Video Description

This lesson focuses on identifying stakeholders and planning the stakeholder meeting. Stakeholders can include sponsors, clients, sellers and program managers (just to name a few). When managing stakeholders, requires must be followed in this order of precedence:

  1. Identifying the reason for the project a. Market conditions b. Business needs
  2. Identify required items from the charter
  3. Executing the project management plan

Also, remember: - Never say 'no' to the client

  • Listen to the client's request
  • Involve team members to determine options and identify impact
  • Involve the client with the impacts
  • Client makes the final decision based on the options

[toggle_content title="Transcript"] Welcome to Cybrary. My name is Vince McKeown. I am the subject manager expert for the project management professional certification. Today we'll be covering stakeholder. Stakeholder is the last of the knowledge areas. There are five process groups in the PMP. There is initiation, planning, executing, money controlling, and closing. The ten knowledge areas are in integration, scope, time, cost, quality, human resources, communication, risk, procurement and stakeholder. Notice it's the final knowledge area. Between these ten knowledge areas of 5 process groups there are 47 total processes. The knowledge are is the on the left, the process group is on the top and if you notice. Each one of these indicates a process that needs to occur in the PMP. Today we are going to look over stakeholders. There is one initiation, one in planning, one in execution and one in money controlling. To start off with who are stakeholders? I ask this question a lot to people and I get various answers but a stakeholder is anybody that has to do with a project. This could be the sponsor who is paying for it, the clients who are pretty much end users, program managers, project managers, the project management office, project managers, the project team, functional managers and operational managers. They all have impact on the project. Sellers as you are trying to procure items, government entities that can set regulations that could prevent the project from occurring or they could set regulations that made the project to occur. Clients and end users, they are all stakeholders. There is some situations too when dealing with stakeholders. Requirements must be followed in this order of precedence. You can have – hopefully you don't have two sponsors but you can have two people talking into different requirements. What requirements should I follow? This is how you have to try to identify. You got to identify the reasons of the project. That's located in the project chatter, which will tell you what the marketing conditions are or what the business need of why the project came into play, why it exists. Then these are inputs into the charter. Then after that you got to identify the requirement items from the charter. Your charter is going to have your high level requirements. Then from your project charter eventually you are going to create a project management plan. A situational question might give you a sparing of like the business need is to do project XYZ. That's going to be your primary source of determining that requirement. The project charter says you need to do A, B and C. you are going to disregard A, B and C and do X, Y and Z first. Another stakeholder situation is, how do I address project change request? First thing is, never say no to the client. That's your first response. After that you are going to be able to listen to client's request. Once you do that you are going to involve team members to determine options and identify impacts of what of a change request that is. Once you do that you are going to involve the client and let him know what those impacts are. The last thing is, the client makes the final decision based on the options that you are providing. The first thing in stakeholder management is identifying stakeholders. Identifying stakeholders is the process of determining all the people in the organization affected by the project. This project creates the stakeholder register. The inputs are the project charter, hopefully you've watched all the videos in order. On integration, you created the project charter and the last thing to do under initiation is create the stakeholder register. The other input is the procurement document. The tools that are used are stakeholder analysis, expert judgment and meetings. Stakeholder analysis is you are trying to figure out where that stakeholder fits. Expert judgment is just knowing how to engage that stakeholder just from having the experience. Meeting is trying to identify who the stakeholders are. One thing for stakeholder analysis is, you are going to identify what the power is and how much interest they have. If they have low power and low interest you are just going to manage to that stakeholder. If they have high power and low interest you just want to make sure that that stakeholder is satisfied. You don't have to spend a whole lot of attention on them. You are just going to make sure that he is happy. If they have high power and high interest, you want to spend most of your time managing that stakeholder closely. If they have high interest but they don't have that much power. You just want to keep them informed of what's going. Chances are they can't make decisions but they have an interest and so you want to keep them engaged. Here is an example of a stakeholder register. I would identify who the stakeholder is, what company that employee works for. What's his level of interest, what impact can he have, what's your strategy to engage that stakeholder? You are going to have contact information, you want to have phone numbers, emails. You want to have a way to communicate to that stakeholder. The next process under planning is plan stakeholder management. If you remember, each knowledge area has a plan on how you are going to do each one of these functions. Stakeholder is no different than any other knowledge area. Plan stakeholder arrangement creates the stakeholder management plan. The inputs are the project management plan, the stakeholder register and enterprise environmental factors, and organizational process assets. Like most of these processes by now you've realized enterprise environmental factors and organization process are normally inputs for a lot of your processes. The stakeholder register which we just created is identifying who the stakeholder is and your project management plan is this binder. Which has all your sub plans in it, which includes the stakeholder management plan. The tools used are meetings, expert judgment and analytical techniques. [/toggle_content]

Course Modules

Project Management Professional (PMP) - PMI

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