Project Management Professional PMP: Project Management Professional Important Concepts and Exam Preparation

Presentation Overview Topic Stakeholder Management Procurement Management Cost Management Quality Management Integration Management Resource Management Risk Management Time Management Procedure for Exams, Fees, Steps to become certified, how to prepare for the exam

Stakeholder Management Stakeholder Management is the process of actively identifying and managing the expectations, needs, and involvement of key project participants. In order to properly manage stakeholders, PMPs Identify, Classify, Determine Engagement, and Plan in regards to each key stakeholder. Identify Classify Determine Plan

The first action of Stakeholder Management is to identify stakeholders. Classify Determine Plan

What is a Stakeholder? Possible stakeholders include: Employees A stakeholder is a person, group, or organization that can influence the success of a project. Stakeholders can be individuals, groups, or organizations that can affect, be affected by, or perceive itself to be affected by the project. Employees Management Customers Government Possible stakeholders include:

Individual stakeholder information should be identified to help better understand the individual or group. A successful PMP will preform a Stakeholder analysis to identify and manage the needs, expectations, engagement conflict, potential problems, and overall contributions of each stakeholder. Each of the stakeholders will have their own project history, culture, attitude, contributions, and response to each part of the project. It is the job of the PMP to have all the necessary information about each stakeholder and use meetings to identify major stakeholders. Stakeholder Name Position Location Role on Project Phone Number Email Expectations Needs 1 2 3 4

As a PMP starts to identify stakeholders, they must also gain an understanding of each of their stakeholders. By talking directly with your stakeholders, key questions can be answered that will help shape the project. To build a successful team, a PMP should understand every stakeholders opinions, ideas, how they feel about the project, and how they will react to the project. Key Questions to Ask: What is their current opinion of your work? What financial or emotional interest do they have in the outcome of the work? Is it positive or negative? Who else might be influenced by their opinions? What motivates them most? What will win them around to support your project? What information do they want from you? How do they want to receive they information?

The second action of Stakeholder Management is to classify stakeholders. Identify Classify Determine Plan

Power vs Influence Grid: Summarizing the information gathered on each stakeholder, a PMP classify each stakeholder into categories. Note: Classification, or stakeholder analysis, is project and individual stakeholder dependent. So some classifications will relate better per project than others. Keep Satisfied Manage Closely Monitor Keep Informed Low High Power Interest Keep Satisfied Manage Closely Monitor Keep Informed Low High Power Influence Power vs Interest Grid: Power vs Influence Grid:

Influence vs Impact Grid: Power Urgency Legitimacy 1 5 3 4 7 6 2 8 Dormant Discretionary Demanding Dominant Dangerous Dependent Definitive Non stakeholder Salience Model: Keep Satisfied Manage Closely Monitor Keep Informed Low High Influence Impact Influence vs Impact Grid:

Once the stakeholders are classified into a category, a PMP can better understand which stakeholders can contribute the most. High Power, High Interest High Power, High Influence High Influence, High Impact Salience Model 7 (Definitive) Stakeholders that you must fully engage and make the greatest efforts to satisfy. High Power, Low Interest High Power, Low Influence High Impact, Low Influence Salience Model 4,5 Stakeholders that you must keep satisfied with work but make sure they do not become board with the ultimate goal. High Influence, Low Power High Interest, Low Power High Influence, Low Impact Salience Model 6 Stakeholders that you must keep informed about the project and ensure that their issues are address. This group can help with project details. Low Power, Low Interest Low Power, Low Influence Low Influence, Low Impact Salience Model 1, 2, 3 Stakeholders that you must monitor but not maintain excessive communication.

Once the classifications are assigned, the PMP can start to prioritize work and communication. High – High High – Low The key stakeholders will fall in the high – high, such as high power / high interest, or the definitive, if using the salience model, on the grids. These are the stakeholder that you should focus on first and determine a plan on how to engage them, manage their concerns, and share the right amount of information. Then focus on your high-lows and then the low-lows. Low – Low

The third action of Stakeholder Management is to determine stakeholder engagement. Identify Classify Maybbe form: Stakeholder 1: Name ___ Org __ ect Determine Plan

Next, a PMP must determine each stakeholder’s current engagement in a project . Using management tools such as attendance logs, meeting minutes, email correspondence, and other such communications, a matrix of each stakeholders current engagement can be developed. Stakeholder Unaware Resistant Neutral Supportive Leading 1 X 2 3 4 5

Not all stakeholders will be supportive of the project Not all stakeholders will be supportive of the project. Therefore, it is important to understand the types of influences they can have. Advocates – These stakeholders can persuade other that the project is beneficial. Stakeholders who are advocates will be crucial in the beginning stages of the project. Connectors – These stakeholders can help teams reach out to other people who might need to be influenced for the project to be successful. Stakeholders who are connectors can help find more people to support the success of the project. Controllers – These stakeholders can control access to people and information. Most stakeholder in this category would be mid-level staff who need to understand more about the project and how they personally can help. Experts – These stakeholders are technically credible and highly looked to for advice. Stakeholders who are experts are thought highly of and have opinions that can be very influential.

