Stakeholder identification, a new PMBOK® Guide project management process, is most important for establishing an early foundation toward subsequent planning, executing and monitoring and control of your project communication information and achieving project success. This process should be done early in the initiation phase of your project so that key outputs of a stakeholder register and stakeholder strategy will be used associatively in another Project Communications Management process which is Manage Stakeholder Expectations.
First, let’s review some basic facts to understanding stakeholder management:
- Stakeholders are those parties who may be positively or negatively impacted by the completion of the project
- Stakeholders stand to gain or lose through the success or failure of the project
- Stakeholders may possess different authority levels which will affect how they exert their influence over the project and its deliverables
- Stakeholders are affected by the outcome of the project
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