Stakeholder Management

Interpersonal Skills

1. Building trust, 2. Resolving conflicts, 3. Active Listening, 4. Overcoming resistance to change

Management Skills

1. Facilitate consensus towards project objectives, 2. Influence people to support the project, 3. Negotiate agreements to satisfy the projects needs, 4. Modify organizational behavior to accept the projects outcomes

Stakeholders Engagement Assessment Matrix

Can be used to rank the stakeholders based on their level of engagement.

Salience Model

Describing classes of stakeholders based on their power (ability to impose their will), urgency (need for immediate action), and legitimacy (their involvement is appropriate).

Power/ Interest (influence/impact) Grid

Grouping the stakeholders based on their level of authority (power) and their level of concern (interest) regarding the project.

Stakeholder Classification

Internal/ external, supporter/neutral/resistant/unaware

Relationships with Stakeholders

Stakeholder management is about creation and maintenance of relationships between the project team and stakeholders, with the aim to satisfy their respective needs and requirements within project boundaries.

Stakeholder Management Plan vs. Communications Management Plan

Stakeholder management plans generally have a component that addresses how communications will be employed on the project to help manage stakeholder engagement and expectations. This means that the stakeholder management plan and the communications management plan can both be repositories of similar information about stakeholder communication requirements and who needs to receive what information on a project. But the two plans each have a different focus. The communications management plan emphasizes the details about the technology, methods, and the models of communication - the how of communication. The stakeholder management plan, on the other hand, explains the why communications - why stakeholders need to receive certain information, and how the sharing of that information will help in managing stakeholder engagement and expectations

Stakeholders

Stakeholders are any people or organizations who may impact or be positively or negatively impacted by the project or its product, as well as anyone who can exert positive or negative influence over the project. This diverse and wide-ranging group can include the sponsor, team members, senior management, subject matter expert, end users of the product or service, other departments or groups within the organization, functional and operational managers, vendors, consultants, regulatory agencies, customers, financial institutes, and many others.

Stakeholder Management Process

The first step in managing stakeholders is to identify them. This is not a minor effort; however, identifying as many stakeholders possible, analyzing their impact, and determining the requirements and expectations will pay huge dividends for out the project. Next you must plan how to most effectively work with stakeholders, both individually and as a group, using the information previously collected. Then, you apply your plan, communicating with stakeholders and doing your best to keep them engaged and satisfied. You document problems and the issue log and recommend changes as needed to achieve that outcome. Finally you look for variances from your stakeholder management plan and take action to fix them. The stakeholder management processes are: Identify stakeholders Plan stakeholder management Manage stakeholder engagement Control stakeholder engagement

Stakeholder Register

The stakeholder register includes vital information about the particular stakeholders on your project, including their requirements and level of influence. You will use this information to plan the best ways to manage stakeholders.

Stakeholder Expectations

These expectations include what stakeholders think will happen to them, their department, and the company as a whole as a result of the project. Expectations tend to be more ambiguous then stated requirements, or they may be undefined requirements. They may be intentionally or unintentionally hidden. Naturally, expectations that go on unidentified will have major impacts across all constraints. Once captured, expectations are analyzed and may be converted into requirements and become part of the project. Expectations are beliers about or a mental picture of, the future.

Stakeholder Analysis

This technique involves both identifying stakeholders and analyzing their impact or influence on the project throughout the life of the project. In addition to analyzing each stakeholder's potential impact or influence, a pm also needs to identify ways to manage those impacts effectively. Classification tools allow grouping of stakeholders by qualifications such as authority level, impact or influence, or requirements. Such classification tools are: Power/ interest grids Power/ influence grids Influence/ impact grids Salience model

Stakeholder Management Plan

You need to plan ahead how you will keep stakeholders involved in the project and how you manage their interest, influence, and expectations. The stakeholder management plan might document existing and desired levels of engagement for stakeholders, details about how stakeholders will be involved in the project, specifics about how and why various project information will be distributed to stakeholders, and guidelines for evaluating how well the plan is meeting the needs of the stakeholders and the project. You need to think ahead about how the project will impact stakeholders, how you and the team will interact with stakeholders, how you will involve them in making decisions, how you will manage their expectations, and how you keep them satisfied so as to make sure they're an asset, rather than a problem, on the project. Stakeholder management plans generally have a component that address how communication will be employed on the project to help manage stakeholder engagement and expectations.