Using the information gathered about stakeholders, a PMP can start their Stakeholder Planning to determine how to best communicate. The table provided can help plan stakeholder communication based on information gathered from the grids: - Current Status = advocate, supporter, neutral , critic, blocker - Desired Support = high, medium, low - Key Interests and Issues = with the project or schedule - Desired Project Roles = if any - Action and Communication Plan = for continuous engagement or to increase engagement Stakeholder Name Communications Approach Key Interests and Issues Current Status Desired Support Desired Project Roles Actions Desired Action and Communication Plan

The next action of Stakeholder Management is to include stakeholders in project planning. Identify Classify Determine Plan

Not all the stakeholders will be on board 100% the entire project life cycle. It is important to continually reevaluate the stakeholder engagement throughout the project and have a plan to keep continued interest and engagement in the project. Constant communication is a way to ensure all key stakeholders are kept informed about project details and a way to make sure stakeholder concerns are addresses.

PMPs use several tools to keep the project on schedule and keep stakeholders up to date throughout the project life cycle. PMPs must keep an open line of communication throughout the project to ensure objectives are clear and milestones are met. The key to project success is good communication through several different forms such as: Individual Stakeholder conversations Project meetings Sharing meeting minutes Project schedule updates and distribution Meetings to discuss concerns, needs, and conflict resolution Example of Meeting Minutes: Meeting Date: 6/2 Summary of Discussion: Item 1 = Item 2 = Item 3 = Meeting Conclusion: Topic: First Milestone Attendees: John Doe, James Smith, Kelly Lee

Stakeholders should be involved in all key project decisions and communications should be well documented. Stakeholder Message Form of Communication Frequency / Date 1 Concerns about Project Deadline Phone Call Weekly 2 Milestone 1 completed Email 12/5 These communications can help control stakeholder engagement and properly plan project objectives and deadlines. A Project Management Plan can be implemented to record executed work, plan and execute resources, and implement change management procedures. Project Details Deliverables Cost / Hours Status Priority Deadline Project Name Details Assignee Deliverable % Done Cost Est. Actual High 12/20 Task 1 Low 1/6 Task 2

It is important to remember that stakeholder management is dynamic in nature and commitments or engagements can change. By having team in place that are focused on the key stakeholders in a project and how they interact. The relationships with the stakeholders must be cultivated and maintained through out the life of the project. Key Steps to Achieving Stakeholder Engagement: Chart out the stakeholder and update the chart throughout the project milestones. Keep prioritizing stakeholders and revisit the levels of commitment and influence to the project. Develop your key stakeholders and build a strong relationship.

Knowledge Check Start www.prolearninghub.com

1. Which of the following is not a stakeholder? A. Supplier B. Customer C. PMO D. Competitor www.prolearninghub.com

2. Stakeholder analysis can be performed using some classification models such as: A. Managerial grid B. Johari window C. Performance grid D. Salience model www.prolearninghub.com

3. Which of the following process would apply if you had to communicate with the project team members to understand their expectations from the outcome of their project? A. Manage Communications B. Plan Stakeholder Management C. Manage Stakeholder Engagement D. Control Stakeholder Engagement www.prolearninghub.com

4. Which of the following is/are required for identifying stakeholders: A. Stakeholder Register B. Project Management Plan C. All of the Above D. A and C www.prolearninghub.com

5. Which one of the following is the best way to manage stakeholders? A. Ensuring they don’t get to meet outside of work B. Meeting all of them when a milestone is ready C. Keeping them informed throughout the project D. Sending them gifts www.prolearninghub.com

A. Project Communications Management 6. Which of the following knowledge area deals with identifying people, groups or organizations that could impact or be impacted by a project that required building a 3-mile long bridge connecting two island cities of a country? A. Project Communications Management B. Project Stakeholder Management C. Project Integration Management D. Communication Plan www.prolearninghub.com

7. When is the stakeholders ability to influence a project very high? A. In the Early Stages B. Half-Way Through C. Depends on Their Role and Position D. Just Before Final Delivery www.prolearninghub.com

8. Stakeholders engagement assessment matrix is used to map: A. Current Engagement Level B. Desired Engagement Level C. Assured Engagement Level D. Only A and B www.prolearninghub.com

9. The stakeholder engagement level where the stakeholder is actively engaged in ensuring the project success is known as: A. Leading B. Supportive C. Active D. Neutral www.prolearninghub.com

10. Stakeholder communication requirements are captured in: A. Stakeholder Management Plan B. Communications Management Plan C. Procurement Documents D. A and B www.prolearninghub.com

The Results