Stakeholder Identification is an essential process in stakeholder engagement. It involves the process of identifying all the potential stakeholders who will be affected by the project's decisions and actions. Stakeholder Identification is crucial because understanding who the stakeholders are, and their relative importance is key to successful engagement. This process also includes understanding the stakeholders' interest, impact, influence, and potential risk to the project. Proper stakeholder identification helps in planning stakeholder engagement and setting the ground for all future interactions.

Stakeholder Analysis is another crucial process which comes after Stakeholder Identification. It involves analyzing and understanding the stakeholders' needs, expectations, relationships among stakeholders, and the influence they bring to a project. Stakeholder analysis is critical as different stakeholders have different levels of interest and power over the project. This analysis will help determine the level of attention each stakeholder requires and help in mitigation or leveraging of their impact on the project.

Stakeholder Communication Model refers to the approach of communicating with stakeholders in an effective manner. This model is designed based on the understanding of the stakeholders from the identification and analysis processes. It includes communication strategies for different types of stakeholders like high power-high interest, low power-high interest, high power-low interest, and low power-low interest. This model plays a vital role in reducing resistance, increasing support, building strong relationships, and ensuring the success of the project.

Stakeholder Engagement Strategies refer to approaches and tactics used to interact and build relationships with stakeholders. These strategies are developed by considering the power-interest matrix or grid and other project-related variables. Stakeholder engagement strategies host a range of activities such as meetings, workshops, interviews, surveys, etc. to gain stakeholder input, involvement, and buy-in. The purpose of these strategies is to ensure that the stakeholders feel valued, their voices are heard, and their concerns are addressed.

Stakeholder Functionality and Feedback is the concept of involving stakeholders in the functionality decisions and feedback processes in an Agile project. Often Agile projects are characterized by short and iterative development cycles. Thus, providing regular opportunities for stakeholders to give feedback on each iteration's results helps in refining the product and ensures it meets end-user requirements. Active stakeholder involvement improves the quality of deliverables and contributes to the overall success of the project.

One of the key concepts in stakeholder engagement is the management of stakeholder expectations. It involves setting and managing stakeholder expectations regarding the project and its outcomes. It is about understanding what the stakeholders expect from the project and striving to meet, if not exceed, those expectations. This concept probes deeper into the desires and expectations of the stakeholders, thus it becomes a stepping stone to fulfilling the project's goals and objectives. During the course of the project, expectations may change; hence, flexibility and continuous negotiation are necessary components of expectation management.

The concept of stakeholder influence is concerned with the effect stakeholders have on a project and its outcomes. In PMI Agile, understanding and assessing the level of influence that different stakeholders have on a project can be crucial for its success, as it enables the management of conflicts and competing interests. Stakeholder influence can affect many aspects of a project, from its initiation to its implementation and completion. Proper identification and understanding of the extent of this influence can aid in creating strategies to leverage it effectively, thereby ensuring the project's smooth progression.

Stakeholder prioritization involves classifying stakeholders based on their level of importance and influence on the project. Not all stakeholders have the same degree of influence or the same stakes in a project's outcome. Therefore, it's crucial to categorize them appropriately to effectively manage their engagement. The objective is to ensure that stakeholders with higher power and interest are carefully managed and that their needs and concerns are addressed in a timely manner. This aids in successful project execution by managing resources and attention effectively.

Stakeholder collaboration is a multifaceted concept that focuses on promoting cooperation between the project team and the stakeholders. This involves active participation from stakeholders in project planning and decision-making processes and open and transparent communication between all parties. Collaboration contributes to stakeholder commitment and accountability, as they feel involved and responsible for the project's success. This collaborative approach helps to align stakeholders' requirements with the project goals, leading to less conflict and smoother project execution.

Stakeholder risk management is a core concept that involves identifying and analyzing risks associated with stakeholders and designing suitable strategies to mitigate these risks. These could range from a stakeholder's potential negative impact on a project due to their high influence and low interest to the risk of not properly addressing a stakeholder's expectations. By anticipating these potential risks and implementing effective risk management strategies, the project team can proactively minimize any negative impact on the project and enhance the chances of project success.