Stakeholder Management

Question 1

Who are stakeholders?

Answer 1

Stakeholders are individuals or groups who have an interest in the project because they are involved in the work or affected by the outcomes.

Question 2

What RICS best practice information is there available on stakeholder management?

Answer 2

RICS Guidance note on stakeholder engagement which highlights the key principles of stakeholder management.

Question 3

What is stakeholder management?

Answer 3

Stakeholder management is the systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders.

Question 4

What does a stakeholder strategy do?

Answer 4

A stakeholder strategy identifies and documents the approach taken to increase support and reduce negative impacts of stakeholders on the project.
The key is to ensure the right information is shared with the most important or relevant stakeholder.

Question 5

What are the four steps of stakeholder management?

Answer 5

1. Identify stakeholders
2. Assess their interest and influence
3. Develop communication and management plans
4. Engage and influence stakeholders

Question 6

What are some of the RICS principles of stakeholder management?

Answer 6

1. Plan it – plan & resource the stakeholder management strategy as you would a design or construction task
2. Remember they are only human – understand that stakeholders do not always act in rational or predictable ways
3. Communicate – practice clear and efficient communication
4. Consult early and often

Question 7

What is the value of stakeholder management?

Answer 7

1. Ensures the project creates success for all stakeholders
2. Reduces risk from stakeholder actions/ influence
3. Helps build collaborative partnerships that can generate value

Question 8

What are some stakeholder management tools?

Answer 8

1. Iceberg model
2. Influence vs interest grid
3. Influence vs dynamism matrix

Question 9

What is the iceberg model of stakeholder management?

Answer 9

Recognises there are obvious stakeholders who are very visible and less obvious stakeholders who may not immediately be visible.

Question 10

What is the influence vs. interest grid and how is it used in stakeholder management?

Answer 10

Categorises stakeholders by their influence and how much interest they have in the project to determine the degree of engagement with each.

Question 11

What is the influence vs. dynamism matrix and how is it used in stakeholder management?

Answer 11

Categorises stakeholders by their influence and how dynamic the stakeholder is in changing their views, to determine which stakeholders might change their minds and affect the project.

Question 12

What is a RACI chart?

Answer 12

A matrix of all project activities and decision-making individuals/ organisations to determine who is responsible, accountable, consulted or informed for each activity and decision.
Responsible – person who performs an activity/ does the work
Accountable – person who is ultimately accountable and has yes/no veto
Consulted – person that needs to feedback & contribute to the activity
Informed – person that needs to know of the decision or action

Question 13

How does a RACI chart help a PM?

Answer 13

1. Helps to clarify roles and responsibilities
2. Helps the PM plan who to engage with and on what activities