Stakeholder Management Flashcards
What is a stakeholder?
Anyone that can affect or be affected by what you are trying to achieve
Who are the stakeholders on your project?
Describe some stakeholder engagement activities
All the things we might do with stakeholders
Consult
Listen
Understand
Communication
Influence
Negotiate
with the objectives of
satisfying their needs
gaining approval abd support
minimising their opposition/obstruction
What RICS best practise information is there available in relation to Stakeholder Management Competency?
RICS guidance note on Stakeholder Engagement 1st Edn. 2014
At what stage in the project could stakeholder engagement be seen as most important?
During the initial phases when objectives and success criteria are being established
What are the key principles of stakeholder engagement (according to RICS)
10 Principles
- Communicate
- Consult early and often
- Remember they’re only human
- Plan it
- Relationships are key
- Simple, but not easy
- Just part of managing risk
- Compromise
- Understand what success is
- Take responsibility
Who are typical stakeholders?
Individuals and groups performing the work
Individuals and groups affected by the work e.g neighbours
Owners, shareholders and customers
Statutory and Regulatory bodies e.g planning authorities
What is stakeholder management?
The systematic indentification, analysis, planning and implementation of actins designed to engage with stakeholders
What are techniques for Stakeholder management?
RICS identifies 4 main techniques to harness the positive influence and minimise the effect of negative influences:
- Identify stakeholders
- Assess their interest and influence e.g ask for their objectives and why they want that information
- Develop communication management plan and determine preferred method of communication
- Engage and influence stakeholders through the projects duration
What is the value of Stakeholder Management?
Ensures project creates sucessful outcome for all stakeholders
Reduces risk from stakeholder action/influence
Helps build collaborative partnerships that can generate value
What is stakeholder engagement?
The practise of interacting with, and influencing project stakeholders to the overal benefit of the project
Project sucess can depend on stakeholders perception
Explain Stakeholder Management v Stakeholder Engagement
Stakeholder Management: the systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders.
Stakeholder Engagement: the practice of influencing a variety of outcomes through consultation, communication, negotiation, compromise and relationship building
What are some stakeholder management tools
- Stakeholder Management Plan
- Influence/Interest Matrix
- Influence/Dynamism Matrix
- Iceberg Model
What is a Stakeholder Management Plan?
- Plan to establish lines and methods of communication. This should provide stakeholders with the information relevant to their project interest.
- Adopt feedback strategies
- Monitor stakeholders and changes
How do you develop a Stakeholder Management Plan?
- List your stakeholders. These are usually internal or external
- Prioritize your stakeholders. Also note at which stage their influence becomes lesser or greater
- Interview your stakeholders. Does the stakeholder feel positively or negatively about the project? What are their expectations? What are their deliverables?
- Develop a matrix. Use a influence/interest matrix.
- Set & Manage expectation. Clearly note which stakeholders will be involved at which stage and timelines in which their feedback is needed. Be realistic and hones
What is the influence vs. interest matrix and how is it used in Stakeholder Management?
This matrix categories stakeholders by their influence and how much interest they have in the project, to determine the degree of engagement with each.
What is the influence vs. dynamism matrix and how is it used in Stakeholder Management?
This matrix categories 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
What is the iceberg model of Stakeholder Management?
This model recognises there are obvious stakeholders who are very visible, and less obvious stakeholders who may not be immediately visible
What is a RACI Chart?
Method for identifying accountability on the project deliverables.
It’s a matrix of all the project activities and decision-making individuals/organisations to determine who is responsible, accountable, consulted or informed for each activity and decision
What are the RACI principles?
Responsible - The person who does the work to achieve the task. Responsible for getting the work done.
Accountable - The person who is accountable for the correct and thorough completion of the task.
Consulted - The person that need to feedback and contribute to the activity.
Informed - The person kept informed of progress and with whom there is one-way communication. These are people that are affected by the outcome of the tasks, so need to be kept up-to-date.
How does a RACI chart help a PM?
- Clarify roles and responsibilities
- Helps the PM plan who to engage with and on what activities
How do you create a RACI matrix?
- Identify all the tasks involved in delivering the project and list them on the left-hand side of the chart in completion order.
- Identify all the project roles and list them along the top of the chart.
- Complete the cells of the chart identifying who has the responsibility, the accountability and who will be consulted and informed for each task.
- Ensure every task has a role responsible and a role accountable for it.
- No tasks should have more than one role accountable. Resolve any conflicts where there is more than one for a particular task.
- Share, discuss and agree on the RACI Matrix with your stakeholders before your project starts
What are some challenges with Stakeholder Management?
- Unclear stakeholders
- Unidentified stakeholders
- Unreasonable stakeholders
- Unclear objectives and needs given by stakeholders
- Lack of engagement from stakeholders
- Resistance to share information
What are some opportunities with Stakeholder Management?
- Effective use of resources
- Clearer understanding of stakeholder objectives
- Protect reputation
- Be open to suggestions or demands from unreasonable stakeholders
- Never say no to a stakeholder, give them information and impacts of the request and let them make the decision
What are some benefits with Stakeholder Management?
Early engagement can build better relationships, allowing for better outcomes and enhance credibility
- Increased trust and confidence across the project community. Promoting trust in the profession in a positive way as the RICS Global & Ethical Standards.
- More robust risk management
- More awareness of the organisational objectives
- Make better decisions
Why is a Stakeholder Management Plan important?
Stakeholders play a key role in making the project happen and determining if the project was a success.
They are devoting time, money and resources into the project. The plan should be updated routinely
