PMGT 701: Team In Part 1 of your team project, it is required that your project team identifies the project stakeholders, analyses them and develops the stakeholder register based on the Power/interest grid analysis method. Your team must produce: 1. Stakeholder analysis based on the Power/interest grid analysis method. 2. Stakeholder register Following is an overview of these topics, and why stakeholder identification and analysis are important in managing projects. Additional information can be found in the course text, lectures notes, and internet sources. Project Stakeholders A stakeholder is an individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Stakeholders may be actively involved in the project or have interests that may be positively or negatively affected by the performance or completion of the project. Different stakeholders may have competing expectations that might create conflicts within the project. Stakeholders may also exert influence over the project, its deliverables, and the project team in order to achieve a set of outcomes that satisfy strategic business objectives or other needs. Stakeholders include all members of the project team as well as all interested entities that are internal or external to the organization. The project team identifies internal and external, positive and negative, and performing and advising stakeholders in order to determine the project requirements and the expectations of all parties involved. The project manager should manage the influences of these various stakeholders in relation to the project requirements to ensure a successful outcome. Stakeholders have varying levels of responsibility and authority when participating on a project. This level can change over the course of the project's life cycle. Their involvement may range from occasional contributions in surveys and focus groups to full project sponsorship which includes providing financial, political, or other support. Some stakeholders may also detract from the success of the project, either passively or actively. These stakeholders require the project manager's attention throughout the project's life cycle, as well as planning to address any issues they may raise. Stakeholder identification is a continuous process throughout the entire project life cycle. Identifying stakeholders, understanding their relative degree of influence on a project, and balancing their demands, needs, and expectations are critical to the success of the project. Failure to do so can lead to delays, cost increases, unexpected issues, and other negative consequences including project cancellation. Involving stakeholders throughout the project creates a shared understanding of success criteria, reduces the overhead of involvement, and generally improves deliverable acceptance, customer satisfaction, and other stakeholder satisfaction, Project Stakeholder Register- Overview and Template It is critical for project success to identify the stakeholders early in the project or phase and to analyze their levels of interest, their individual expectations, as well as their importance and influence. This initial assessment should be reviewed and updated regularly. Most projects will have a diverse number of stakeholders depending on their size, type, and complexity. While the project manager's time is limited and should be used as efficiently as possible, these stakeholders should be classified according to their interest, influence, and involvement in the project, taking into consideration the fact that the affect or influence of a stakeholder may not occur or become evident until later stages in the project or phase. This enables the project manager to focus on the relationships necessary to ensure the success of the project. Stakeholder Analysis Stakeholder analysis is a technique of systematically gathering and analyzing quantitative and qualitative information to determine whose interests should be taken into account throughout the project. It identifies the interests, expectations, and influence of the stakeholders and relates them to the purpose of the project. Stakeholder analysis generally follows the steps described below: Identify all potential project stakeholders and relevant information, such as their roles, departments, interests, knowledge, expectations, and influence levels. Analyze the potential impact or support each stakeholder could generate, and classify them so as to define an approach strategy. Assess how key stakeholders are likely to react or respond in various situations, in order to plan how to influence them to enhance their support and mitigate potential negative impacts. There is multiple classification models used for stakeholders analysis, such as: Power/interest grid, grouping the stakeholders based on their level of authority ("power") and their level or concern ("interest") regarding the project outcomes; Power/influence grid, grouping the stakeholders based on their level of authority ("power") and their active involvement ("influence") in the project; Influence/impact grid, grouping the stakeholders based on their active involvement "influence") in the project and their ability to effect changes to the project's planning or execution ("impact"); and Salience model, describing classes of stakeholders based on their power (ability to impose their will), urgency (need for immediate attention), and legitimacy (their involvement is appropriate).PMGT 701: Team Project-Part 1 Project Stakeholder Register- Overview and Template The engagement level of the stakeholders can be classified as follows: Unaware. Unaware of project and potential impacts. Resistant. Aware of project and potential impacts and resistant to change. Neutral. Aware of project yet neither supportive nor resistant. Supportive. Aware of project and potential impacts and supportive to change. Leading. Aware of project and potential impacts and actively engaged in ensuring the project is a success.