Tasks Included in the New Knowledge Area – Stakeholder Management PMBOK5

by KnowledgeHut
02nd May, 2013
Last updated on 20th Apr, 2021

The publication of the PMBOK® Guide 5th Edition significantly increases the profile and processes for stakeholder management. The following are the Stakeholder Management processes listed out in the fifth edition of the PMBOK . We have given a short description of each process and a comparison with the listing in the previous PMBOK edition.

Identify Stakeholders, also belongs to Initiating process group

This process is dedicated to identifying the people and organizations that have some level of interest in the project and have the potential to influence it.

The same process existed in the fourth edition, under the communications knowledge area; it has just moved from there to the new knowledge area.

Plan Stakeholder Management, also belongs to Planning process group

How are we going to plan for, execute, monitor and control the stakeholder management area? These questions are answered in this document named “Stakeholder Management Plan”.

There was no such process in the previous edition, but the tasks underlying this process were all included in the Plan Communications process of the fourth edition.

Manage Stakeholder Engagement, also belongs to Executing process group

So, we have planned how to manage the knowledge areas; now it’s time to do it! The document called “Manage Stakeholder Engagement” lists out the work involved, starting with communicating with stakeholders, addressing their issues, and meeting their needs and expectations by directing our decisions and activities.

This process is almost the same as what was listed under “Manage Stakeholder Expectations” in the previous edition. The title has changed a little to better reflect the real nature of the process.

Control Stakeholder Engagement, also belongs to Monitoring And Controlling process group

We are efficiently managing the stakeholder engagement, but are we gaining the results we expected? We should evaluate our efforts and improve our actions according to the plans or even improve our plans if they are not as effective as they are supposed to be. These will be carried out in the “Control Stakeholder Engagement” process.

This new process is a set of tasks that were previously organized under the “Report Performance” process.

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25%Task 1: Use appropriate tools and techniques to measure the project performance so that any variance and corrective actions can be identified and quantified.Task 2: Follow the change in the management plan and manage changes to the project so that the project goal remains aligned with the business needs.Task 3: Use appropriate tools and techniques to meet project requirements and business needs in order to verify that the project deliverables conform to the quality standards which has been established in the quality management plan.Task 4: Monitor and assess the risk to determine if exposure has changed and evaluated the effectiveness of response strategies so that the impact of risks and opportunities on the project can be managed.Task 5: Review and update the issue log as well as determine corrective measures by using appropriate tools and techniques so that the impact on the project can be minimized.Task 6: Use lessons learned management techniques to capture, analyze, and manage the lessons learned so that continuous improvement can be attained.Task 7: According to the procurement plan, monitor the procurement activities so that the compliance with project activities can be verified.Knowledge and SkillsPerformance measurement and tracking techniquesProject control limitsProject monitoring tools and techniquesQuality measurement toolsRisk response techniquesProcess analysis techniquesProject finance principlesProject quality best practices and standardsRisk identification and analysis techniquesQuality validation and verification techniquesDomain V, Closing - 7%Task I: Collect the final acceptance of the project