Guide to Stakeholder Prioritization (PMBOK Guide Seventh Edition)

What is Stakeholder Prioritization?
Stakeholder prioritization is an essential part of project management where stakeholders are ranked based on their influence, level of interest, and potential impact on the project. It is significant as it aids in better project management by ensuring key stakeholders' needs are met, and their influence is properly managed.
Importance of Stakeholder Prioritization:
Stakeholder prioritization is critical because it enables the project team to focus resources and communication efforts where they will have the greatest impact. By properly prioritizing stakeholders, the chances of project success can be greatly improved.
How it works:
Stakeholder prioritization typically involves identifying your stakeholders, evaluating their interest, influence, and potential impact on the project, and then ranking them. Tools like Power/Interest Grids can help in this process. The main goal is to ensure that the highest-priority stakeholders receive the most attention.
Exam Tips - Answering Questions on Stakeholder Prioritization:
1. Understand the purpose of stakeholder prioritization: Your understanding of why stakeholder prioritization is necessary will influence how you answer questions on this topic. Therefore, aim to understand its purpose in the context of project management.
2. Focus on the key aspects: Questions on stakeholder prioritization will likely focus on its key aspects - identification, evaluation and ranking of stakeholders.
3. Use practical examples: Drawing upon practical examples can solidify your understanding and help you answer questions more effectively.
4. Understand the tools used: Having a good understanding of the tools used in this process, such as Power/Interest Grids, can be particularly useful in the exam.