This political environment and the expectations of stakeholders represent significant risk to a project. The goal is to increase project supporters and minimize resistors throughout the entire project lifecycle. Identify Stakeholders is the process of identify people, groups, or organizations that may impact or be impacted by your project. Project Stakeholder Management identifies people or organizations that may impact or be impacted by your project, and develops strategies to manage their expectations.This Knowledge Area contains four processes: Identify Stakeholder, Plan Stakeholder, Manage Stakeholder Engagement, and Control Stakeholder Engagement. Which of the following knowledge area deals with identifying people, groups or organizations that … "margin-left": "20px", "@media (min-width: 150px)": { We have also introduced several visual tools that you can use during each phase along with editable templates. A stakeholder is a person or group who has a vested interest in the project. "modalProduct": { Plan stakeholder engagement is the process that explains how will you plan to engage with your stakeholder. Once upon a time the PMP exam contained less knowledge areas! Most projects will have a ___________ number of stakeholders. } With a nimble stakeholder management plan, a project team can appropriately gather input and feedback from stakeholders as well as keep those stakeholders informed. The stakeholder management pla… }); "productSet": { Also, the stakeholder’s technical knowledge can be a major factor to plan for up front. "padding-bottom": "14.5px" var script = document.createElement('script'); "max-width": "100%", Next. You’ll likely be working with people in many different roles, with varying levels of influence over your project. Oblivious, opposed, neutral, proactive, driving. Here is a list of sample questions which would help you to understand the pattern of questions on Project Stakeholder Management being asked in PMP Certification Exams. After completing the stakeholder identification, you will classify them. Project Stakeholder Management involves identification of stakeholders, analysis of their expectations and influences, development of appropriate strategies to work with the stakeholders and executing the process. Defining the approach to involve project stakeholders based on their needs, expectations, interests, and potential impact on the project. "button": false, “PMP”, “PMBOK”, “PMI-ACP” and “PMI” are registered trademarks of the Project Management Institute, Inc. All rights reserved. "product": { Analytical techniques are used to determine stakeholders’ current engagement level and the desired engagement levels. When there’s a gap between the current engagement level and the desired levels, the project team will develop plans to minimize the gap and increase stakeholder engagement. Below table summarizes all the items. As the project changes, the stakeholder management plan can change with it to better serve the needs of the project. "contents": { Information management systems are tools that allow project managers to capture, store and distribute information about stakeholders. How much influence do they have on the project? Managing stakeholders is explained in three steps - stakeholder identification, analysis and management of stakeholder's engagement. 4. } Stakeholder management strategy CORRECT: A - The project lifecycle is selected and defined in the project management plan. ui.createComponent('product', { }, The stakeholder engagement plan is a component of the project management plan. Stakeholder register – Stakeholder register may contain information about the stakeholder. Have a question? Stakeholder Management Overview. It identifies and analyzes two items for each stakeholder: The level of interest the stakeholder has in … Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders. Project management plan 1. The Stakeholder Management Plan, a component of the overall Project Management Plan, is created to specify how the project will interact with each stakeholder. The stakeholders’ influence on the project is highest during initiation and gets progressively lower as the project progresses. This course is the 13th entry in our newly updated Siri's, helping you prepare for the latest version of the PMP exam, which is based on the sixth edition of the Project Management Body of Knowledge, better known as the Pym. (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(script); Tagged with . Here are a few benefits of the stakeholder management strategy: He is focused on meeting and exceeding stakeholders' expectations by communicating with them, resolving their issues and improving project performance by implementing their change requests. Stakeholder Management is a newly included topic for the 5th Edition PMP Syllabus, and it is for good reason. }, Projects do not exist in isolation. Your stakeholder management plan should be a key element of your project planning efforts. Stakeholder Management Strategy – As the name suggests, stakeholder management strategy is documented to plan and strategize the actions and response to be taken towards each stakeholder during the whole course of the project management. }, }, } Frequent communication is required with the stakeholders. "title": "Shopping Cart", Stakeholder engagement plan Input/Output. function ShopifyBuyInit() { script.src = scriptURL; Knowledge Area: Stakeholder Management "products": { In our highly matrixed organizations, stakeholder management is becoming an increasingly important success factor in any company or organization. Stakeholder analysis – Stakeholder analysis involves identifying all the stakeholders, analyzing how each stakeholder can impact or influence the project, and developing strategies to influence the stakeholders’ impacts. Plan stakeholder engagement is the process that explains how will you plan to engage with your stakeholder. "font-size": "13px" There are 5 levels of stakeholder engagement: Stakeholder engagement assessment matrix is used to map a stakeholder’s current engagement level and his/her desired engagement level. ACE YOUR PMBOK PMP EXAM AT FIRST TRY! Show Answer