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Project Stakeholder Management includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution. Stakeholder management also focuses on continuous communication with stakeholders to understand their needs and expectations, addressing issues as they occur, managing conflicting interests and fostering appropriate stakeholder engagement in project decisions and activities. Stakeholder satisfaction should be managed as a key project objective.
Below are the Project Stakeholder Management processes:
- Identify Stakeholders—The process of identifying the people, groups, or organizations that could impact or be impacted by a decision, activity, or outcome of the project; and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success.
- Plan Stakeholder Management—The process of developing appropriate management strategies to effectively engage stakeholders throughout the project life cycle, based on the analysis of their needs, interests, and potential impact on project success.
- Manage Stakeholder Engagement—The process of communicating and working with stakeholders to meet their needs/expectations, address issues as they occur, and foster appropriate stakeholder engagement in project activities throughout the project life cycle.
- Control Stakeholder Engagement—The process of monitoring overall project stakeholder relationships and adjusting strategies and plans for engaging stakeholders.
Every project will have stakeholders who are impacted by or can impact the project in a positive or negative way. While some stakeholders may have a limited ability to influence the project, others may have significant influence on the project and its expected outcomes.
Concluding Remarks: The ability of the project manager to correctly identify and manage these stakeholders in an appropriate manner can mean the difference between success and failure. Hence this Knowledge Area becomes critical and requires an exhaustive approach all through the project.
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