There are 4 key steps in the Stakeholder Management process.
Stakeholder identification is best performed leveraging techniques such as Brainstorming, Facilitated workshops, Expert judgement, Lessons learnt, etc.
While using any of the above approaches, it is recommended that Stakeholder identification is done using the Ishikawa/ Fishbone diagram.
An example of the Ishikawa / Fishbone diagram for Stakeholder identification is shared here.
2. Analyze stakeholders:
There are 4 types of stakeholder analysis that are proposed here.
- Stakeholder Power vs Interest matrix: Map stakeholders on an X-Y matrix, with Power or level of authority on the Y-axis, and Interest or level of concern on the X-axis.
- Stakeholder Energy vs Commitment matrix: Map stakeholders on an X-Y matrix, with Energy or level of enthusiasm on the Y-axis, and Commitment or level of engagement on the X-axis.
- Stakeholder potential for Threat vs potential for Cooperation matrix: Map stakeholders on an X-Y matrix, with potential for threat to the project on the Y-axis, and potential for cooperation on the X-axis.
- Stakeholder Engagement matrix: Create a bubble chart, with the level of support on the Y-axis, the level of awareness on the X-axis, and the bubble size indicating the power or level of authority.
3. Define Stakeholder management plans
Based on the outcome of Stakeholder analysis, develop Stakeholder action plans. The action plans have to be custom-made for each stakeholder or class of stakeholder, based on various factors such as engagement levels, levels of authority, levels of awareness, expectation of level of depth of communications, etc. Typically, the stakeholder action plans would include project artifact development plans, project communication plans, project governance plans, etc.
4. Execute, monitor, and control Stakeholder management action plans
Execute the stakeholder action plans and periodically monitor execution. Apply course corrections based on any deviation. When deviation goes beyond acceptable limits, escalate to Senior management, Project Sponsor or Governance board as applicable with specific “Help needed” requests.