanding.

1. Stakeholder Analysis Methods: Knowledge Based

One way to identify stakeholders is through research. Oftentimes subject matter experts are grouped together so they can discuss all of the people who have an interest in the project or the company.

3. How to Manage Stakeholders, Why Identify concerns:

One way to keep everyone calm and happy is to identify a problem before it happens. This may mean addressing why something can't be done and explaining why it can't be done. By communicating back and forth, an issue can be resolved before it becomes a conflict.

Stakeholders are those that have interest in the company and have?

Power over the project. Stakeholders can include a range of people, like communities, suppliers, investors, or even the government. Stakeholders' expectations can be managed by keeping the stakeholder involved, getting their input, identifying concerns, and addressing issues quickly.

Step 2 - Prioritize stakeholders:

Prioritize individuals and groups based on their interest in your project and how much control they might have over seeing it through to completion.

During the stakeholder management process, you need to remember to?

Prioritize them based on their level of involvement or power, then create a grid that separates out the stakeholders based on their interest and power, and then, finally, manage them by acting on the information the analysis deducted.

When concerns are expressed, project leadership should use a systematic and thorough method to evaluate the concern. The first step in responding to stakeholder concerns is?

Proactive Engagement - This should take place in the planning phase and should ensure that all stakeholders are given a forum to share concerns openly. Proactive engagement is critical because it lets stakeholders know that their voices are important, but the engagement process is much more than listening to stakeholders talk. Stakeholder engagement is critical to alleviating the concerns associated with risks.

At their core, stakeholder concerns are?

Risks represent things that could derail or even cancel a project, and a risk management plan is the best way to prevent this. In this case example, stakeholders identified risks like:

4. How to Manage Stakeholders, Why Act timely:

Sometimes conflicts and problems happen no matter how prepared you are and how proactive you are. When this happens, resolving it quickly is best for both the stakeholder and the company, as conflicts can slow or stop the process of a program. Resolving conflicts in a timely manner can be helpful in avoiding further conflicts.

2. Stakeholder Analysis Methods: Personal Experience

Sometimes the people working on the project have previous experience from other projects that can help them identify stakeholders. For example, they may have learned the hard way of who has interest in the company when they forgot about them in a previous project.

Combating Inaccurate Perceptions Using Inquiry?

Stakeholder concern list are more subjective in nature, but that doesn't mean that they can't be effectively addressed. A simple survey of the available programs would offer an answer to this concern, but the statement about whether or not a private prison has ''no interest in rehabilitation'' is reflecting a concern about motives.Quite often, stakeholder concerns can be effectively answered by providing data to the stakeholders.

Combating Inaccurate Perceptions Using Data?

Stakeholder concerns about financial matters are often the easiest to respond to because there isn't a need for a lot of debate about the issue of reducing taxpayer cost. Data will show that this is or is not true. This same principle applies to all stakeholder concerns that can be addressed with substantive data. When stakeholders express concerns, project leaders should listen carefully for issues that can be addressed with objective data.

Companies need to ensure that they build collaborative relationships between organizations and stakeholders. This can be accomplished through?

Stakeholder engagement, which is the building of a 2-way relationship between organizations and stakeholders.

Stakeholder management is?

The act of winning over the stakeholders so they support the company and continue to be a successful asset to both the company and any project the company is working on. But long before you can manage the stakeholders, you need to identify just who has an interest in your company or project, which is known as stakeholder analysis.

Perception is?

The way an individual sees an issue, is an incredibly valuable piece of information for project leadership because it is something of an ''early warning system'' for opposition or misunderstanding.

Step 1 - Identify stakeholders:

Think about your project and the people who are either likely to be affected or likely to be needed for your project to succeed. The first step in building your matrix is identifying those people and making a list.

Based on the power and interest, a grid is created with four boxes that explain how to handle each stakeholder appropriately:

Those that have both high interest and high power need to get the most attention. Those that have high power and not that much interest must be included and be satisfied but not to the extent as the first category. The stakeholders that are low power and high interest need to be informed and communicated with sporadically. In addition, low interest and low power are those that need to be monitored but to the least amount of degree of any other stakeholders.

Stakeholders also need to be explained the acceptance criteria so that they?

Understand the conditions the program needs to meet before the customer can use it. A plan is a beneficial tool to discuss communication questions like when and how communication should be done. Sometimes stakeholders need support in the form of a trusting relationship and a confident manager.

5. Stakeholder Analysis Methods: Historical

We all know that history helps us better understand the future. If we know what happened in the past, we can use that information to better understand outcomes in the future. In addition, stakeholders that have been involved in past projects may be involved in current projects. A simple comparison of previous projects and current projects can help identify suppliers.

2. How to Manage Stakeholders, Seek stakeholder input:

When stakeholders communicate their needs and wants to the company, they feel more satisfied and feel a part of the program or project. They also feel that their opinions and thoughts matter and are more likely to give support.