Uploaded byManish Srivastava
Stakeholder Management
The document discusses the significance of stakeholder management in project success, highlighting its integration into the PMBOK 5th edition as a new knowledge area. It outlines a structured approach for identifying stakeholders, managing engagement, and ensuring alignment of their needs with project outcomes through the Stakeholder Relationship Management Maturity Model (SRMM). The presentation emphasizes the ongoing effort to build relationships and effectively communicate with stakeholders to enhance project acceptance and minimize conflicts.
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Stakeholder Management
- 1. PMBOK and SRMMWay 24-May-2014 Manish Srivastava PMBOK and SRMM Way Managing Stakeholders Source:The content of this presentation is based on the details from Project Management Institute (PMI) – Project Management Body of Knowledge (PMBOK) 5th Edition and Stakeholder Relationship Management Maturity (SRMM) paper submitted at PMI Global Congress EMEA 2008 by Dr. Lynda M. Bourne
- 2. What and How?Project Success Projects within schedule, cost, quality and delivered scope can still be termed ‘UNSATISFACTORY’ if the same has not been effectively communicated and professed to the stakeholders and perceived accordingly. Stakeholder is the ‘IMPORTANT’ group that defines the acceptance criteria and acknowledges the success. Stakeholder Management is one the critical aspect of Program Management meant for defining, managing and ensuring desirable outcomes. It is a continuous attempt to engage and manage the dynamic needs and expectations of the important group and exceed in results. PMI in their latest edition of PMBOK 5th edition has recognised this as an important aspect and added as the tenth Knowledge Area. SRMM is a model that helps and equips organisation to foster the relationships with stakeholders for desired outcomes.
- 3. Who are they?Stakeholders • People,groups or organisations that could affect or be affected by a decision,activity or outcome of the project. • Their interest,involvement, influence and interdependencies affects the project success. ExternalInternal Client Project Team(s) and all other related members of its organisation and beneficiaries including other supporting agencies. Project Team(s) and all other members of its organisation involved in creating the project benefits including all third parties.
- 4. PMIWay Stakeholder Management •PMI’s PMBOK has added a new Knowledge Area ‘Project Stakeholder Management’in their 5th Edition. • They have assigned four Project Management Process Groups.
- 5. PMIWay Stakeholder Management •Stakeholder’s involvement and interest may have positive and negative influence to the project outcomes and their competing expectations might create conflicts within the project. • As part of project governance, it is essential to have processes and frameworks in place that aligns stakeholder’s needs and expectations with the project delivery cycle. 4 Process Groups
- 6. Identify Stakeholders The processis for identifying all groups, members, organisations that directly or indirectly,are going to get involved and influence the outcomes. • List of all persons and representatives • Invite for a collaborative workshop to study the project requirements and intended benefits in detail • Analyse the interests, expectations and influence of the stakeholders and their relevance with project outcomes. Stakeholder Management
- 7. Plan An iterative processmeant for strategising ways to effectively engage, manage needs and expectations and synchronise the common perception among the group. Based on the Stakeholder Register initiate and establish an engagement with everyone. Stakeholder Management
- 8. Manage Engagement • Thisprocess is for working with stakeholders and communicating the progress and fulfilment of their needs and expectations. • It is about effective engagement at all level and fostering positive relationships with all stakeholders and creating environment of acceptance and minimal resistance. Build trust, resolve conflict, facilitate consensus, influence, negotiate and create conducive platform to deliver project objectives. Stakeholder Management
- 9. Control Engagement • Acontinuous process of monitoring engagement with stakeholder and realigning them according to the needs and expectations and project deliverables. • Meant for increasing the effectiveness and efficiency in all engagement activities. Work Performance metrics related to schedule, cost, scope, risk, quality, human resource and others are disseminated regularly to all the stakeholders for update, assessment, inputs, judgement and buy-in Stakeholder Management Project Tracking System(s)
- 10. SRMM Stakeholder Management MaturityModel for Stakeholder Management like OPM3, CMMI, Risk… SRMM is independent of any particular methodology. It is use of a structured series of processes
- 11. SRMM - LevelsStakeholder Management Predictive Integrated Relational Procedural Ad hoc some use of processes1 focus on processes and tools2 focus on stakeholders and mutual benefits3 methodology is integrated and repeatable across all programs and projects4 used for health checks and predictive risk assessment and management5 Levels of Stakeholder Relationship Maturity Model helps the organisations to identify their readiness state and starting point to improve further 5
- 12. SRMM - ReadinessStakeholder Management SRMM Level Standard Processes Central Support Org-wide Use Beyond Projects Typical Stakeholder Communities Risk handling & Health Reviews Ad hoc Procedural Relational Integrated Predictive
- 13. • Dr. LyndaM. Bourne (May 2008), Stakeholder Relationship Management Maturity,PMI Global Congress EMEA • Project Management Institute (PMI), Project Management Body of Knowledge (PMBOK) 5th Edition References
- 14. more to come… ThankyouThank you Manish Srivastava manish.srivastava@rediffmail.com Source:The content of this presentation is based on the details from Project Management Institute (PMI) – Project Management Body of Knowledge (PMBOK) 5th Edition and Stakeholder Relationship Management Maturity (SRMM) paper submitted at PMI Global Congress EMEA 2008 by Dr. Lynda M. Bourne. Kindly contact me on my email address for any suggestions and feedback.