Stakeholder Management Strategies - Revision history

Shubham Sanjay Ingole: /* Conclusion */

2021-02-22T07:41:34Z

Conclusion

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	= Conclusion =		= Conclusion =
	Stakeholder management is a central step in project management, portfolio management, and program management. It offers an incentive to recognize persons and organizations within and outside the company who may be impacted or affected by the results of the initiative, program, and portfolio. Understanding, prioritizing and planning the stakeholder’s participation and the governance structure of their desires and influence provides an added benefit for the organization also significantly adds to the project performance. Developing strategies for stakeholder management comes with a lot of uncertainties and complexity in the project which are unavoidable and that can hinder the outcome and affect the high involved stakeholder. Inefficient and ineffective communication is the root cause of the failure of the project. This article showcases appropriate tools to tackle these challenges and to have effective and efficient stakeholder management.		Stakeholder management is a central step in project management, portfolio management, and program management. It offers an incentive to recognize persons and organizations within and outside the company who may be impacted or affected by the results of the initiative, program, and portfolio. Understanding, prioritizing and planning the stakeholder’s participation and the governance structure of their desires and influence provides an added benefit for the organization also significantly adds to the project performance. Developing strategies for stakeholder management comes with a lot of uncertainties and complexity in the project which are unavoidable and that can hinder the outcome and affect the high involved stakeholder. Inefficient and ineffective communication is the root cause of the failure of the project which can not be avoided, as developing strategies and enhancing processes with help scientific framework could be the possible solution. This article showcases appropriate tools to tackle these challenges and to have effective and efficient stakeholder management in practice.

	= Annotated Bibliography =		= Annotated Bibliography =

Shubham Sanjay Ingole: /* Influence vs interest grid */

2021-02-22T07:36:38Z

Influence vs interest grid

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	The suggested methodology by (PMBOK) for qualitative analysis of stakeholders may use different methods to investigate the influence, power, impact of a stakeholder. The common tools that are used to categorize stakeholders and assisting them in analyzing relationship are mentioned below:		The suggested methodology by (PMBOK) for qualitative analysis of stakeholders may use different methods to investigate the influence, power, impact of a stakeholder. The common tools that are used to categorize stakeholders and assisting them in analyzing relationship are mentioned below:

	=== Influence vs ~~interest~~ grid ===		=== Influence vs Interest grid ===
	This tool helps to merge stakeholders with regards to their level of authority and interest in the project outcome, or ability to cause changes to the project's planning or execution. For instance, the classification of investors and decision-makers along with the project lead. This model is more effective for small projects that have a clear relationship between the stakeholders and have less hierarchy in the organization (PMBOK)		This tool helps to merge stakeholders with regards to their level of authority and interest in the project outcome, or ability to cause changes to the project's planning or execution. For instance, the classification of investors and decision-makers along with the project lead. This model is more effective for small projects that have a clear relationship between the stakeholders and have less hierarchy in the organization (PMBOK)

Shubham Sanjay Ingole at 00:47, 22 February 2021

2021-02-22T00:47:13Z

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	'''Stakeholder Management''' is a substantial practice that needs to be focused on throughout the life cycle of the project. A successful collaboration between an organization and its stakeholders is based on working together to achieve common objectives. (PMBOK). Stakeholder management is a significant step towards the project's success, in terms of Project, Program, and Portfolio management. In practice, various frameworks have been built for efficient and effective stakeholder management in a project. It aims to identify all the relevant stakeholders, in order to categorize and prioritize them based on their importance, impact, and power using alternative mapping tools, to profile stakeholders, and prepare for their participation, and to achieve the stakeholder management processes.		'''Stakeholder Management''' is a substantial practice that needs to be focused on throughout the life cycle of the project. A successful collaboration between an organization and its stakeholders is based on working together to achieve common objectives. (PMBOK). Stakeholder management is a significant step towards the project's success, in terms of Project, Program, and Portfolio management. In practice, various frameworks have been built for efficient and effective stakeholder management in a project. It aims to identify all the relevant stakeholders, in order to categorize and prioritize them based on their importance, impact, and power using alternative mapping tools, to profile stakeholders, and prepare for their participation, and to achieve the stakeholder management processes.

