Speaker 1: Let's begin to talk about what exactly it means to identify stakeholders. Identify stakeholders is a process in the PMBOK Guide 5th edition. Identifying stakeholders enables you know where to focus your energies. Identify stakeholders could be broken down into these different parts. Firstly, identifying the people, the groups or the organizations that could be impacted by the project. Take note of these key words. People, groups or organizations that could be impacted by your project. Not just the customer but a wide variety of people or groups. Also, analyzing and documenting relevant information regarding the interests, the involvement and the interdependencies of these stakeholders. So as we identify stakeholders, we take note about the areas of the project that they are interested in. We also take note of how to get them involved. The involvement is very important. Also, interdependencies that might revolve around various stakeholders also need to be identified. In stakeholder management, we're also concerned with analyzing stakeholder influence. How influential are these stakeholders that we have identified? Also, the impact that they could have. Their potential impact on our projects needs to be identified as well. And lastly, identifying stakeholders allows the project manager to identify the appropriate focus for each stakeholder or group of stakeholders. Which means that as we take a look at our stakeholder register, which is a register we document all our stakeholders in, we should also ask ourselves, what is the appropriate level of focus? We need to bring our stakeholders into the project at the right time. Not too early, not too late, but at the right time. Some stakeholders need to be brought in extremely early. And some stakeholders need to be brought in in the middle of the project. Some towards the end of the project. So as you identify stakeholders, you want to ask these questions and answer the questions. Sometimes, identifying stakeholders cannot be done by one person, known as the project manager. It needs to be done by the team. So as you can see on the screen, we have what is known as a power interest grid. It's used for stakeholder analysis. As you can see, we've got a lower left quadrant and a top right quadrant. In the lower left quadrant, we have stakeholders that we have identified as being a low level of interest stakeholder and a low level of power stakeholder. These stakeholders, we need to monitor them and make sure that if they move outside of this green quadrant, we need to take action to up our level of management of these stakeholders' interests. So those that are in a low level of power and a low level of interest, we need to monitor. Those that are in a high level of power and a low level of interest need to be kept satisfied. You can see we've got names of people here, but on your project, it might actually be dangerous to have people's names here because they might, all of a sudden, come upon this document and feel that you're trying to undermine the level of power or interest and they might suddenly try to jack it up and, you know, things might get out of hand. So keep this close to the vest. You could actually use initials or you could use reverse initials or you could use a letter of the alphabet to take note of who these people are. So these in the high level of power, low level of interest, keep satisfied. Now, if they eventually get to the point where they get to a high level of power and a high level of interest, we need to manage them extremely close because stakeholders in this quadrant, when they appear to be difficult, they're not just difficult, they are also dangerous and that's why we've got the red for danger. You really want to manage people here closely, manage their interests close and make sure that you get them involved as much as possible and keep them informed as much as possible. In other words, these are the folks you absolutely want to get engaged and in a leadership role concerning their input. You don't just want them to follow along. You also want them to get into a stakeholder leadership role where they become champions for your project, they believe in your project. If they have people working on your project, they ensure that those people working on your project are doing exactly what they need to. So that is a very important quadrant in this figure. And lastly, we've got those who need to be kept informed because they've got a high level of interest but they've got a low level of power. So people here, you know, things like reports and information that surrounds the project, you definitely want to keep them informed in that regard. So you can see we've got quite a number of helpful tools and techniques and things that you could do to get your stakeholders on the same page as you but this is really just identifying our stakeholders. You might ask the question, well, how do I, in a more pragmatic way, rate my stakeholders, maybe on a scale to find out who is who, who is at the highest level of power, who is at the lowest level, or if you wanted to take a look at the aggregate of the power and influence, how do you do that? Well, I have a grid that you can use. It's a stakeholder prioritization matrix. That's what I call it. This is not in the project management body of knowledge. I came out with this to be able to more pragmatically rate stakeholder levels of power and interest in a score. So we've got the power interest score which multiplies the power index by the interest index.