Stakeholder Management and Interpersonal Skills
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Questions and Answers

What should management do with Low Power/Low Interest stakeholders?

  • Monitor and keep them informed
  • Encourage conditions to increase their power and convert them to Players (correct)
  • Neutralize their negative impact
  • Ignore them

    • What is the primary tool for managing stakeholder expectations?

  • Issue management
  • Stakeholder analysis
  • Communication Plan (correct)
  • Risk management

    • What should management do with stakeholders who are High Power/High Interest?

  • Keep them satisfied
  • Manage them closely (correct)
  • Monitor and keep them informed
  • Neutralize their negative impact

    • What is the primary goal of issue management in stakeholder expectations?

    <p>To minimize the impact of issues on stakeholders</p> Signup and view all the answers

    What is the primary outcome of effective stakeholder expectation management?

    <p>Improved stakeholder satisfaction</p> Signup and view all the answers

    What is the primary purpose of the 'Plan The Communication' process in Project Communication Management?

    <p>To determine the communication approach and plan</p> Signup and view all the answers

    What is the outcome of reviewing and analyzing stakeholder expectations?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of an issues log in Project Communication Management?

    <p>To document and manage project issues and problems</p> Signup and view all the answers

    What skill is essential for effective stakeholder management?

    <p>Active Listening</p> Signup and view all the answers

    What is the outcome of managing stakeholder expectations?

    <p>Improved project communication</p> Signup and view all the answers

    What is the purpose of the 'Manage The Communication' process in Project Communication Management?

    <p>To manage and monitor project information</p> Signup and view all the answers

    What is the goal of reviewing and updating the stakeholder management strategy?

    <p>To respond to changing stakeholder expectations</p> Signup and view all the answers

    What is the primary goal of communications management in a project?

    <p>To keep stakeholders on the same page throughout the project</p> Signup and view all the answers

    What is the key characteristic of efficient communication?

    <p>Providing information only when it is needed</p> Signup and view all the answers

    What is the benefit of the monitoring and controlling process in communications management?

    <p>To ensure optimal information flow as defined in the communications management plan</p> Signup and view all the answers

    What is included in a comprehensive communication plan?

    <p>The message, recipient, delivery method, frequency, and level of formality, and any sensitivities or cultural context</p> Signup and view all the answers

    Why is it important to manage stakeholder expectations?

    <p>To ensure that stakeholders' expectations are aligned with the project goals and objectives</p> Signup and view all the answers

    What is the result of effective communication?

    <p>The desired result is achieved</p> Signup and view all the answers

    What is the purpose of the communication plan?

    <p>To define how information will be shared among stakeholders</p> Signup and view all the answers

    What is the outcome of keeping stakeholders on the same page throughout the project?

    <p>Project goals and objectives are understood and clear</p> Signup and view all the answers

    What is the purpose of monitoring and controlling the communication process?

    <p>To ensure that the information needs of the project and its stakeholders are met</p> Signup and view all the answers

    What is the primary goal of stakeholder management in a project?

    <p>To engage the right stakeholders in project decisions and execution</p> Signup and view all the answers

    What is the main objective of the Plan Stakeholder Engagement process?

    <p>To determine how and when stakeholders will be involved based on their needs and expectations</p> Signup and view all the answers

    What is the primary goal of communication planning in a project?

    <p>To distribute core messages to the proper channels</p> Signup and view all the answers

    What is the main objective of the Identify Stakeholders process?

    <p>To identify stakeholders and their potential impact on the project</p> Signup and view all the answers

    What is the primary purpose of the Manage Stakeholders process?

    <p>To communicate and work with stakeholders to meet their needs and expectations</p> Signup and view all the answers

    What is the main benefit of effective stakeholder management?

    <p>Enhanced stakeholder engagement and support</p> Signup and view all the answers

    In a Network Diagram, arrows represent the activities and boxes represent the relationships between them.

