Stakeholder Register & Power Interest Grid - PMP Exam/PMBOK Guide Study

Summary

In this video, Phil, a project management trainer, introduces the concept of a stakeholder register and a power interest grid. He explains that understanding various stakeholders' power and interest levels is crucial for project success. The power interest grid categorizes stakeholders into four quadrants: high power-high interest (manage closely), high power-low interest (keep satisfied), low power-low interest (monitor), and high interest-low power (inform). Phil emphasizes the importance of this analytical tool for project managers to focus their efforts effectively and strategically engage with stakeholders. He also advises on the sensitivity of sharing this information and the flexibility of creating a stakeholder register tailored to specific project needs.

Takeaways

• 📋 A stakeholder register is a document used by project managers to identify and list all individuals or entities that could affect or be affected by a project.
• 🗂️ The power interest grid is a tool to categorize stakeholders based on their power and interest levels, helping to determine how to engage with them effectively.
• 🟠 Stakeholders in the 'Orange Pod' have high power and interest, requiring close management.
• 🟢 Stakeholders in the 'Green Pod' have low power and interest, suggesting they should be monitored.
• 🔴 Stakeholders in the 'Red Pod' have high interest but low power, indicating they need to be kept informed.
• 🤝 It's important to manage stakeholders strategically, especially those in the 'Orange Pod', as they can significantly impact the project.
• 🔒 The stakeholder register and power interest grid should be kept confidential to avoid potential conflicts or misunderstandings.
• 📝 The stakeholder register can include sensitive information, so it's crucial to be cautious about who has access to it.
• 🔄 Stakeholders can be categorized as neutral, resistant, or positive, and strategies should be developed to shift negative perceptions.
• 🔍 The CDC's example of a stakeholder register demonstrates flexibility in the fields included, emphasizing the importance of tailoring the register to project needs.
• 💡 The stakeholder register should be a conversation piece for the project team to discuss and contribute to the overall project strategy.

Q & A

What is a stakeholder register?

A stakeholder register is a document that identifies all the entities and individuals who could affect or be affected by a project. It includes details such as names, positions, companies, contact information, expectations, requirements, level of interest, level of power, and impact categories like neutral, resistor, and positive.

What is the purpose of a power interest grid?

The power interest grid is an analytical tool used by project managers to categorize stakeholders based on their level of power and interest in a project. It helps to determine how much attention and effort should be given to each stakeholder group to manage the project effectively.

How are stakeholders categorized in a power interest grid?

Stakeholders are categorized into four quadrants: high power and high interest (orange pod), high power and low interest (yellow pod), low power and low interest (green pod), and high interest and low power (red pod).

Why is it important to manage stakeholders with high power and high interest?

Stakeholders with high power and high interest are crucial to the project's success. They should be managed closely as they can significantly influence the project and provide substantial benefits if engaged effectively.

What strategy should be used for stakeholders with high power but low interest?

For stakeholders with high power but low interest, the strategy is to keep them satisfied. They may not be actively involved but their support can be critical, so maintaining a positive relationship is important.

How should stakeholders with low power and low interest be handled?

Stakeholders with low power and low interest should be monitored. While they may not have a significant impact on the project, it's still important to keep track of their views and concerns.

Why is it important to keep stakeholders with high interest but low power informed?

Stakeholders with high interest but low power need to be kept informed to ensure they feel involved and their concerns are addressed. This can help in turning potentially negative stakeholders into positive ones.

What are the potential risks of sharing the power interest grid with stakeholders?

Sharing the power interest grid with stakeholders can be risky as it may reveal sensitive information about how much power or interest they have been assigned. This could lead to dissatisfaction or misuse of the information.

How can a project manager use the stakeholder register to strategize?

A project manager can use the stakeholder register to strategize by understanding the expectations and requirements of each stakeholder, and then planning how to engage with them based on their power and interest levels.

What are some fields that can be included in a stakeholder register?

Fields that can be included in a stakeholder register are name, position, company, contact information, expectations, requirements, level of interest, level of power, and impact categories such as neutral, resistor, and positive.

Why is it suggested to use initials rather than full names in a stakeholder register?

Using initials instead of full names in a stakeholder register can help maintain confidentiality and protect sensitive information, especially in a document that outlines power and interest levels which could be perceived as strategic.