deliverables from the relevant stakeholders as confirmation that the project scope and deliverables were achieved.Task II: According to the project plan, transfer the ownership of deliverables to the assigned stakeholders so that the project closure can be facilitated.Task III: Obtain financial, legal and administrative closure via the accepted practices and policies so that a formal closure of the project can be attained and a transfer of liability can be ensured.Task IV: According to the communications management plan, prepare and share the final project report so that the project performance can be documented and conveyed as well as project evaluation can be assisted.Task V: Collect and combine the lessons that were learned throughout the project and conduct a project review so that the organization’s knowledge base can be updated.Task VI: Archive the materials and project documents by making use of the generally accepted practices so that statutory requirements can be complied with and for potential use in future projects and audits.Task VII: Use appropriate tools and techniques to get feedback from relevant stakeholders so that their satisfaction can be evaluated.Knowledge and SkillsArchiving practices and statutesContract closure requirementsFeedback techniquesProject review techniquesActive listeningBenefits realizationBusiness acumenCoaching, mentoring, training, and motivational techniquesConfiguration managementCustomer satisfaction metricsDecision makingDiversity and cultural sensitivityExpert judgment techniqueGenerational sensitivity and diversityInterpersonal skillsLeadership tools, techniques, and skillsMeeting management techniquesOrganizational and operational awarenessPresentation tools and techniquesProblem-solving tools and techniquesQuality assurance and control techniquesRisk assessment techniquesStakeholder management techniquesVirtual/remote team managementCompliance (statute/organization)Close-out proceduresPerformance measurement techniquesTransition planning techniqueApplicable laws and regulationsBrainstorming techniquesChange management techniquesCommunication channels, tools, techniques, and methodsConflict resolutionData gathering techniquesDelegation techniquesEmotional intelligenceFacilitationInformation management tools, techniques, and methodsKnowledge managementLessons learned management techniquesNegotiating and influencing techniques and skillsPeer-review processesPrioritization/time managementProject finance principlesRelationship managementSituational awarenessTeam-building techniquesTips for passing and preparing for PMP® ExamPMP® exam requires a lot of dedication and efforts in order to clear it at one go. The following tips will surely help you to prepare and pass your PMP® exam:Memorise all formulas to easily answer the math questions.Spend around 4 hours to practice full sample exams at one sitting.On the day of your exam, use your time effectively to answer 200 questions within 4 hours. You will have 1 minute to answer each question.Answer all questions, do not leave any question blank.Use the process of elimination for obviously incorrect answer options to maximise probability in case you are not sure about the correct answer.Avoid spending too much time on any single question. If you are spending more than 2 minutes on a single question then you can make your best guess for the answer and mark it for review at the end of the exam.Try to reserve the last 10 minutes to review the marked questions.Read all the answer options before selecting an answer.Keep in mind that some questions may provide hints to other questions in the exam.Wear comfortable cloth and footwear on the day of your exam.To wrap it up!The PMP® certification acts as a validation of a professional’s experience in project management and is a challenging process as well. Start preparing well for the five domains (Initiating, Planning, Executing, Monitoring and Controlling, and Closing) in advance so that you can ace the examination and get nearer to achieving your dream career. All the best!

