LO6 Stakeholder managment

Question 1

What is a stakeholder?

Answer 1

“Stakeholder” is the term that referes to individuals or groups who have an interest or role in the project or are impacted by it (internal and external)

Question 2

What is stakeholder engagement? (aka Stakeholder Managment)

Answer 2

“Stakeholder Engagement” is the term that refers to the systematic identification, analysis, planning and implementation of actions designed to influence stakeholders.

Question 3

How do you identify stakeholders?

Answer 3

Brainstorming and from lessions learned from prior projects.

Question 4

What factors describe a shareholder’s importance?

Answer 4

• Positive or negatively affected by project
• Have power to make it succeed or fail
• Make the decisions about money
• Are the suppliers and the end users
• Have influence over other stakeholders
• Could solve potential problems with the project
• Are in charge of assigning or procuring resources or facilities
• Have specialist skills which are crucial to the project

Question 5

How can you reperesent the identified stakeholders with respect to their relationship to a project?

Answer 5

Stakeholder map (concentric circles, startign wtih Project team as the smalled, then internal, external public in increasing size (away from the project centrel)

Question 6

How do you analyse stakeholders?

Answer 6

Rank them into 4 catagories -
- High Power, High Intrest (Fully engage), Must manage closely and engage regularly. May need sponsor to engage with this group as they will have more power than PM. These are the champions (but could be blockers)

• High Power, Low Intrest (Keep satisfied) - Dont overload with too much info, but keep them informed. Must understand what decisions and actions this group can take to ensure that they get the right info at the right time.
• Low Power, High Intrest (Keep informed) - Must be adequately infromed and consulted. Make sure they do not have any major issues with the project. Can help with detail, but can take alot of time to satisfy need for data. Can become high power in large numbers.
• Low Power, Low Intrest (Minimum effort) - Keep informed with general info, but not overloaded. Monitor stakeholders if they shift to have more power/intrest through the project life.

Also can be split for/against project.

Question 7

What strategies should be used in communication to influence stakeholders?

Answer 7

• Content (Level of detail)
• Channel and form (such as email and face to face)
• Timing (such as one-off and regular updates)
• The sender of information (such as project manager to sponsor)

Question 8

Explain three reasons how stakeholder analysis can assist in influencing and engaging stakeholders

Answer 8

• By understanding their influence/power
• By understanding their intrest
  By understanding their attitude

Question 9

Why is it important to manage stakeholder expectations?

Answer 9

• to gain the appropriate level of support for a project

- To gain the appropriate level of resources and decisions