100. PMP | Project Stakeholder Management knowledge area overview | explain stakeholder management
Hello! Let's learn about Stakeholder Management knowledge area and the associated processes in this video.
Before proceeding let's see who are all the stakeholders of the project.
An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.
The effect or impact could be positive or negative.
Effective engagement and involvement of stakeholders is critical for project’s success.
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.
Let's look into the process that are involved in this knowledge area.
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 or 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.