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	== Stakeholder Analysis ==		== Stakeholder Analysis ==
	Considering Stakeholder analysis, it is essential to gain a clear understanding of involved stakeholders, their expectations, and their motivation for being part of the project. Stakeholder analysis builds an approach to include considering their needs, expectation, interests, and potential impact on the project (PMBOK).		Considering Stakeholder analysis, it is essential to gain a clear understanding of involved stakeholders, their expectations, and their motivation for being part of the project. Stakeholder analysis builds an approach to include considering their needs, expectation, interests, and potential impact on the project (PMBOK).
	The suggested methodology by (PMBOK ~~book~~) for qualitative analysis of stakeholders may use different methods to investigate the influence, power, impact of a stakeholder. The common tools that are used to categorize stakeholders and assisting them in analyzing relationship are mentioned below:		The suggested methodology by (PMBOK) for qualitative analysis of stakeholders may use different methods to investigate the influence, power, impact of a stakeholder. The common tools that are used to categorize stakeholders and assisting them in analyzing relationship are mentioned below:

	=== Influence vs interest grid ===		=== Influence vs interest grid ===
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	==== Two-step flow of communication hypothesis ====		==== Two-step flow of communication hypothesis ====
	[[File:s200092_Two step communication.JPG\|thumb\|~~500px~~\|Two-step flow of communication (''Network illustration of opinion leaders with high degree centrality, closeness centrality,		[[File:s200092_Two step communication.JPG\|thumb\|400px\|Two-step flow of communication (''Network illustration of opinion leaders with high degree centrality, closeness centrality,
	and betweenness centrality'')]]		and betweenness centrality'')]]

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	'''Week ties''' are stated as a social relation that needs small investment and they are composed mostly of acquaintances or other loosely connected actors. Weak ties are also often referred to as '''bridging ties'' that have social relations that provide a path between two disconnected clusters. These ties are responsible for exchanging information from cluster A to cluster B, where a node for cluster A can access the information from the cluster with the help of a bridge tie. This theory is significantly effective in the cross-function environment, where the constant exchange of information is needed for a different group of people. For example, a technological consultant being the bridge tie between the development team and the client. Where both team and client can exchange information where the consultant will be the constants provider of adequate information.		'''Week ties''' are stated as a social relation that needs small investment and they are composed mostly of acquaintances or other loosely connected actors. Weak ties are also often referred to as '''bridging ties'' that have social relations that provide a path between two disconnected clusters. These ties are responsible for exchanging information from cluster A to cluster B, where a node for cluster A can access the information from the cluster with the help of a bridge tie. This theory is significantly effective in the cross-function environment, where the constant exchange of information is needed for a different group of people. For example, a technological consultant being the bridge tie between the development team and the client. Where both team and client can exchange information where the consultant will be the constants provider of adequate information.




	= Conclusion =		= Conclusion =

Shubham Sanjay Ingole: /* Annotated Bibliography */

2021-02-22T00:44:33Z

Annotated Bibliography

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	= Annotated Bibliography =		= Annotated Bibliography =

			'''Project Management Institute (2013), A Guide to the Project Management Body of Knowledge (PMBOK® Guide). '''
			A Guide to the Project Management Body of Knowledge (PMBOK® Guide) is a collection of best practices and tools for project managers providing the foundation of Project, Program, and Portfolio Management. It gives the stakeholder definition and substantial information regarding the stakeholder analysis process.

			'''Guidance on Project Management, ISO 21500:2012. '''
			The International Organisation for Standardisation developed the Guidance on Project Management, ISO 21500:2012 that provides guidance on concepts and processes of project management that are important for the success of projects. Regarding the stakeholder analysis, it provides significant and detailed input and a useful graphical representation of the different stakeholder categories.

			'''Strategic Management: A Stakeholder Approach. Freeman, R.E. (1984), '''
			The Strategic Management: A Stakeholder Approach published for the first time in 1984 provides significant input regarding the stakeholder definition development and history. It also analyses in depth the identification and prioritization steps, presenting techniques and giving relevant examples.

			'''Social Network Theory, WENLIN LIU, ANUPREET SIDHU, AMANDA M. BEACOM, and THOMAS W. VALENTE, University of Southern California, USA. '''
			Social Network Theory: Provides an overview of the stakeholder management approaches used and some of their limitations. It also proposes the use of social network theory and methodology is suggested as a viable perspective for stakeholder identification, analysis, and management because of its theoretical and methodological rigor and its ability to provide insightful visualizations and useful network metrics to identify key influencers, bottlenecks, informal groups.

