PMP TRAINING

Stakeholders management is one of the vital part of project management. Definition of stakeholders itself tells us the importance of stakeholders in any of the project and their importance in the success of the projects.

“Stakeholder is any individual, group or organisation that can affect, affected by or perceive itself to be affected by project”

 

Stakeholders management is a vast field and can be divided into the following stages, in order to achieve a better implementation of stakeholder management plan:

Stakeholders Identification:

this is one of the most important stage in the stakeholder management process. Identification of relevant stakeholders is like foundation stone for stakeholders management process. Listing of a stakeholder who has the least influence on the project may lead to waste of time and efforts and will affect the project progress adversely. On the other hand, missing an important stakeholder will lead to multiple changes in the project at a later stage which could cost extra budget or extra time to the project. Therefore, it is recommended to carry out a thorough exercise while identifying the stakeholders for a particular project. PMI ® recommend various methodologies and process for better identification of stakeholders. Timing of the stakeholder identification also plays a vital role in the success of the project. Early identification is always recommended for project managers, as late involvement of stakeholders always leads to time and cost overrun to the projects.

Stakeholders Engagement:

Next step in the stakeholder management process is the engagement of already identified stakeholders. Stakeholder engagement could be official, formal, written or verbal. Selection of the mode of communication with stakeholders purely depends on the category of the stakeholders. Stakeholders which are important to the project or having an influence on the project need to be dealt accordingly through official and more of formal communications, whereas, other stakeholders can be dealt informally or verbally.

Stakeholders Expectations:

Once identified and engaged it is important to understand the expectations of the stakeholders. Clear understanding of their expectations will help shaping the project in the early stage, rather meeting their expectation towards end of the project, which may end up extra cost and extra time to the project. It is always recommended to record the stakeholder expectations in some or other form of documentation. Documentation of stakeholder expectation is an essential record for resolving any dispute or potential dispute with the stakeholders during the life of the project.

Managing Stakeholders Expectations:

After the identification of stakeholders, engagement of stakeholders, understanding their expectations; the most difficult task for a project manager is to manage their expectations. Management of stakeholder’s expectation will help project manager to avoid any future dispute respective stakeholders. In case of any dispute with the stakeholders, any such dispute should be resolved in the better interest of the project rather than stakeholder’s interest.

In order to manage stakeholders effectively, it is important to classify them in to manageable categories. One of the most popular classification could be based on the power of the stakeholder and their interest in the project. This classification is based on various combination of power and interest of the stakeholders.

1. Stakeholders with high power and high interest should be managed with the utmost care.
2. Stakeholders with high power and low interest should be kept satisfied.
3. Stakeholders with low power and high interest should be kept informed.
4. Stakeholders with low power and low interest requires less effort than the rest only be monitored.

30 Thoughts on “What PMP Aspirants Must Know About Stakeholders Management”

  • I don’t even know how I ended up here, but I thought this post was good.
    I do not know who you are but certainly you are going to a famous blogger if you aren’t already 😉 Cheers!

  • Way cool! Some extremely valid points! I appreciate you writing this
    article and also the rest of the site is very good.
    I will immediately grab your rss feed as I can’t in finding
    your e-mail subscription hyperlink or e-newsletter service.
    Do you’ve any? Kindly allow me realize so that I may subscribe.

    Thanks. I am sure this article has touched all the internet people, its really really
    nice post on building up new web site.

  • My brother recommended I would possibly like this website.
    He was totally right. This submit truly made my day.

    You cann’t imagine just how much time I had spent for this
    info! Thank you!

  • It’s appropriate time to make some plans for the future and it’s time to
    be happy. I’ve learn this put up and if I may just
    I want to counsel you some fascinating issues or advice.
    Maybe you can write next articles relating to this article.
    I desire to learn more issues about it!

  • Good day very cool website!! Guy .. Excellent .. Amazing ..
    I’ll bookmark your website and take the feeds additionally?
    I am glad to search out numerous useful info right here
    within the post, we’d like work out extra techniques on this regard, thank you for sharing.
    . . . . .

  • Hi there to every one, since I am genuinely keen of reading this website’s post to be updated regularly.

    It consists of pleasant stuff.

  • You can certainly see your enthusiasm in the work you write.
    The arena hopes for more passionate writers such as you who aren’t afraid
    to say how they believe. At all times follow your heart.

  • It’s amazing to go to see this website and reading
    the views of all mates about this post, while I am also eager of
    getting familiarity.

  • Generally I do not learn post on blogs, however I wish
    to say that this write-up very compelled me to take a look
    at and do it! Your writing taste has been surprised me.
    Thank you, very great article.

  • Hi there to every single one, it’s really a nice for me to pay a quick visit this web site, it
    contains useful Information.

  • Awesome blog! Do you have any helpful hints for aspiring
    writers? I’m hoping to start my own site soon but I’m
    a little lost on everything. Would you recommend starting with a free platform lie
    Wordpress or go for a paid option? There are so many choicees out there that I’m totally confused ..
    Any recommendations? Thank you!

  • Hey! I’m at work browsing your blog from my new iphone 4!
    Just wanted to say I love reading your blog and look forward to all your
    posts! Carry on the great work!

  • I wanted to thank you for this very good read!!
    I definitely enjoyed every bit of it. I have got you saved
    as a favorite to check out new things you post…

  • Hey There. I found your blog using msn. This is a very well written article.

    I’ll be sure to bookmark it and come back to read more of your useful information. Thanks
    for the post. I’ll definitely comeback.

  • It’s truly a great and useful piece of info.
    I am happy that you shared this helpful info with us.
    Please keep us informed like this. Thank you for sharing.

  • My brother suggested I would possibly like this website. He
    used to be totally right. This publish truly made my day.
    You cann’t believe just how a lot time I had spent for this info!
    Thank you!

  • What’s up, constantly i used to check weblog posts here in the early hours in the break
    of day, because i love to gain knowledge of more and more.

  • Very nice post. I simply stumbled upon your blog and wanted to mention that I have really loved browsing your
    blog posts. After all I will be subscribing on your feed and I am hoping you write once more soon!

  • An outstanding share! I have just forwarded this onto a co-worker who has been doing a little research on this.
    And he in fact ordered me dinner due to the fact that I found it for him…
    lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanks for spending some time to discuss this issue here on your
    internet site.

  • Admiring the time and energy you put into your blog and detailed information you present.
    It’s great to come across a blog every once in a while that isn’t the same outdated rehashed material.
    Great read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

  • whoah this blog is excellent i love reading your articles.

    Stay up the good work! You understand, a lot of individuals are searching round for this info, you could aid them
    greatly.

Leave a Reply

Your email address will not be published. Required fields are marked *