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Stakeholder Management Plan: Strategy & Process

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  • 0:03 Stakeholder Management Plan
  • 0:46 Identify Stakeholders
  • 2:55 Analyze Stakeholder Needs
  • 3:49 Engage Stakeholders
  • 5:09 Lesson Summary
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Lesson Transcript
Instructor: Gail Raynor

Gail is a PMP Charterholder and currently works as Director of Continuing Professional Development.

Stakeholder management is an essential part of any project. By understanding who your stakeholders are, how they impact the project, and how to engage them most effectively, you will be tapping into one of your most valuable project resources.

Stakeholder Management Plan

A stakeholder is anyone who can impact, or be impacted by, the project's outcome. Some stakeholders will directly impact a project, while others will have indirect influence over it. Regardless of their proximity to a project, stakeholders must be engaged at the appropriate level in order to maximize project outcomes.

In this lesson we will learn how to identify stakeholders, analyze stakeholder needs, and engage stakeholders. Let's discover more about the stakeholder management plan in light of a city that is about to launch a business improvement district (BID). A BID is a defined geographical area where property owners and businesses collaborate and contribute to the overall improvement of the area.

Identify Stakeholders

One of the most important parts of a stakeholder management plan is the identification of stakeholders. In the case of our BID, local businesses, property owners, and public officials likely come to mind as key stakeholders. It's necessary to think beyond the obvious and identify your secondary stakeholders as well, because they often play a larger part in the project than what was originally thought. Secondary stakeholders may include neighboring districts, shopping centers, or transportation commissions.

There are several different ways to compile stakeholder information, and it's best to employ a variety of these tools in the identification phase.

Meetings

For internal projects, it is highly beneficial to consult the project sponsor during the identification process. The sponsor is usually an executive-level employee who is responsible for defining goals and strategy, allocating project resources, and monitoring its progress. The sponsor can be thought of as the primary stakeholder, so that person's engagement throughout the process is pivotal. For external projects, the key stakeholder is the customer, and that person too must be consulted when identifying other stakeholders.

Brainstorming

Write down a list of all possible stakeholders. List anyone who might be impacted by the project. Your list can include the following:

  • Employees
  • Customers
  • Your competitors
  • Regulators
  • Government agencies
  • Non-profits
  • Educational agencies

Past Documentation

You learned that a county in an adjacent state has successfully launched a BID. In this case, it would be beneficial to reach out to a someone on that BID planning committee to gain insight into their primary and secondary stakeholders. They could offer the minutes from past meetings or even a copy of their stakeholder register. Past documentation is a useful resource in the identification of stakeholders, as it can provide information you may have missed and save you a lot of time.

At this stage, it's not necessary to rank stakeholders. That will happen further along in the process. What is important at this stage is capturing as many people or groups who will be affected by the project in some way. The information gathered will eventually lead to the creation of a stakeholder register.

Analyze Stakeholder Needs

After you've identified your stakeholders, the next step is to establish stakeholder interest and level of impact on the project. You discover that some local business owners have concerns about the effect a BID will have on their establishments. They worry that the increased footfall will lead to a sharp rise in crime, and they have organized in order to halt the BID.

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