BUSG 2002-2 Stakeholder Management Quiz

Course Information

• Course title: College of Business – BUSG 2002-2
• Unit: Stakeholder & Communications Management
• Assessment type: MCQ/Matching

Stakeholder Management

• Stakeholders: Individuals or organizations impacted by the project, positively or negatively.
• Project Management(PM) needs: Understand stakeholder expectations, roles, and how they can influence the project. Provide information about the project.
• Communication Management: Distribute core messages through appropriate channels. Gather information and involvement from various stakeholders. Resolve issues and create project advocates. Manage project challenges.
• Getting Project Support: Understand stakeholders and their potential impact. Engage the right stakeholders in project decisions. Develop good working relationships with stakeholders. Manage high-impact, high-influence stakeholders. Resolve issues promptly.

Stakeholder Management Process in PMBOK

• Knowledge Areas: Initiating, Planning, Executing, Monitoring & Controlling, Closing
• Processes: Identify Stakeholders, Plan Stakeholder Engagement, Manage Stakeholder Engagement, Monitor Stakeholder Engagement

Project Stakeholder Management Processes

• Identify Stakeholders: Determine who the stakeholders are and their relationships with the project.
• Plan Stakeholder Engagement: Define how and when stakeholders will be involved based on needs, expectations, and potential impact.
• Manage Stakeholders: Communicate and work with stakeholders to meet their needs, address issues, and create appropriate involvement.
• Monitor Stakeholder Engagement: Track stakeholder relationships to ensure alignment with the plan and make necessary adjustments.

Identify the Stakeholders

• Definition: A person or organization involved in or affected by the project.
• Profile Register: First step in creating a stakeholder register.
• Analysis Questions: Who is the stakeholder? Can they be grouped with other stakeholders? What is their responsibility in the project? What do they want to get out of the project? What do they expect to happen? What are their concerns?

Analyzing the Stakeholders

• Goal: Understand which stakeholders significantly influence the project (positively or negatively).
• Analysis Questions: Which stakeholders have significant impact? What level of participation is needed from each stakeholder? What are the stakeholder groupings and their goals, expectations, and concerns related to the project?

Stakeholder Analysis

• Purpose: Understand, categorize stakeholders to make project communication efficient and impactful.
• Key Questions: How much power do stakeholders have to impact project outcomes? How interested are they in project outcomes? How involved are they in the project, and what is their influence level?

Analysis Techniques - Power/Interest Grid

• Categories: Players (High Power/High Interest), Context Setters (High Power/Low Interest), Subjects (Low Power/High Interest), Crowd (Low Power/Low Interest)
• Implications: Different categories require distinct management approaches.

Manage Stakeholder Expectations – Tools & Techniques

• Interpersonal Skills: Building trust, resolving conflict, active listening, overcoming resistance to change
• Management Skills: Presentation, negotiating, writing, and public speaking

Manage Stakeholder Expectations Outputs

• Review, Analyze, and Update: Communication plan effectiveness, need for scope changes to meet stakeholder expectations, issue logs, stakeholder management strategy updates.

Communication Management

• Communication management is a crucial process for smooth project execution and stakeholder satisfaction.
• The goal is to keep all stakeholders on the same page regarding project objectives, expectations, roles and responsibilities, and issue resolution.

Project Communication Management Process

• Plan the Communication: Define communication needs, format, timing, delivery, and desired outcome.
• Manage the Communication: Collect, create, distribute, store, manage, monitor, and dispose of project information appropriately.
• Monitor & Control the Communication: Engage stakeholders on their concerns promptly.

Effective & Efficient Communication

• Effective: Informing the right people, through the right format, at the right time, with the appropriate impact (desired results).
• Efficient: Communication only when needed.

Goal of Communication Management

• Project goals and objectives should be clear to all stakeholders.
• Stakeholder expectations should be managed effectively.
• Roles and responsibilities should be clearly defined.
• Issues should be resolved promptly.

The Anatomy of Communication

• Basic: Message, recipient, sender, method, frequency, desired response
• Comprehensive: Includes everything in the basic plan, formality level, and sensitivities/cultural considerations

Monitoring & Controlling Communications

• Ensures information needs of stakeholders are met.
• Involves continuous monitoring and adjustments to ensure the communication management plan and stakeholder engagement plan are effective.