Having control of your stakeholders will ensure your project success!

Summary

This video tutorial, led by Sister Nicole, provides a clear and practical guide to stakeholder management in project management. The tutorial outlines a three-step process: identifying stakeholders through brainstorming, prioritizing them using an influence vs. participation matrix, and managing them with specific, actionable plans. By categorizing stakeholders into four quadrants, the tutorial emphasizes how to engage with them effectively, ensuring their needs are met and project goals are achieved. The importance of team involvement and continuous monitoring is also highlighted to ensure long-term project success.

Takeaways

• 😀 Stakeholder management is a critical aspect of project management and should be continuously addressed throughout the project.
• 😀 The first step in stakeholder management is identifying all potential stakeholders through a brainstorming session with the project team.
• 😀 Prioritization of stakeholders can be done using a 2x2 matrix, categorizing them by influence and participation levels.
• 😀 The matrix helps to classify stakeholders into four groups: high influence/low participation (grey eminence), low influence/high participation (bricklayer), high influence/high participation (key resources), and low influence/low participation (monitor).
• 😀 High influence, low participation stakeholders (grey eminence) can block the project but are not actively involved in day-to-day tasks.
• 😀 Low influence, high participation stakeholders (bricklayer) contribute significantly to the project but lack decision-making power.
• 😀 Key resources, who have both high influence and participation, are the most crucial stakeholders and need to be actively engaged.
• 😀 Low influence and low participation stakeholders should be monitored regularly, as their influence may change over time.
• 😀 Effective stakeholder management involves creating specific action plans that are SMART (Specific, Measurable, Achievable, Realistic, Time-bound).
• 😀 Stakeholder management is not a one-time task; it should be revisited regularly to ensure that stakeholder needs and concerns are being addressed.
• 😀 Collaboration with the project team is essential during stakeholder management to gather different perspectives and insights.

Q & A

What is the first step in stakeholder management, according to the video?

The first step is identifying stakeholders. This involves brainstorming with the project team to generate a list of individuals or groups who can influence or be affected by the project.

Why is brainstorming important when identifying stakeholders?

Brainstorming is important because it allows the team to gather a variety of perspectives and ideas, ensuring that no stakeholder is overlooked. It helps in capturing all possible influences on the project.

What is the purpose of the stakeholder prioritization matrix?

The stakeholder prioritization matrix is used to rank stakeholders based on two key factors: their influence on the project and their level of participation. It helps determine where to focus resources and efforts.

Can you describe the four quadrants of the stakeholder prioritization matrix?

The four quadrants are: 1) High Influence, Low Participation (Grey Eminence) – stakeholders who can block the project but are not actively involved. 2) Low Influence, High Participation (Bricklayers) – stakeholders who contribute a lot but have little power. 3) High Influence, High Participation (Key Resources) – critical stakeholders both in influence and participation. 4) Low Influence, Low Participation (Monitor) – stakeholders with minimal influence or involvement but should be monitored.

What should you do with stakeholders in the 'Grey Eminence' quadrant?

Stakeholders in the 'Grey Eminence' quadrant should be listened to carefully to understand their needs and requirements, as they have high influence over the project. Although they may not participate directly, their concerns must be addressed.

What does the term 'bricklayer' refer to in stakeholder management?

The term 'bricklayer' refers to stakeholders who have high participation in the project but low influence. They play a crucial role in carrying out tasks but do not have the authority to influence major project decisions.

Why is it important to engage with stakeholders from the 'Low Influence, High Participation' group?

Even though they lack influence, stakeholders in this group are essential to the day-to-day execution of the project. Ensuring their needs are met helps maintain the quality of the project’s progress.

What is the significance of the SMART framework in stakeholder management?

The SMART framework ensures that actions taken to manage stakeholders are clear, measurable, and achievable. It stands for Specific, Measurable, Acceptable, Realistic, and Time-bound, helping create detailed and actionable plans.

How should stakeholder management be handled throughout the project?

Stakeholder management should be a continuous process. It involves regular monitoring and updating of stakeholder information and actions. Regular team meetings are necessary to reassess the prioritization and involvement of stakeholders as the project progresses.

What is the importance of having your team involved in stakeholder management?

Involving the team in stakeholder management ensures a diverse range of inputs and perspectives. This collaboration leads to more accurate identification of stakeholders and better-informed decisions on how to manage them effectively.