The Importance Of Stakeholder Identification For Project...

Introduction For a project, stakeholder identification forms the initial step in the stakeholder management process. After the project manager confidently identifies the stakeholders, the remaining steps in the process can proceed. However, without accurate identification of the members in the set of stakeholders, the project is at risk of unexpected impacts that could delay or cancel the project or incur unforeseen financial costs to the bottom line. This paper examines the importance of stakeholder identification for project management, outlines various strategies for identifying stakeholders, discusses the implications and identification of project management bias in analyzing stakeholders, and discusses the addition of stakeholder management as a new body of knowledge within A Guide to the Project Management Body of Knowledge (PMBOK Guide) by the Project Management Institute (PMI). Stakeholder Identification Process Overview The PMBOK Guide provides a high level overview of the Stakeholder Management Process. For the purpose of discussing identification of stakeholders, Figure 1 diagrams the relevant inputs, methods, and outputs that form this process. Figure 1 – Stakeholder Data Flow Diagram (developed from PMBOK figure 13-3) In Project Management Communication Tools (PCMT), Dow and Taylor stress the importance of completing the list of stakeholders for the communication plan (p.379, 2015). They focus intensively on the process and outputs yet provide fewShow MoreRelatedRisks Management : Risk Management1144 Words   |  5 PagesRisk Management All projects are subject to the effects of uncertainty. The uncertainty creates the need for organizations to be aware of the many different types of risk they will be challenged with for the duration of the project. 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