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Project Management
Stakeholder Management
Quick Definition
The practice of identifying, analysing, planning, and engaging with individuals or groups who can affect or be affected by the project.
Detailed Explanation
Stakeholder management begins with identifying all stakeholders and analysing their interest, influence, power, and potential impact on the project. The stakeholder register documents this analysis.
Engagement strategies range from monitoring (low interest/low power) to close management (high interest/high power). Communication plans are tailored to each stakeholder group's needs and preferences.
In the PMP® exam, the People domain (42% of questions) heavily tests stakeholder management scenarios. The key is balancing competing stakeholder interests while maintaining trust and transparency.
Related Terms
Relevant Frameworks
PMBOKPRINCE2