The stakeholder management plan is used in project management in understanding the stakeholder communication requirements. It is also used to determine the level of stakeholder engagement to assess and adapt to their participation in the requirement activities.
This process is also involved in developing management strategies to engage them throughout the life cycle of the project. Project managers need to make a stakeholder management plan based on the stakeholders’ interests, needs and impact on the success of the project.
The benefit of this project management process is that it provides a concise plan to interact with the stakeholders to support the project’s interest.
It also identifies how stakeholders will be affected by the project. This will allow project managers to strategize and develop ways on how to engage them effectively in order to manage their expectations in the event that will lead to the achievement of the objectives of the project. This often involves the improvement of communication channels to create a harmonious relationship between the stakeholders and the project team while, at the same time, satisfying the needs and requirements of everyone within the project boundaries.
This term is defined in the 5th edition of the PMBOK.