Question

Please review the power/interest grid

Identify a project that you are or have been involved.   Identify four stakeholder with one from each quadrant.

First, write a paragraph to describe the project that you have selected.

The potential management strategies text should have significant detail with the expectation that the assignment fills one page. Potential management strategies should occupy 2/3 of the horizontal space of the page.

Answer 1

The Power Interest Grid, also known as the Power Interest Matrix, is a basic tool that will help you categorize project stakeholders with increased project power and value. This method lets you concentrate on the main stakeholders who can make the project or break it. This, in turn, assists you in prioritizing stakeholders. This article will provide you with an overview of the grid or matrix of power importance to help keep your stakeholders coordinated and updated. PMP Tip: The Power Interest Grid is part of Project Coordination Management as set out in the PMBOK's fourth edition. You should know what it is, and how it should be implemented. Managing stakeholders is a vital task for a project manager.

Analysis of a project by stakeholders:

• Record stakeholder desires and motives within the project.
• Identify competing interests between interested parties.
• Identify Relationships of stakeholder.
• Determine the degree of involvement each stakeholder requires.

The Power Value Grid in stakeholder priority setting relates to project stakeholder interests. Through using this formula, you will decide which stakeholders should be closely handled and which stakeholders should make the least effort. This helps you funnel your time and resources into those stakeholders with the most influence and value in project success. The grid of power value consists of four quadrants. Quadrant provides you with an indicator of the degree of stakeholder management you may need to employ and can also influence the type of communication style. The four Power Value Grid quadrants are listed below.

Power/Interest grid, this Eden and Ackermann strategy focuses on those involved in an entity or initiative and the potential to influence the 'strategic future.' Eden and Ackermann are careful to keep the concept of power open, but the use of the word can be seen as excluding stakeholders that seem weak on the face of it but can become influential if helped by a strong advocate. Examples are social action groups and grassroots campaigns that can dramatically influence the strategic path of an organization with appropriate publicity.

If you don't handle them properly, stakeholders in the Handle Closely Quadrant can easily guarantee project failure. For instance, suppose you are the consulting project manager. Your business development manager (the person who got the contract from your organization) does not need to be closely handled though. You may want to put her in the Quadrant for the Camera. Value, as you may have already deduced, is very subjective and can be prone to error. You might think that a certain stakeholder has a high degree of interest in the performance of a project, but in relative terms, might not be. A project manager, for example, is very keen to ensure the project is successful. This performance, in effect, would affect the organization's bottom line. The bottom line is that the CEO and CFO are of very high concern. There are, however, some other variables that play a role in affecting the bottom line. Therefore the CEO and CFO interest in your project would not be as interested in the progress of your project as your Program Manager in relative terms.

Therefore, it is important to define and gauge stakeholder interest rates when using the Power Interest Grid in stakeholder priority setting. Indeed, there are several soft skills for qualifications for project managers that concentrate on communication and stakeholder management.

Drawing attention from stakeholders:

The following questions could help you recognize stakeholder interests:

• What do stakeholders expect and how do they benefit from the project?
• Are there any competing concerns with the project that stakeholder may have?
• How are stakeholders committed to the project? Is he/she willing to devote some measurable resources?
• Are there conflicts of relationships among stakeholders that could hinder the project?

Through having answers to these questions, you will be able to assess the stakeholders' real interests and handle them correctly using the grid. This in effect would increase the negative impact of the project caused by mismanagement of the stakeholders.