The last chapter in PMBOK, and the newest knowledge area of PMP is Project Stakeholder management. Actually there is nothing truly new in this, but it is an extraction of stakeholder management aspects from communication management, and this allows us to focus on stakeholder management separately. The activities involved in this section are as follows:
- Identify stakeholders – We cannot do planning without this activity
- Plan stakeholder management – What stakeholder wants? and put process to satisfy them
- Manage stakeholder engagement – Do the communication, validating communication
- Control stakeholder engagement – Controlling the communications
Inputs for stakeholder management are project charter (basically due to the significant information of the concerned people involved in the project, and business case act as a catalyst to find the right stakeholders for the project) and organizational process assets (can be termed as org chart).
Stakeholder analysis is the tool used in this process.
When considering inputs for this knowledge are, it is equally important to identify the output. Stakeholder registry is the output of this process and it comprises of identification of stakeholder and what they care about.
Stake Holder analysis:
It is created and analyzed based on understanding of the power and influence of stakeholders engaged.
- Power/interest Grid
- Power/influence grid
- Influence/impact grid
- Salience modelPower/interest Grid
Low interest and low power – Monitor, we have to relatively give less importance to them.
When we move up the power grid, low interest and high power, we have to pay more attention to them. But we are not going to waste their time because they have less interest.
Moving further to the horizontal axis towards high interest in the IInd quadrant, stakeholder are highly interested, we gonna send them status update. We should keep them informed.
Key stakeholders are present in the IIIrd quadrant. It is highly important to interact with them, send status report, and keep them satisfied. We have to manage them closely.
Second and third models are analyzed in the similar fashion as power/interest grid, you can truly assess the power and influences of the stakeholders by putting them in these quadrants.
The last one, Salience model – It looks the stakeholders Power, urgency and legitimacy. How frequently they need update, and whether they are genuinely required to share the information. Identifying key stakeholders is very important.
Now as per the conventional PMP process, the next stages of process groups are as follows.
Plan Stakeholder management
Inputs- Project management plan, stakeholder register
Tools and techniques – Analytical technique was also present in the PMBOK 4th edition but it is with some more emphasis in PMBOK 5th edition. It is done to develop the strategy to deal with stakeholders.
Outputs – Stakeholder management plan
Manage stakeholder engagement:
This is where the communication takes place; this is where the meeting happens.
Inputs – Stakeholder management plan, Communication management plan
Tools and techniques – Communication and interpersonal skills – Communicate, communicate and if you have any doubt in your mind that it is not communicated, communicate one more time. Communicate both good and bad news. Introverts and extroverts communications.
Outputs – Communication, Issue log
Control Stakeholder engagement
Validating stakeholders engagement, and for overall project related relationship.
Input – Issue log, work performance data – Communication
Tools and techniques – Information management systems – project portal, status reports, anything which you used to discuss budget, risk, procurement. Tools to keep the stakeholders happy and satisfied. Its project managers job to take the raw data and communicate is a presentable manner to the stakeholders.
Outputs – Work performance information