What is Stakeholder Management? Project Management in Under 5 | Summary and Q&A

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June 22, 2017
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Online PM Courses - Mike Clayton
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What is Stakeholder Management? Project Management in Under 5

TL;DR

Stakeholder engagement, also known as stakeholder management, is a vital process in project management that involves respectful and constructive dialogue with stakeholders to listen, learn, consult, inform, and influence.

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Questions & Answers

Q: What is stakeholder management?

Stakeholder management is the process of managing individuals who have an interest in a project. It involves identifying, analyzing, engaging, and communicating with stakeholders to ensure project success.

Q: Why is stakeholder engagement important?

Stakeholder engagement is important because project success relies on gaining the support and cooperation of stakeholders. Engaging with stakeholders in a respectful and constructive manner helps to address their needs, fears, and preferences, leading to better project outcomes.

Q: What is the difference between stakeholder management and stakeholder engagement?

Stakeholder management focuses on controlling and influencing stakeholders, while stakeholder engagement emphasizes building relationships and fostering open dialogue. Stakeholder engagement is seen as a more respectful and collaborative approach.

Q: How can stakeholders be identified in a project?

Stakeholders can be identified by considering both internal and external individuals or groups who have an interest in or are affected by the project. This includes project team members, employees, suppliers, customers, regulators, and the local community.

Summary & Key Takeaways

  • Stakeholder management is the process of managing individuals who have an interest in a project.

  • The term "stakeholder engagement" is increasingly preferred over "stakeholder management" as it promotes a more respectful approach.

  • Stakeholder engagement involves identifying stakeholders, analyzing their needs and preferences, creating a plan for engagement, taking action, and reviewing the outcomes.

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