PMP - Stakeholders Management

Project stakeholders are individuals and grouping that are heavily included in the project, or whose interests may be affected as a result of project execution or project completion. They may also exert influence over the project’s objectives and outcomes. The project management team must identify the stakeholders, conclude their requirements and anticipation, and, to manage their impact in relation to the requirements to assure a successful project.

Once a project comes into the Execution process, the project team and the essential resources to implement the project should be in planed and ready to perform project activities. The Project Plan should have been completed and baseline by this time as well. The project team and specifically the Project Manager’s focus now shifts from planning the project efforts to participating in, observing, and analyzing the work being done.

Stakeholder management is also vital because it is use to identify positive existing bonding with stakeholders. These bonding can be converted to association and partnerships, which go on to build trust and encourage cooperation among the stakeholders.

The Project Plan Execution Process ensures that planned project activities are carried out in a productive and efficient way while make sure that measurements against project plans, specifications, and the original project feasibility idea continue to be collected, analyzed and acted on entire project lifecycle. Without a defined project execution process each project team would execute projects using their own experience, and methods; allowing certain control, tracking and corrective action activities to be missed.

It is important to note that project execution relies heavily on the plans developed in the Planning Phase. There is already enough work to do within the Execution Phase of the project, therefore having to reinvent ways of dealing with risk, change requests, training and resource issues, and other such obstacles to progress are impractical and undesirable. It is also critical during the Execution Phase that the Project Manager supports and monitors the execution of other important project plans such as the Communications Plan, the Risk Plan and Procurement Plan via daily interaction with the project team and stakeholders

Stakeholder management involves taking into consideration the different interests and values stakeholders have and identifying them during the project to make sure that all stakeholders are happy at the end.