			'''The role of social networks theory and methodology for project stakeholder management, Kon Shing Kenneth Chung*, Lynn Crawford'''
			Social network theory focuses on the role of social relationships in transmitting information, channeling personal or media influence, and enabling attitudinal or behavioral change.

	= Reference =		= Reference =

Shubham Sanjay Ingole: /* Reference */

2021-02-22T00:38:07Z

Reference

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	<references/>		<references/>

			1. ISO 21500, Guidance on Project Management.
			2. PMBOK(Project Management Body of Knowledge) Guide – 5th Edition (2017).
			3. Freeman, R. Edward and McVea, John, A Stakeholder Approach to Strategic Management (2001). Available at SSRN: https://ssrn.com/abstract=263511 or http://dx.doi.org/10.2139/ssrn.263511
			4. Strategies for Dealing With Difficult Stakeholders, By Ian Haynes, September 25, 2020
			5. The role of social networks theory and methodology for project, stakeholder management, Kon Shing Kenneth Chung*, Lynn Crawford: (Procedia - Social and Behavioral Sciences 226 ( 2016 ) 372 – 380, September – 1 October 2015)
			6. Social Network Theory, (WENLIN LIU, ANUPREET SIDHU, AMANDA M. BEACOM, and THOMAS W. VALENTE)
			University of Southern California, USA
			7. Social Network by Charlie R. Claywell(https://socialnetworking.lovetoknow.com/What_is_Social_Network_Theory)

Shubham Sanjay Ingole: /* Identifying Stakeholders */

2021-02-22T00:27:42Z

Identifying Stakeholders

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	== Identifying Stakeholders ==		== Identifying Stakeholders ==
	The process of identifying and classifying all the stakeholders in the preliminary part of managing stakeholders in an organization. These stakeholders can be directly or indirectly involved in activities like governance, regularization, project training, decision making ~~[[File:ISO.png\|1300px\|thumb\|left\|Figure 2: Project Stakeholders (ISO 21500:2012) <ref name="ISO"/>]]~~. This activity is performed in the initial stage of the project; however, it changes over the project cycle due to continuous updates in the scope of work as the project progress. It can be done by review of the project character that identifies the list for stakeholders and their responsibilities. Once they are identified they are classified into two groups of stakeholders as Internal or External stakeholders (PMI). Classification of stakeholders can be done by simple brainstorming based on their influence on the project.		The process of identifying and classifying all the stakeholders in the preliminary part of managing stakeholders in an organization. These stakeholders can be directly or indirectly involved in activities like governance, regularization, project training, decision making. This activity is performed in the initial stage of the project; however, it changes over the project cycle due to continuous updates in the scope of work as the project progress. It can be done by review of the project character that identifies the list for stakeholders and their responsibilities. Once they are identified they are classified into two groups of stakeholders as Internal or External stakeholders (PMI). Classification of stakeholders can be done by simple brainstorming based on their influence on the project.

	=== Internal Stakeholder ===		=== Internal Stakeholder ===

Shubham Sanjay Ingole at 00:27, 22 February 2021

2021-02-22T00:27:10Z

← Older revision		Revision as of 00:27, 22 February 2021
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	== Identifying Stakeholders ==		== Identifying Stakeholders ==
	The process of identifying and classifying all the stakeholders in the preliminary part of managing stakeholders in an organization. These stakeholders can be directly or indirectly involved in activities like governance, regularization, project training, decision making (~~ISO21500~~). This activity is performed in the initial stage of the project; however, it changes over the project cycle due to continuous updates in the scope of work as the project progress. It can be done by review of the project character that identifies the list for stakeholders and their responsibilities. Once they are identified they are classified into two groups of stakeholders as Internal or External stakeholders (PMI). Classification of stakeholders can be done by simple brainstorming based on their influence on the project.		The process of identifying and classifying all the stakeholders in the preliminary part of managing stakeholders in an organization. These stakeholders can be directly or indirectly involved in activities like governance, regularization, project training, decision making [[File:ISO.png\|1300px\|thumb\|left\|Figure 2: Project Stakeholders (ISO 21500:2012) <ref name="ISO"/>]]. This activity is performed in the initial stage of the project; however, it changes over the project cycle due to continuous updates in the scope of work as the project progress. It can be done by review of the project character that identifies the list for stakeholders and their responsibilities. Once they are identified they are classified into two groups of stakeholders as Internal or External stakeholders (PMI). Classification of stakeholders can be done by simple brainstorming based on their influence on the project.

