Project Stakeholder Management (Risk Assignment).docx

1. Karachi Institute of Economics and Technology
Course: Project Risk Management
Faculty: Sir Shahid
Class ID: Total Marks:
Assignment No 1 Date: 12-12-2023
Student Name: Ziyad Bin Hasan Student ID: 11091
Introduction:
Project Stakeholder Management (PSM) plays a role, in ensuring the success of a project. It
involves recognizing, assessing, engaging and overseeing the expectations of all individuals and
groups who are invested in the projects outcome. These stakeholders can be internal (such as
project team members and management) or external (including clients, customers and regulatory
bodies). Effective PSM brings benefits:
Gaining stakeholder buy in and support: By understanding the needs and expectations of
stakeholders project managers can establish trust and foster collaboration resulting in project
execution.
Mitigating risks and addressing issues: Proactive engagement with stakeholders enables early
identification of potential risks and concerns allowing for timely implementation of mitigation
strategies.
Enhancing Transparency: Communicating with stakeholders cultivates a sense of ownership
and shared responsibility for the success of the project.
Making informed decisions: Stakeholder feedback and input provide valuable insights for
making informed decisions that align with the objectives of the project as well as the interests of
stakeholders.
Key Aspects of PSM:
1. Identifying and analyzing stakeholders:
 Recognizing all stakeholders: This entails identifying both indirect stakeholders who
possess varying levels of influence on or interest, in the project.
 Assessing stakeholder power and interest: Understanding their roles, influence levels and
potential impact on the project.

2.  Mapping relationships, with stakeholders: Identifying the connections and potential
conflicts that exist between stakeholders.
2.. Communicating with stakeholders:
 Creating a plan to engage stakeholders: Tailoring communication strategies to meet the
needs and preferences of each stakeholder group (, through meetings, reports or online
platforms).
 Providing updates and information: Keeping stakeholders informed about the progress,
challenges and decisions related to the project.
 Addressing concerns and questions promptly: Building trust by being responsive to
stakeholder feedback and ensuring their concerns are addressed in a manner.
3. Managing expectations:
 Establishing realistic expectations: Clearly defining project goals, timelines and
deliverables for all stakeholders involved.
 Managing changes and communicating their impact: It is important to keep stakeholders
informed about any changes and address any concerns they may have. This helps
maintain transparency and fosters trust by providing timely information.
4. Resolving conflicts and issues
 It is crucial to identify conflicts, on and address any differences in stakeholder interests or
priorities.
 Encouraging dialogue and collaboration allows for discussions that lead to agreeable
solutions.
 Utilizing negotiation and conflict resolution techniques helps find compromises that keep
the project moving
5. Developing a Stakeholder Management Plan:
 A comprehensive plan should be created that includes stakeholder identification, analysis,
engagement strategies and communication plans.
 Clearly defining roles and responsibilities for stakeholder management is essential.
Regularly monitoring and evaluating the effectiveness of these strategies is important
making adjustments as needed.
6. Project Risk Management and Stakeholder Management:

3.  Project Risk Management and Stakeholder Management engagement with stakeholders
plays a role in identifying and mitigating project risks.
 By understanding their concerns and potential impact project managers can proactively
implement risk management strategies.
 This includes gathering stakeholder input on risks developing mitigation plans that
address their concerns communicating updates on risks and involving stakeholders, in
risk management activities.
Conclusion
In conclusion the management of project stakeholders is an dynamic process that demands
attention and adaptation throughout the entire project journey. By involving stakeholders
understanding their expectations and addressing any concerns they may have project managers
can cultivate an atmosphere that promotes the achievement of project objectives.