    <p>False</p> Signup and view all the answers

    A Mandatory Predecessor is a task that has to exist before the next step can begin.

    <p>True</p> Signup and view all the answers

    A Lag is the time that has to pass before the next task can start.

    <p>True</p> Signup and view all the answers

    Estimating the activity duration is done in Step 2 of the Develop Schedule process.

    <p>False</p> Signup and view all the answers

    Discretionary dependencies are based on best practices or preferences.

    <p>True</p> Signup and view all the answers

    External dependencies are dependencies that are within the control of the project team.

    <p>False</p> Signup and view all the answers

    A SPI value of 1.0 means the project is ahead of schedule

    <p>False</p> Signup and view all the answers

    A TCPI value of 1 means the project needs to be more efficient than it has been up to now to meet the budget

    <p>False</p> Signup and view all the answers

    BAC represents the total value of the work planned

    <p>True</p> Signup and view all the answers

    EAC is calculated as BAC - EV

    <p>False</p> Signup and view all the answers

    A SPI value greater than 1.0 means the project is under budget

    <p>False</p> Signup and view all the answers

    TCPI is used to determine whether the project is under budget

    <p>False</p> Signup and view all the answers

    Overcoming resistance to change is a management skill.

    <p>False</p> Signup and view all the answers

    Public speaking is a part of project communication management.

    <p>False</p> Signup and view all the answers

    Review, Analyze, and Update are part of the Plan The Communication process.

    <p>False</p> Signup and view all the answers

    Active listening is required for effective stakeholder management.

    <p>True</p> Signup and view all the answers

    Negotiating is a part of project communication management.

    <p>False</p> Signup and view all the answers

    The Manage The Communication process includes the timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring, and disposition of project information.

    <p>True</p> Signup and view all the answers

    The decision to rent a heavier RV is a risk mitigation strategy.

    <p>True</p> Signup and view all the answers

    The risk of high winds is avoided by renting a heavier RV.

    <p>False</p> Signup and view all the answers

    Transferring risk involves paying someone else to accept the risk.

    <p>True</p> Signup and view all the answers

    The critical path method is used to determine the shortest path in a network diagram.

    <p>False</p> Signup and view all the answers

    Accepting a risk means doing nothing to mitigate or avoid it.

    <p>True</p> Signup and view all the answers

    The risk of high winds can be eliminated by renting a heavier RV.

    <p>False</p> Signup and view all the answers

    An activity can be delayed by its float time without affecting the project timeline.

    <p>True</p> Signup and view all the answers

    There can be only one critical path in a network diagram.

    <p>False</p> Signup and view all the answers

    A risk mitigation strategy can reduce the potential damage from an uncertain event.

    <p>True</p> Signup and view all the answers

    The earliest time that the project can be completed is determined by the critical path method.

    <p>True</p> Signup and view all the answers

    Activities in a project are independent of each other.

    <p>False</p> Signup and view all the answers

    The critical path method is used to identify the critical activities in a project.

    <p>True</p> Signup and view all the answers

    Match the following risk types with their definitions:

    <p>KNOWN RISK = Identified &amp; analyzed with a planned response UNKNOWN RISK = Cannot be proactively managed, have a contingency plan POSITIVE RISK = Aim to maximize opportunities where good things happen NEGATIVE RISK = Minimize threats that are potential project problems</p> Signup and view all the answers

    Match the following risk examples with their project impact:

    <p>Environmental Permit = Impact the timeline Company has multiple projects going on at once = Impact timeline, budget, and/or quality Require external company to provide = Impact budget and quality A project assumption = Impact the timeline</p> Signup and view all the answers

    Match the following risk characteristics with their descriptions:

    <p>RISK THAT HAS HAPPENED = Is no longer a risk but a project issue KNOWN RISK = Identified &amp; analyzed with a planned response NEGATIVE RISK = Minimize threats that are potential project problems POSITIVE RISK = Aim to maximize opportunities where good things happen</p> Signup and view all the answers