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The reasons are as follows:These courses provide tailor-made PMP study materials and best practices for the PMP exam.They give you a quick start in getting a grasp of various project management concepts, formulae, terminology, and other key inputs which help you to prepare for your PMP exam.You can also get the 35 contact hours certificate by taking up these training courses which is necessary for you to be eligible for the PMP® exam.3.Come up with a study planYou should start treating your PMP® certification as a project and prepare a plan which covers all the activities that would help you to get PMP® certified. But the core element in this plan is to have a well-defined study plan. You should break your study sessions into smaller chunks and prepare a study plan which includes timelines to read PMBOK®, practice mock tests, study various materials etc.4.Review the latest edition of PMBOK® Guide and self-study books published by other reputable training organisationsNo matter whatever reference material you want to study in order to prepare for your PMP® certification exam, the PMPBOK® Guide is the recommended study material for all the PMP® aspirants. The page number 61 of the guide contains a table that shows the relation between 13 Knowledge Areas and 5 Process Groups with 47 processes. It further explains how these are applicable to project management.As a candidate, you should be thorough with this table and draw this table on a piece of paper in 5 minutes while appearing for your exam. The same can be used as a reference in answering the 200 exam questions. Other than the PMBOK® Guide, you can also review other study guides published by R.E.P.s and other reputable training organisations.5.Get ready for your exam by practicing Mock TestsDo you want to check the status of your PMP® certification exam preparation? You can do that by taking PMP mock tests. These can help you to map the gaps in your project management knowledge. You can take a test and review the results to find the areas that you need to work on.Focusing on answering the questions by sitting at a place for four hours is not a piece of cake. Taking full-length mock tests helps you to prepare for such a physically daunting and mentally straining process. However, it is a very important drill for your PMP® certification exam. So, it’s better to take up these mock tests and prepare well for your big day.6.Study groupStudying in a group can prove to be quite helpful while you are preparing for your PMP® certification exam. Catch up with the like-minded PMP® aspirants to know about new tactics and get benefited in other ways by being a part of the study group. Few of the benefits are as follows:Studying in a group is the best escape from the monotony of studying alone.You can surely overcome the areas which you are struggling with.Helping others will also boost your confidence.Sharing project management experiences with others help you to crack the scenario based questions which is the trickiest part of the PMP® certification exam.It further helps you to stay on course and helps you to motivate each other in the group.The biggest advantage of studying in a group is that it forces you to study on a regular basis and makes the preparation activity a part of your routine.Tips and tricks to prepare for your PMP® examYou need to study numerous materials in order to crack your PMP® certification exam. But do you have access to the right books and materials? Every person has his or her own way of learning. The following ways will surely help you to become efficient in your study and get equipped with all the knowledge that you need to crack your PMP® exam:If you have access to the workshops conducted by PMI then that would be a big benefit for you. This will also help you to receive the bundle of 35 credit hours which are necessary to qualify for your PMP® application procedure. Attending a PMP® boot camp gives you access to numerous benefits. Few of them are:1.Review everything which you need to cover on the examEverybody is oblivious about what he or she is going to encounter during the PMP® certification exam. Whatever you will find in the exam is sure to be geared from the PMBOK®. This means you should be thorough with the PMBOK® guidelines to get PMP® certified at one go. But the PMBOK® consists of only 75% of what you will see in the exam. What about the rest? You need to seek for a PMP instructor’s guidance in order to fill the gap in learning to qualify your PMP® certification exam.2.Review how to study for the examAs discussed, the PMBOK® guide is a great resource for your PMP® certification exam. At times, even if the questions are lengthy with a situational circumstance, you need to bring it down to a rule that needs to be comprehended. Further, there are certain focus areas on which you need to invest more of your study time than others. It is always better to seek guidance from a professional rather than guessing what you should study.3.Informal questionsIf you lack the idea of how to implement cost, schedule, or risk structure, then it’s a great opportunity for you to understand it. You should learn to shed light on practical application using fundamental examples.You should change your study methods to prepare well for a continuously evolving exam process like the Project Management Professional (PMP)® exam. These days, this exam is based on PMBOK® Guide 6th edition and is a lot harder than it was in the past. The 4 partially correct choices which are provided for all the questions make it even confusing and raise the level of complication for the candidate.The following tricks are surely going to help you in shaping up your exam:Get aligned with the exam dynamics by spending 30 minutes every day on a free exam simulator.Follow the rule of 85%. Keep practicing mock exams until you score at least 85% in all the model exams. This indicates that you are ready to face the PMP® certification exam.Another important trick is to understand the ‘ITTO TRICK Sheet of 49 processes’ which you can find in the PMBOK® guide. This will really prove helpful to you in mapping all the processes inputs, outputs, tools, and techniques.In order to rightly utilize the 12 minutes after the exam, you need to read and memorize the Formula Trick Sheet. You need to print and paste the same on your desk in order to practice it every day because writing this after 4 hours exam will surely help you to track the questions and save significant time.You need to read and memorize the PMPBOK® 6th Edition 49 Process Chart. Print and paste the same on your desk and practice it every day until you can draw the chart within 8 minutes.To wrap it upWhen you begin with your preparation for PMP® certification, you should remember that attaining the PMP® certification shows your commitment to the profession of project management and demonstrates your credibility to earn more as well as raising the value of your resume above the non-certified professionals. Keeping these points in mind will surely help you to avoid getting discouraged during your certification process.You can also learn more about PMP® certification hereThis blog throws light on a few best practices along with some tips and tricks to smoothly proceed with your PMP® journey. It is important for you to set a standard time for your studies other than having a thorough understanding of the PMBOK® guide. So, start clearing your calendar to fit in your daily study time as PMP® needs a lot of thorough studies and is not an easy path to success.

A Comprehensive Guide to PMP® Exam Preparation

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A Comprehensive Guide to PMP® Exam Preparation

by KnowledgeHut
25 Feb 2019
10 mins read

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