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Stakeholder Risk Management

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Life Cycle Engineering
Life Cycle Engineering

What are you doing to manage and engage the people, groups and organizations who can impact, or are impacted, by your project or change initiative? View this short presentation to discover the impact effective stakeholder management can have on your project.

Leadership & Management
1 of 10
1© Life Cycle Institute Stakeholder Risk Management
2© Life Cycle Institute The research is in…  McKinsey study 2008 70% of projects fail to meet objectives PMI study 2015 Project success rates remain flat (60%) between 2011-2015 Calleum Consulting “Why do projects fail” 2015 Top sources for project failure: • Lack of communication • Failure to engage stakeholders • Failure to address culture change Dr. Clemith Houston “Perspectives on Research and Case Studies on Primary Factors for Project Success” PMI Global Congress North America, 2015
3© Life Cycle Institute Why? Stakeholder risk management
4© Life Cycle Institute You’re 6x more likely to meet project objectives You’ll be 3x more likely to meet budget and 4x more likely to meet schedule When you effectively manage stakeholder risks… ©Prosci® Best Practices in Change Management Benchmarking Report, 2014
5© Life Cycle Institute How do you manage stakeholder risk? According to the Project Management Institute: – Identify and analyze stakeholders – Plan stakeholder management – Manage stakeholder engagement – Control and monitor stakeholder engagement PMI. PMBOK Guide, 5th edition. Newton Square: PMI, 2013.
6© Life Cycle Institute Stakeholder management tools  Identify  Analyze  Plan and Manage  Control • Brainstorm • Interviews • Lessons learned from previous projects • Salient model • Stakeholder diagrams • Key stakeholder competency assessments • Power, influence, interest grids • Stakeholder maps • Communication plans • Coaching plans • Training plans • Resistance management • Engagement assessments • Engagement assessments • Monitor performance metrics • Adjust plans as needed
7© Life Cycle Institute Stakeholder management spans the project life cycle Project initiation Project planning Project execution Project monitor and control Project life cycle • Identify stakeholder risks • Stakeholder management plans • Engagement assessments • Competency development • Plan & document updates • Identify stakeholders • Analyze stakeholders • Performance metrics • Reinforcement • Plan & document updates
8© Life Cycle Institute Life Cycle Institute is an experienced authority in: 1. Stakeholder analysis and assessment 2. Stakeholder engagement plans 3. Stakeholder map 4. Stakeholder satisfaction analysis 5. Resistance management
9© Life Cycle Institute 3 Reasons to Choose Life Cycle Institute Stakeholder management is what we DO! Our team of certified change management practitioners understands what it takes to change behavior to produce results! LCI instructors are trained learning facilitators Rigorous facilitator qualification and certification process Focus on the learning process and transfer to the job Engage learners, reinforce relevancy and integrate prior experience LCI training is an active experience Learning by doing vs. lecture Group activities, assessments, case studies Network with peers Develop action plans to drive results post-training   
10© Life Cycle Institute Education@LCE.com www.LCE.com 800-556-9589 Life Cycle Institute is the learning, leadership and change management practice at Life Cycle Engineering.

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Stakeholder Risk Management

  • 1. 1© Life Cycle Institute Stakeholder Risk Management
  • 2. 2© Life Cycle Institute The research is in…  McKinsey study 2008 70% of projects fail to meet objectives PMI study 2015 Project success rates remain flat (60%) between 2011-2015 Calleum Consulting “Why do projects fail” 2015 Top sources for project failure: • Lack of communication • Failure to engage stakeholders • Failure to address culture change Dr. Clemith Houston “Perspectives on Research and Case Studies on Primary Factors for Project Success” PMI Global Congress North America, 2015
  • 3. 3© Life Cycle Institute Why? Stakeholder risk management
  • 4. 4© Life Cycle Institute You’re 6x more likely to meet project objectives You’ll be 3x more likely to meet budget and 4x more likely to meet schedule When you effectively manage stakeholder risks… ©Prosci® Best Practices in Change Management Benchmarking Report, 2014
  • 5. 5© Life Cycle Institute How do you manage stakeholder risk? According to the Project Management Institute: – Identify and analyze stakeholders – Plan stakeholder management – Manage stakeholder engagement – Control and monitor stakeholder engagement PMI. PMBOK Guide, 5th edition. Newton Square: PMI, 2013.
  • 6. 6© Life Cycle Institute Stakeholder management tools  Identify  Analyze  Plan and Manage  Control • Brainstorm • Interviews • Lessons learned from previous projects • Salient model • Stakeholder diagrams • Key stakeholder competency assessments • Power, influence, interest grids • Stakeholder maps • Communication plans • Coaching plans • Training plans • Resistance management • Engagement assessments • Engagement assessments • Monitor performance metrics • Adjust plans as needed
  • 7. 7© Life Cycle Institute Stakeholder management spans the project life cycle Project initiation Project planning Project execution Project monitor and control Project life cycle • Identify stakeholder risks • Stakeholder management plans • Engagement assessments • Competency development • Plan & document updates • Identify stakeholders • Analyze stakeholders • Performance metrics • Reinforcement • Plan & document updates
  • 8. 8© Life Cycle Institute Life Cycle Institute is an experienced authority in: 1. Stakeholder analysis and assessment 2. Stakeholder engagement plans 3. Stakeholder map 4. Stakeholder satisfaction analysis 5. Resistance management
  • 9. 9© Life Cycle Institute 3 Reasons to Choose Life Cycle Institute Stakeholder management is what we DO! Our team of certified change management practitioners understands what it takes to change behavior to produce results! LCI instructors are trained learning facilitators Rigorous facilitator qualification and certification process Focus on the learning process and transfer to the job Engage learners, reinforce relevancy and integrate prior experience LCI training is an active experience Learning by doing vs. lecture Group activities, assessments, case studies Network with peers Develop action plans to drive results post-training   
  • 10. 10© Life Cycle Institute Education@LCE.com www.LCE.com 800-556-9589 Life Cycle Institute is the learning, leadership and change management practice at Life Cycle Engineering.