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RICS APC Project Management > Stakeholder Management > Flashcards

Stakeholder Management Flashcards

1
Q

What is a stakeholder?

A

Anyone that can affect or be affected by what you are trying to achieve

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2
Q

Who are the stakeholders on your project?

A
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3
Q

Describe some stakeholder engagement activities

A

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

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4
Q

What RICS best practise information is there available in relation to Stakeholder Management Competency?

A

RICS guidance note on Stakeholder Engagement 1st Edn. 2014

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5
Q

At what stage in the project could stakeholder engagement be seen as most important?

A

During the initial phases when objectives and success criteria are being established

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6
Q

What are the key principles of stakeholder engagement (according to RICS)

A

10 Principles

  1. Communicate
  2. Consult early and often
  3. Remember they’re only human
  4. Plan it
  5. Relationships are key
  6. Simple, but not easy
  7. Just part of managing risk
  8. Compromise
  9. Understand what success is
  10. Take responsibility
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7
Q

Who are typical stakeholders?

A

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

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8
Q

What is stakeholder management?

A

The systematic indentification, analysis, planning and implementation of actins designed to engage with stakeholders

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9
Q

What are techniques for Stakeholder management?

A

RICS identifies 4 main techniques to harness the positive influence and minimise the effect of negative influences:

  1. Identify stakeholders
  2. Assess their interest and influence e.g ask for their objectives and why they want that information
  3. Develop communication management plan and determine preferred method of communication
  4. Engage and influence stakeholders through the projects duration
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10
Q

What is the value of Stakeholder Management?

A

Ensures project creates sucessful outcome for all stakeholders
Reduces risk from stakeholder action/influence
Helps build collaborative partnerships that can generate value

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11
Q

What is stakeholder engagement?

A

The practise of interacting with, and influencing project stakeholders to the overal benefit of the project

Project sucess can depend on stakeholders perception

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12
Q

Explain Stakeholder Management v Stakeholder Engagement

A

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

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13
Q

What are some stakeholder management tools

A
  • Stakeholder Management Plan
  • Influence/Interest Matrix
  • Influence/Dynamism Matrix
  • Iceberg Model
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14
Q

What is a Stakeholder Management Plan?

A
  • 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
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15
Q

How do you develop a Stakeholder Management Plan?

A
  1. List your stakeholders. These are usually internal or external
  2. Prioritize your stakeholders. Also note at which stage their influence becomes lesser or greater
  3. Interview your stakeholders. Does the stakeholder feel positively or negatively about the project? What are their expectations? What are their deliverables?
  4. Develop a matrix. Use a influence/interest matrix.
  5. 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
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16
Q

What is the influence vs. interest matrix and how is it used in Stakeholder Management?

A

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

17
Q

What is the influence vs. dynamism matrix and how is it used in Stakeholder Management?

A

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

18
Q

What is the iceberg model of Stakeholder Management?

A

This model recognises there are obvious stakeholders who are very visible, and less obvious stakeholders who may not be immediately visible

19
Q

What is a RACI Chart?

A

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

20
Q

What are the RACI principles?

A

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.

21
Q

How does a RACI chart help a PM?

A
  • Clarify roles and responsibilities
  • Helps the PM plan who to engage with and on what activities
22
Q

How do you create a RACI matrix?

A
  1. Identify all the tasks involved in delivering the project and list them on the left-hand side of the chart in completion order.
  2. Identify all the project roles and list them along the top of the chart.
  3. Complete the cells of the chart identifying who has the responsibility, the accountability and who will be consulted and informed for each task.
  4. Ensure every task has a role responsible and a role accountable for it.
  5. No tasks should have more than one role accountable. Resolve any conflicts where there is more than one for a particular task.
  6. Share, discuss and agree on the RACI Matrix with your stakeholders before your project starts
23
Q

What are some challenges with Stakeholder Management?

A
  • Unclear stakeholders
  • Unidentified stakeholders
  • Unreasonable stakeholders
  • Unclear objectives and needs given by stakeholders
  • Lack of engagement from stakeholders
  • Resistance to share information
24
Q

What are some opportunities with Stakeholder Management?

A
  • 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
25
Q

What are some benefits with Stakeholder Management?

A

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

26
Q

Why is a Stakeholder Management Plan important?

A

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

RICS APC Project Management (19 decks)

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