Stakeholder Management

Question 1

What is a stakeholder?

Answer 1

‘anyone that can affect or is affected by what you are trying to achieve’. Or, ‘those with an interest in the projects outcome’.

In a project environment the list of stakeholders might include:
client staff, colleagues, team members, local communities,
investors, funders, internal business departments,
regulators, the media, end users, etc.

Question 2

How do you identify stakeholders?

Answer 2

• Idenfied parties connectioned with the project which with the project, that could impact of be impacted by a decision, activity, or outcome of the project.

Question 3

Now that you have identified your project stake holders, how do your prioriitise them?

Answer 3

One method is to use Mendelow’s power interest matrix. Where I would analyse the stake holders against two criteria: 1) How much influence does the stakeholder hold, 2) How much interest does the stakeholder have in the project.
Stakeholders are the prioritised according to the quadrant into which they fall. If the stake holder has low interest and influence, they will natural be a lwoer priority in engagement. The oppsite for those with high interest and influence.

e.g. High interest/High Influcence = Key Player, High interest/Low Influence = Keep informed, Low Interest/High Influence = Keep Satisfied, Low Influence/Low interest = Monitor/Minimal effort.

Question 4

Are you aware of any RICS guidance associated wtih stakeholder engagement?

Answer 4

RICE Guidance note: Stakeholder Engagement, 1st edition.