Answer: We follow a proven, systematic process that looks like this: Identify. We use a variety of metrics and techniques to perform this task; the most common method includes determinant each Stakeholder’s level of power (sometimes called influence) and interest in the Project. By thinking through when and how stakeholders will be involved, a project team can maximize stakeholders’ positive impact on the project. Used under license of AXELOS Limited. The benefits of this analysis are: Stakeholder expectations can be  identified, Another benefit includes identification of stakeholder relationships that can be leveraged to build partnerships with stakeholders to increase the probability of project success. The primary goal of Stakeholder Management is to engage each Stakeholder in a manner that maximizes benefits to our project. Multiple classification models are used for stakeholder analysis, but not limited to: Bifurcation of stakeholders based on their level of authority and their level of concern regarding project outcomes. ITIL® is a registered trade mark of AXELOS Limited. Control Stakeholder Engagement means to monitor relationships, communications and performance of stakeholder management processes. IASSC® is a registered trade mark of International Association for Six Sigma Certification. Stakeholders Process can receive inputs from: Project Charter: Internal and external parties related to the project are identified using the project charter, Procurement Documents: The parties involved in a procurement contract are key project stakeholders, Enterprise Environmental Factors: Organizational culture, its structure, governmental regulations, trends, practices or habits of individuals represent enterprise environmental factors, Organizational Process Assets: Stakeholder registers from previous projects, lessons learned are important inputs for identifying stakeholders. Feasibility Study: You need to evaluate what the project’s goals are, the timeline to completion and how … Like any other member of a project, stakeholders are people, too, which means some will be easier to manage than others. When done right, Stakeholder Management is an on-going, iterative process that continues throughout the lifecycle of your project. This step in the process is focused on determining the best methods of communication with each entity—and then implementing these comms at the correct frequency. Negotiations 3. Stakeholders need clear business communications, free of jargon, that fit their busy schedule and provide them with the information that applies to their project interest. PMI®, PMBOK®, PMP® and PMI-ACP® are registered marks of the Project Management Institute, Inc. When Project and Process Worlds Collide: Managing Stakeholder Conflict by Stephen Biddle, PMP May 20, 2020. All of this forms a part of the stakeholder management process. Typically stakeholders interest is high in the early stages of a construction project. You can draw your own conclusions.” —Lockheed-Martin Manager. Document. Microsoft and MS Project are the registered trademarks of the Microsoft Corporation. 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