Important Terms and Definitions - Managing Stakeholders

As with all sections, let us wrap up the section on Stakeholder Management with the important terms we learnt in this section.

• Asynchronous communication - Communication in which the sender and receiver don’t have to be present at the same time, such as written paper or electronic documents, online bulletin boards, e-mail, and the World Wide Web in general.
• Distribute information - The process of making information available to stakeholders according to the project management plan.
• Issue - An item or a matter that is under discussion or dispute and for which there are most likely opposing views and disagreements among the stakeholders.
• Issue log - A tool used to manage issues that includes opening, modifying, tracking, documenting, and resolving issues.
• Managing stakeholder expectations - A process used for communicating and working with stakeholders to stay on the same page with them on the project requirements by addressing their needs and issues as they arise.
• Performance report - A document or a presentation that provides information about the performance, progress, and status of the project.
• Synchronous communication - Communication in which both the sender and the receiver have to be present at the same time, such as face-to-face project meetings and teleconferencing.

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Summary - Managing Stakeholders

Let us wrap up the section on Managing Stakeholders by summarizing what we learnt in the previous few chapters.

• It is crucial to the success of the project that stakeholder expectations be managed through distribution of the right information to the right stakeholders at the right time by using the right communication methods.
• Processes of managing stakeholder expectations and distributing information are called Manage Stakeholder Expectations and Distribute Information, and they belong to communication management.
• The communication management plan, a part of the project management plan, and performance reports are the major input items to the Distribute Information process.
• The information can be distributed by using various methods, such as reports and presentations.
• The communication management plan and stakeholder management strategy are major inputs to managing stakeholder expectations.
• Management and interpersonal skills are crucial to successfully managing stakeholder expectations.
• Performance reports, a major input to the Distribute Information process, come from monitoring and controlling the project. We haven't covered the monitoring & controlling part yet, but don't worry its coming up very soon.

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Chapter 69: Big Picture of Stakeholder Management

As explained at various places during our PMP study series, managing stakeholders is extremely important and vital to the success of the project. Managing stakeholders includes the following processes:
• Identify Stakeholders - This is the process of identifying all the stakeholders, positive and negative, during the project initiation. In this process, you develop a stakeholder register and a stakeholder management strategy. Remember the chapter on Identifying Stakeholders and Stakeholder Management Strategy?
• Collect Requirements - As part of scope planning, this is the process of collecting project and product requirements that will meet the stakeholders’ needs and expectations. In this process you generate the stakeholder requirements document and the requirements management plan.
• Manage Stakeholder Expectations - This is the process of staying on the same page with the stakeholders on requirements by addressing their needs and issues.
• Distribute Information - This is the process of distributing relevant information to the right stakeholders at the right time by using the right methods.

The whole process can be illustrated as below:

Since, we have already covered Identifying Stakeholders and Collecting Requirements in great detail in the previous chapters, we will move on to Manage Stakeholder Expectations in the next chapter.


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