Stakeholders - PMBOK 7th edition

Stakeholders in project management are individuals, groups, or organizations that may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a project. The PMBOK 7th Edition emphasizes a stakeholder-centric approach to project management. Key points about stakeholders: 1. Identification: Project teams must identify all stakeholders early and throughout the project lifecycle. 2. Classification: Stakeholders can be internal (team members, executives) or external (customers, regulators, suppliers). 3. Analysis: Understanding stakeholders' interests, influence, expectations, and attitudes helps prioritize engagement efforts. 4. Engagement: Effective communication and collaboration with stakeholders builds trust and increases project success chances. 5. Value Delivery: The PMBOK 7th Edition focuses on delivering value to stakeholders rather than just completing tasks. 6. Performance Domains: Stakeholder engagement is one of the eight performance domains in PMBOK 7th Edition, highlighting its importance. 7. Tailoring: Engagement approaches should be tailored to stakeholder needs and project context. 8. Measurement: Stakeholder satisfaction serves as a key indicator of project success. 9. Complexity Management: Addressing diverse stakeholder needs requires navigating complexity and balancing competing priorities. 10. Continuous Monitoring: Stakeholder positions and influence may change throughout the project, requiring ongoing assessment. Effective stakeholder management enables project teams to gain support, address concerns proactively, and align project outcomes with stakeholder expectations. The PMBOK 7th Edition recognizes that stakeholder satisfaction is ultimately more important than rigid adherence to predetermined constraints like schedule or budget.

Stakeholders in project management are individuals, groups, or organizations that may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a project. T…

Concepts covered: Stakeholder Engagement, Stakeholder Register, Stakeholder Engagement Assessment Matrix, Stakeholder Engagement Plan, Manage Stakeholder Engagement, Stakeholder Communication, Stakeholder Identification, Monitor Stakeholder Engagement, Stakeholder Analysis