    Match the following risk examples with their causes:

    <p>A project assumption = Needed or could be negative if there is Company has multiple projects going on at once = A project condition Require external company to provide = A project constraint Environmental Permit = A project requirement</p> Signup and view all the answers

    Match the following risk examples with their positive or negative impact:

    <p>A project assumption = Positive if there is no limit on the expertise Company has multiple projects going on at once = Negative if the organization has too many demands on it Require external company to provide = Negative if external company does not deliver on time Environmental Permit = Negative if permit is not granted in the time required</p> Signup and view all the answers

    Study Notes

    Interpersonal Skills

    • Building trust is an essential interpersonal skill
    • Resolving conflicts is a key aspect of interpersonal skills
    • Active listening is a crucial component of interpersonal skills
    • Overcoming resistance to change is a vital interpersonal skill

    Management Skills

    • Presentation skills are essential for effective management
    • Negotiating skills are critical for successful management
    • Writing skills are necessary for effective management
    • Public speaking is a vital management skill

    Project Communication Management Process

    • The process involves planning, managing, and controlling communication
    • Planning involves determining what communication is required and how it will happen
    • Managing involves creating, distributing, and storing project information
    • Controlling involves monitoring and disposing of project information

    Stakeholder Management

    • Identifying stakeholders and their potential impact is critical
    • Developing a good working relationship with stakeholders is essential
    • Managing high-impact, high-influence stakeholders is vital
    • Issues get resolved in a timely manner through effective stakeholder management

    Effective Communication

    • Effective communication provides information in the right format, at the right time, to the right people, with the right impact
    • Efficient communication provides information only when it is needed

    Goal of Communication Management

    • Keeping stakeholders on the same page involves understanding project goals and objectives
    • Managing expectations is critical
    • Clarifying project roles and responsibilities is essential
    • Resolving issues in a timely manner is vital

    The Anatomy of Communication

    • A basic communication plan includes what message, to whom, by whom, how it will be delivered, how frequently, and what response or result is desired
    • A comprehensive communication plan includes level of formality, push, pull, or interactive, and any sensitivities or cultural context

    Monitoring and Controlling Communications

    • This process ensures that the information needs of the project and its stakeholders are met
    • The benefit of this process is the optimal information flow as defined in the communications management plan and the stakeholder engagement plan

    Develop Schedule

    • Create a network diagram to outline activities and their relationships.
    • Understand the terminology:
      • Mandatory Predecessor: a task that must exist before the next step.
      • Discretionary: a task that is not a necessity but a matter of preference or best practice.
      • External Dependencies: a task that depends on an external factor.

    Sequence the Activities

    • Apply leads and lags:
      • Lag: time that has to pass before the next task can start.
      • Lead: a task that doesn't have to wait until the predecessor is totally finished.

    Estimate the Activity Duration

    • Determine how long each activity will take to complete with the available resources.

    Critical Path Method (CPM)

    • The critical path is a path through the network diagram that has no slack or float.
    • The duration of the critical path is the earliest time that the project can be completed.
    • There can be multiple critical paths if two or more paths have the same length.
    • Slack or float is the amount of time an activity can be delayed without delaying the project finish date.

    Golden Rules of CPM

    • The critical path determines the earliest time that the project can be completed.
    • The critical path is a path through the network diagram that has no slack or float.
    • Slack or float is the amount of time an activity can be delayed without delaying the project finish date.

    Practice Example 1

    • Create a network diagram to outline activities and their relationships.
    • Calculate the duration of each activity.
    • Determine the critical path and the earliest finish date.

    Schedule Performance Index (SPI)

    • SPI determines whether the project is ahead of schedule or behind schedule.
    • SPI = EV / PV
    • SPI > 1.0 means the project is ahead of schedule, SPI < 1.0 means the project is behind schedule.