loadScript(); The Fifth Edition of the PMBOK created Stakeholder Management. "font-size": "13px", "@media (min-width: 601px)": { If they didn’t, the project wouldn’t exist. Stakeholder Management Plan Template PPT includes Project Overview, Identify Key Stakeholders, Impact Assessment, Engagement Matrix and Communication Plan. Stakeholder management plan D. Issue log. ... Communications management plan. Manage Stakeholder Engagement is the process of communicating and working with stakeholders to meet their expectations. } 13.2 Plan Stakeholder Management 13.3 Manage Stakeholder Engagement 13.4 Control Stakeholder Engagement The importance of planning and preparing a sound strategy to manage your stakeholders as early as possible in the project management process cannot be over emphasized. Stakeholder interactions are executed according to the Stakeholder Management Plan, and changes to the plan are made as necessary. Another obstacle in the area of stakeholder management is the limitations to a project manager’s knowledge, skills, and time when it comes to properly analyze all (relevant) stakeholders of a project . "padding-bottom": "14.5px" "styles": { Stakeholder. Stakeholder Management is the last knowledge area that you are going to come across in your study of PMP courseware. ... Jane has recently finalized her project management plan and has also got it approved. Project Stakeholder Management 2. The stakeholder management plan may have sensitive information. The stakeholder engagement plan is a component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in decision making and execution. The first stage of this is to brainstorm who your stakeholders are. Project Management Body of Knowledge, 6th Edition, 13.2.3.1. This process involves engagement stakeholders, addressing their concerns, and clarifying issues. node: document.getElementById('product-component-1580491648497'), This Knowledge Area contains four processes: Identify Stakeholder, Plan Stakeholder, Manage Stakeholder Engagement, and Control Stakeholder Engagement. "button": { Most of the items are common in the Stakeholder Management Plan and Communications Management Plan. "padding-top": "14.5px", Taking your PMP exam from home- What you need to know! During that time PMI, the governing body of the PMP exam, considered Communication Management and Stakeholder Management to be the same knowledge area. Identifying and analyzing your stakeholders can minimize change resistors and lead to project success. You would be surprised how many project issues have arisen because of stakeholders that were ignored because they were considered minor. The Benefits of a Good Stakeholder Management Strategy. A project is six months into its nine-month projected duration, and the project manager is reporting that the project is at least three months behind schedule because certain key stakeholders were resistant to any changes that might occur as outcomes of the project. }); "buttonDestination": "modal", When the stakeholders feel their concerns have been heard and addressed, their support for the project will increase. Until then, Identify Stakeholders and Manage Stakeholder Engagements was part of Communications Management. PMP Question & Answers with explanation. } Actively manage stakeholder expectations. There include 20 multiple choice questions followed by four … Stakeholders can either impact or be impacted by the project. Nevertheless, a comprehensive stakeholder analysis is the basis of a sound stakeholder engagement plan. if (window.ShopifyBuy.UI) { Issue log 3. This led me to think of these common PMP Stakeholder Management Q&A and put all the answers at the bottom of the page. [CDATA[*/ Stakeholder Management. The next step is to understand, organize, and then apply the analysis results (data and information captured) to drive project success. Plan Stakeholder Mangement is a component of the Project Management Plan. In project management, a stakeholder management plan is a formal document outlining how stakeholders will be engaged in the project. "padding-top": "14.5px", D. Issue log. "font-size": "13px", Stakeholder is any person, group or organization whose interests maybe positively or negatively impacted or perceived to be impacted by the project. "padding-bottom": "14.5px" Revised for stakeholder management with 29 free PMP practice questions on project stakeholder management input and output. The Stakeholder Management Plan, a component of the overall Project Management Plan, is created to specify how the project will interact with each stakeholder. moneyFormat: '%24%7B%7Bamount%7D%7D', My name is case years and welcome to my course Project Stakeholder Management. project sponsor). Stakeholder is no different than any other knowledge area. }, The plan articulates management strategies to engage stakeholders for the project. "padding-top": "14.5px", Implement Your Stakeholder Management Plan. Needs and expectations of the stakeholders to be understood. Unlike procurement management, the stakeholder management plan can be formal or informal, it can be detailed to the minutest level or it can just be at a higher level, it is based on the needs of the project. The following article is a summary of Stakeholder Management for … Stakeholder engagement plan. How much do they desire to be involved with the project?Once you get the answers to these questions, you can classify the stakeholders… The key output of the Plan Stakeholder Engagement process is the Stakeholder Engagement Plan So just like all other plans, this is where you document how you would engage with the stakeholders. Once you have prepared your plan, you can start to implement it! "button": "Add to cart" 3. The project management plan and the project documents are written records that communicate all aspects of the project. You ask yourself the following questions to categorize the stakeholders: 1. B. Terminate the project and start the project from scratch. "options": false Who are Stakeholders? "cart": { })(); These are an effective method of managing expectations. "img": false, Information management 1. Key Learning Objectives Who are Stakeholder and effective way to manage