1952 Leading Projects in Organizations Module 10 Stakeholder Engagement PDF

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 10: Stakeholder Engagement ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E!...

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 10: Stakeholder Engagement ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! Module 10 - Section 1 Project Stakeholders  "When trust is high, the dividend you receive is like a performance multiplier, elevating and improving every dimension of your organization and your life... ln a company, high trust materially improves communication, collaboration, execution, innovation, strategy, engagement, partnering, and relationships with all stakeholders." - The Speed of Trust: The One Thing That Changes Everything by Stephen Covey  Stakeholders A stakeholder is a person or entity with an interest in a project, its performance, or its outcome - including the value or benefits generated Stakeholders and stakeholder satisfaction are essential for the success of projects Each stakeholder may have its own agenda and a particular relationship with the project driven by their own agenda ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ You need to know how to engage with each one differently  Living with Proiect Politics Project managers and their project teams must work closely with stakeholders to understand and manage their needs and expectations in order to deliver the project Internal politics can affect all stages of a project's life, from project selection and intake, to execution, to acceptance All organisations are 'political' to some extent, but some projects are easier to implement than others The wide range of stakeholders and their different agendas makes stakeholder communications a challenge for project managers ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~  Project Managers at the Centre of a Complex Web IC-1.2 Other Customers organizations '' '' ' \ \ \ \ \ \ \ \ I \ I \ I l+ I I I I I Functional\ managers / I I I I I I I I rq,~ -{,.e~~ , ,' ----\ --------- // Government Administrative Contractors egencies ------support---- ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ Types of Stakeholders 1. Project client or customer - Define scope and other parameters of the project, sets requirements, and communicates expectations; project success rests on satisfying their needs and expectations 2. Project team - does the actual project work. typically drawn from multiple functions and discipline; each member has a direct stake in the project success 3. Project sponsor - authorizes the project and uses their influence on behalf of the project to obtain resources and to clear barriers 4. Top management - Senior Management establishes organizational priorities, monitoring, and intervening as necessary 5. Functional managers - other business unit managers may have direct or indirect involvement in the execution of the project and the use of their staff on the project 6. Other project managers - subject matter experts SMEs maybe in demand across several project as one example creating conflict around the use of resources for the respective PMS  Identify Stakeholders Scan, review, and develop an inventory of stakeholders - commonly termed as developing the 'Stakeholder Register' Two general categories of stakeholders: - Those affecting the project - Those affected by the project Many stakeholders can both affect and be affected by the project Tools to conduct a Stakeholder Analysis - Stakeholder Mapping Cube - Stakeholder Quadrant Model - Stakeholder Support Circles ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ Literally anyone and everyone who is impacted  Stakeholder Mapping Cube The Stakeholder Mapping Cube is based on three Insignificant Passive Backer Influential Active Backer dimensions: Influential Power Passive Backer r Influential Interest Active Blocker - Attitude Influential Passive It is a powerful Blocker stakeholder Insignificant Active Blocker analysis tool, providing Insignificant Passive Blocker for a relatively deep level of assessment ~ UN I VERSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ The Three Dimensions of the Cube (1) Power- Refers to the power to influence the project: - Ability to provide or restrict resources, to make major decisions concerning the project, or significantly influence others Interest - Refers to the extent of the stakeholder's involvement in the project: - Will normally be driven by what value or benefits the project holds for them and the firm Attitude - Refers to the stakeholder's attitude toward the project: ~ UN IVEJ