    To Complete Performance Index (TCPI)

    • TCPI determines whether the project can meet the budget.
    • TCPI = (BAC - EV) / (BAC - AC)
    • TCPI > 1 means the project needs to be more efficient than it has been up to now to meet the budget.

    Interpersonal Skills

    • Building trust
    • Resolving conflict
    • Active listening
    • Overcoming resistance to change

    Management Skills

    • Presentation skills
    • Negotiating
    • Writing skills
    • Public speaking

    Manage Stakeholder Expectations

    • Review, analyze, and update the communication plan.
    • Determine what is learned, and if the communication plan is working.
    • Update the stakeholder management strategy.

    Project Communication Management

    • Plan the communication: determine what communication is required and how it will happen.
    • Manage the communication: timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring, and disposition of project information.

    Risk Management

    • Identify the risk: determine what may happen that could impact the project.
    • Analyze the risk: determine the probability and impact of the risk.
    • Plan the risk response: determine what action to take to mitigate the risk.
    • Avoid, mitigate, transfer, or accept the risk.

    Plan Risk Response

    • Determine the planned response or tactic to deal with the risk.
    • 4 ways to deal with negative risk:
      • Avoid: prevent the risk from happening.
      • Mitigate: take action to reduce the impact of the risk.
      • Transfer: pay someone else to accept the risk.
      • Accept: accept the risk if it cannot be avoided, mitigated, or transferred.

    Develop Schedule

    • Precedence Diagramming Method (PDM) is used to create a network diagram that outlines the activities and their relationships.

    Sequencing Activities

    • Mandatory Predecessor: an activity that must exist before the next step.
    • Discretionary Predecessor: not a necessity but a matter of preference or best practice.
    • External Dependency: an activity that cannot start until an external factor is complete.

    Applying Leads and Lags

    • Lag: time that has to pass before the next task can start.
    • Lead: a task can start before the predecessor is totally finished.

    Estimating Activity Duration

    • Estimate the time required to complete each activity with the available resources.
    • Determine the overall project duration.

    Network Diagram

    • Create a network diagram with durations for each task.
    • Determine the number of paths in the network diagram.
    • Calculate the timeframe for each path by adding the durations.
    • The path with the longest timeframe is the critical path.

    Key Points for Calculating Each Task

    • Earliest Start (ES): the earliest time a task can start.
    • Duration: the timeframe for each task to complete.
    • Earliest Finish (EF): the earliest time a task can finish.
    • Latest Start (LS): the latest time a task can start.
    • Latest Finish (LF): the latest time a task can finish.
    • Float: the difference between ES and LS, EF and LF, representing days left or delayed from the task.

    3-Point Estimating (Triangular Distribution)

    • Most Likely Estimate (M): the most realistic estimate for completing a task.
    • Optimistic Estimate (O): the best-case scenario estimate.
    • Pessimistic Estimate (P): the worst-case scenario estimate.
    • Triangular Distribution Formula: M = (O + M + P)/3.

    Beta Distribution PERT

    • Beta Distribution PERT is a weighted average that gives more weight to the most likely estimate.
    • It increases the accuracy of the estimate and determines the level of certainty.

    Manage Stakeholder Expectations Outputs

    • Review, analyze, and update the communication plan to ensure it is working.
    • Update the change requests, issues log, and stakeholder management strategy as needed.

    Communication Management Process

    • Plan communication: determine what communication is required and how it will happen.
    • Manage communication: collect, create, distribute, store, retrieve, manage, monitor, and dispose of project information.

    Types of Risk

    • Known Risk: identified and analyzed with a planned response.
    • Unknown Risk: cannot be proactively managed, have a contingency plan.
    • Positive Risk: aim to maximize opportunities where good things happen.
    • Negative Risk: minimize threats that are potential project problems.
    • Risk that has happened: is no longer a risk but a project issue.

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    Test your knowledge of managing stakeholder expectations, building trust, resolving conflicts, and developing essential management skills like presentation, negotiation, and writing.

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