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Stakeholder Knowledge Area

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I'm Belinda Goodrich and today's learning point is on the stakeholder knowledge area. There are four processes within the stakeholder knowledge area. First one is in initiating, and that is where we identify our stakeholders. Incredibly important process, right? PMI will tell us that one of the primary reasons for project
failure is failure to identify a key stakeholder. So, we want to look in all directions as we're identifying those stakeholders. Up, down, sideways, vendors, auditors, regulators, team members, people who are working on the project, people who are in leadership. Every which way. Again, really broad on that stroke to identify our stakeholders.

Key output from identifying our stakeholders will be that stakeholder register. That's where we're going to evaluate what is their power? What is their interest in our project? So that we can prioritize them and differentiate our key stakeholders, the ones that can make change to our project.

Then when we move into planning, we plan our stakeholder engagement, creating the stakeholder engagement plan. Now sometimes on projects we think I'd really rather not have my
stakeholders engaged. Could they just leave me alone and let me do the work on my project? But that's not how we want to handle our stakeholders. The better we're able to keep them engaged, the better we're able to manage their expectations. The better we're able to manage their expectations, the higher the likelihood is for project success. So, we want to look at strategies for keeping them engaged, especially if they are part time on your project. Or maybe your project is just one of those kind of sucky, boring projects that nobody likes. You have to figure out how am I going to keep them engaged? Sometimes we have to think creatively on that one. And then we want to manage that stakeholder engagement and monitor that stakeholder engagement. Managing it and executing, monitoring it in monitor control. Again, we're touching base consistently making sure that they are engaged, that we are managing their expectations and we're getting the engagement we anticipated. If not, we adjust our strategies.

Now keep in mind the term stakeholder is a very generic term, so it includes not only those external parties, but also your team members, your sponsor, and you yourself. You are a stakeholder. Because of this, you will see some overlap between these stakeholder processes, the communication processes, and the resource processes. Especially around acquiring, developing, and managing your team.

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