Perform stakeholder analysis through historical analysis, personal experience, interviews, knowledge base, review of formal agreements (for example, request for proposal (RFP), request for information (RFI), contracts), and input from other sources in order to create the stakeholder management plan.

In the realm of Program Management, astute stakeholder analysis plays a very pivotal role for the success of the project. Several methods can be used to perform that analysis, including the use of historical analysis, personal experience, interviews, utilizing the knowledge base, reviewing formal agreements, and getting input from other sources. These strategies help in creating an effective stakeholder management plan, a crucial component of the Program Management Professional (PgMP) exam.

Historical Analysis

Historical analysis, which involves reviewing past interactions with stakeholders, is an invaluable tool for predicting future reactions and behaviors. It leverages company records, databases, correspondence and previous project reports to paint a picture of the stakeholders’ expectations and perceptions on past projects. This helps in strategizing and predicting the stakeholder’s behavior and interests in your project.

For example, if in past projects a stakeholder consistently pushed for stricter environmental standards in project execution, it’s a fair assumption they will do the same on future projects. This knowledge allows you to better address that stakeholder’s concerns in the planning stages, ensuring smoother project executions in the future.

Personal Experience

Personal experience gives powerful intuitive insights for stakeholder analysis. A project manager’s experience, garnered from handling different stakeholders, can be a key determinant in how the stakeholder analysis is formed.

For instance, if a project manager has experienced that certain stakeholders typically resist technical changes, this knowledge can be used to anticipate and mitigate any resistances or issues in any new project where technical changes are necessary.

Interviews

Interviewing stakeholders provides a deep dive into their interests, perceptions, and expectations, ensuring the manager doesn’t only rely on assumptions. By getting direct feedback, you can develop a more accurate stakeholder analysis, ultimately resulting in a more effective stakeholder management plan.

Suppose you’re starting a new IT project, conducting interviews with the IT department stakeholders can provide you with an understanding of what they expect the project will achieve, any potential challenges, as well as their priorities.

Knowledge Base

The knowledge base involves leveraging any relevant knowledge from experts or experienced professionals to enhance the stakeholder analysis. This includes but is not limited to insights from industry tools, best practices, research papers, and textbooks. For example, a project manager might use insights from a research paper on stakeholder management in the healthcare industry to tailor the approach to stakeholders in a healthcare-related project.

Review of Formal Agreements

Formal agreements, such as Request for Proposal (RFP), Request for Information (RFI), contracts, or any formal documents offer a defined scope of understanding about stakeholder’s needs and expectations. These documents form a contractual obligation between the parties and hence, also provide insight into what stakeholders expect in terms of project deliverables and service levels.

For instance, a contractual agreement may mention that the stakeholder requires weekly project status updates. This would then become part of the stakeholder management plan, ensuring that the stakeholder’s expectations are met.

Input from Other Sources

You can also acquire stakeholder insights from other external sources, such as industry reports, third-party reviews, or publicized client testimonials. This external input can provide a broader perspective on stakeholder experiences and expectations.

For example, a project manager leading a software development project could use third-party reviews of similar software projects to gain insights into stakeholder expectations and potential areas of concern.

By integrating these strategies into your project management approach, you gather the necessary tools needed to create an effective stakeholder management plan, a vital element in both successful program management and in the Program Management Professional (PgMP) certification exam. Every stakeholder has unique interests and influence over your project. Thus, understanding them from different viewpoints helps in better management and increases your project’s chance for success.