	=== Internal Stakeholder ===		=== Internal Stakeholder ===

Shubham Sanjay Ingole: /* Reference */

2021-02-22T00:21:07Z

Reference

← Older revision		Revision as of 00:21, 22 February 2021
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	= Reference =		= Reference =

	~~1. ISO 21500, Guidance on Project Management.~~		<references/>
	~~2. PMBOK(Project Management Body of Knowledge) Guide – 5th Edition (2017).~~
	~~3. Freeman, R. Edward, and McVea, John, A Stakeholder Approach to Strategic Management (2001). Available at SSRN: [https:~~/~~/ssrn.com/abstract=263511] or [http://dx.doi.org/10.2139/ssrn.263511]~~
	~~4. [https://www.wrike.com/blog/4-strategies-dealing-difficult-stakeholders/] Strategies for Dealing With Difficult Stakeholders, By Ian Haynes, September 25, 2020~~

Shubham Sanjay Ingole: /* The theory of weak ties */

2021-02-22T00:18:24Z

The theory of weak ties

← Older revision		Revision as of 00:18, 22 February 2021
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	==== The theory of weak ties ====		==== The theory of weak ties ====
	'''Week ties''' are stated as a social relation that needs small investment and they are composed mostly of acquaintances or other loosely connected actors. Weak ties are also often referred to as '''bridging ties''' that have social relations that provide a path between two disconnected clusters. These ties are responsible for exchanging information from cluster A to cluster B, where a node for cluster A can access the information from the cluster with the help of a bridge tie. This theory is significantly effective in the cross-function environment, where the constant exchange of information is needed for a different group of people. For example, a technological consultant being the bridge tie between the development team and the client. Where both team and client can exchange information where the consultant will be the constants provider of adequate information.		[[File:s200092_Bridging ties.JPG\|thumb\|500px\|Bridging Ties (''Network illustration of opinion leaders with high degree centrality, closeness centrality,
			and betweenness centrality'')]]

			'''Week ties''' are stated as a social relation that needs small investment and they are composed mostly of acquaintances or other loosely connected actors. Weak ties are also often referred to as '''bridging ties'' that have social relations that provide a path between two disconnected clusters. These ties are responsible for exchanging information from cluster A to cluster B, where a node for cluster A can access the information from the cluster with the help of a bridge tie. This theory is significantly effective in the cross-function environment, where the constant exchange of information is needed for a different group of people. For example, a technological consultant being the bridge tie between the development team and the client. Where both team and client can exchange information where the consultant will be the constants provider of adequate information.

	= Conclusion =		= Conclusion =

Shubham Sanjay Ingole: /* Two-step flow of communication hypothesis */

2021-02-22T00:16:22Z

Two-step flow of communication hypothesis

← Older revision		Revision as of 00:16, 22 February 2021
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	==== Two-step flow of communication hypothesis ====		==== Two-step flow of communication hypothesis ====
	[[File:s200092_Two step communication.JPG\|thumb\|~~200px~~\|Two-step flow of communication (''Network illustration of opinion leaders with high degree centrality, closeness centrality,		[[File:s200092_Two step communication.JPG\|thumb\|500px\|Two-step flow of communication (''Network illustration of opinion leaders with high degree centrality, closeness centrality,
	and betweenness centrality'') ~~<ref name= Winch/>~~]]		and betweenness centrality'')]]

	The ideology behind the Two-step flow of communication framework is the concept of opinion leaders, a group, or an individual is influential in a specific domain. Opinion leaders have traits such as expertise in a domain or the ability to guide on issues. To understand it better, individuals may become opinion leaders because they have the right network position that enables them to effectively spread information and personal influence. Opinion leaders can be C-suits, Board members, mentors. Centrality can be useful for identifying leaders based on their position, as mentioned above the Centrality identify the position that opinion leaders usually occupy based on the Degree, Closeness, Betweenness (freeman).		The ideology behind the Two-step flow of communication framework is the concept of opinion leaders, a group, or an individual is influential in a specific domain. Opinion leaders have traits such as expertise in a domain or the ability to guide on issues. To understand it better, individuals may become opinion leaders because they have the right network position that enables them to effectively spread information and personal influence. Opinion leaders can be C-suits, Board members, mentors. Centrality can be useful for identifying leaders based on their position, as mentioned above the Centrality identify the position that opinion leaders usually occupy based on the Degree, Closeness, Betweenness (freeman).