them Project Stakeholder Management processes Identify Stakeholder Plan Stakeholder Engagement Manage Stakeholder Engagement Control Stakeholder Engagement Plan Stakeholder Engagement. id: '4493251477548', Key stakeholders are those people who can make project-level decisions (e.g. Work performance data 4. It identifies and analyzes two items for each stakeholder:  The level of interest the stakeholder has in the project, and their ability to control it. Aim to make Stakeholder Management an integral part of your project, rather than treating it as a side task. storefrontAccessToken: '5365fc0be91a16a4588576664878a5fc', "@media (min-width: 601px)": { "font-size": "14px" It identifies and analyzes two items for each stakeholder: The level of interest the stakeholder has in the project, and their ability to control it. C- The two key inputs to the Plan Stakeholder Management process are the Project Management Plan and the Stakeholder Register. (function () { T he stakeholder management plan is a subsidiary plan of the project management plan. In other words, the major project stakeholders are identified prior to the project being incorporated. Stakeholder Management – The Basics Identify Stakeholders Process and Stakeholder Register Power/Interest Grid Stakeholder Engagement Plan Manage Stakeholder Engagement Process Monitor Stakeholder Engagement Process Salience Model Stakeholder Management FAQs – … }, Stakeholders are individuals who get impacted by the project. Send us an email at support@examspm.com, Procurement Management: PMP Study Guide (PMBok 6th Edition Knowledge Areas), PMP Study Notes PDF (PMBok 6th Edition Knowledge Areas), Salience model (describes stakeholders based on power, urgency, and legitimacy). Stakeholder Management Plan Template PPT includes Project Overview, Identify Key Stakeholders, Impact Assessment, Engagement Matrix and Communication Plan. This led me to think of these common PMP Stakeholder Management Q&A and put all the answers at the bottom of the page. Course Overview [Autogenerated] Hi, everyone. }, } Project Stakeholder Management identifies people or organizations that may impact or be impacted by your project, and develops strategies to manage their expectations.This Knowledge Area contains four processes: Identify Stakeholder, Plan Stakeholder, Manage Stakeholder Engagement, and Control Stakeholder Engagement. }, } By thinking through when and how stakeholders will be involved, a project team can maximize stakeholders’ positive impact on the project. PMP Question No 2384 - Stakeholder 118. "padding-top": "14.5px", In this post, we will look into what stakeholder management is and the different stakeholder management process steps. Additionally, stakeholders B and E should be participatory members in all project status meetings, gate reviews, and ad hoc meetings as required. "margin-bottom": "50px" A subsidiary of the Project Management Plan which details how you will effectively engage with stakeholders. "font-size": "13px", } var scriptURL = 'https://sdks.shopifycdn.com/buy-button/latest/buy-button-storefront.min.js'; A Stakeholder can be a supporter and a resistor. When Stakeholder Management was created, Plan Stakeholder Management and Control Stakeholder Management were added to complete the set. Once we have these people identified, we want to plan how to manage them in the Plan Stakeholder Management process, the process of developing appropriate management strategies to effectively engage stakeholders throughout the project life cycle based on the analysis of their needs, interests, and potential impact on project success. script.onload = ShopifyBuyInit; "text": { Test your knowledge of PMP Stakeholder Management Questions right here. C. Go ahead and develop the project’s stakeholder engagement plan. Top 5 lessons learned- from our PMP students! }); PMP Planning Process Group [ From PMBOK6...] The Planning Process Group consists of those processes performed to establish the total scope of the effort, define and refine the objectives, and develop the course of action required to attain those objectives. }, D. Hold the project work till the management prepares the new stakeholder engagement plan. The stakeholder analysis produces substantial information and data. }, The Project Stakeholder Management knowledge area has four processes: The first step to ensuring that all stakeholders of a project are satisfied is to identify them. "padding-top": "14.5px", "styles": { "quantityInput": { "text": { Unlock all answers Please join to get access The second process of project stakeholder management is Plan Stakeholder Engagement. Stakeholder management strategy – Strategies to increase stakeholders’ support and minimize their resistance (e.g. This free PMP sample test by knowledge area will help you grip well and right about terms and concepts of Project Charter, Procurement Documents, EEFs, OPAs, Stakeholder Register, EEFs, Stakeholder Management Plan, Change Log, and others. "styles": { } Stakeholders B and E, in the upper right quadrant, are key players and must be involved in all levels of project planning and change management. var client = ShopifyBuy.buildClient({ }, Throughout the project the stakeholders are consulted to ensure their needs are met. "total": "Subtotal", }, Project stakeholder Management PMBOK Sixth 1. } script.async = true; The stakeholder management plan documents the approach that will increase support and decrease negative impacts of stakeholders throughout the life of the project. Do not share it around and keep it in a secure place. The stakeholder management plan is a living document. Plan Stakeholder Engagement Process. This process collects relevant information about your stakeholders and monitors their interests. "toggle": { "buttonWithQuantity": true } else { function loadScript() { Mar 15, 2019 - Stakeholder Management Plan Template PPT includes Project Overview, Identify Key Stakeholders, Impact Assessment, Engagement Matrix and Communication Plan. The Stakeholder Management Plan, a component of the overall Project Management Plan, is created to specify how the project will interact with each stakeholder. "quantityInput": { /*