Did you know that the word stakeholder is mentioned 1202 times in the PMBoK Sixth Edition and 1208 times in the BABoK v3? It is mentioned this many times because building and maintaining a good relationship with stakeholders is one of the most important parts of any Project Manager, Scrum Master, Product Owner, or Business Analyst’s job.
One of the key techniques for managing that relationship is the Stakeholder Matrix. It is also referred to in the PMBoK as the Power/Interest Grid, Power/Influence Grid, or Impact/Influence Grid.
Whether you actually draw it out or you do the math in your head, the purpose of this diagram is to help a BA, SM, PO, or PM understand how they should be interacting with or what they should be providing to a stakeholder.
- High Influence And High Impact >>> You are told to engage this group regularly
- High Influence But Low Impact >>> You are told to consult with them
- Low Influence But High Impact >>> You are told to show interest in their needs
- Low Influence And Low Impact >>> You are told to just keep them informed
Identifying what you should do for your stakeholders is only one part of the equation. You should also understand what they can do for you and your team.
Let’s add a twist or a little “Disruptive Thinking” to the stakeholder matrix. How are these stakeholders or key people likely to add value to your project or activities?
This diagram is reversed from the agile pillars. In this case you should put the largest amount of your efforts and attention on the key people toward the Right over the key people on the Left.
If you have the power and time to convert someone with High Influence, But Low Interest, then by all means, go for it! If however, you are like most BAs or PMs, your time is probably better spent recruiting someone with a High Influence And High Impact to convert them for you.