Project Management: Stakeholder Engagement and Collaboration in a Financial Institution

In a financial institution where data security is of utmost importance, a project manager has been tasked with investigating and rectifying illegally installed software on the organization’s workstations. To successfully carry out this project, collaboration with all employees and department heads is crucial. However, not all stakeholders are equally supportive, with the head of investments and the head of customer relations displaying resistance to the project manager’s efforts.

Stakeholder Register:

– Sponsor: The sponsor of the project can be identified as the head of the IT department who initiated the project.

Expectations of Different Stakeholders:

1. Head of IT Department (Sponsor): Expects the project manager to effectively manage and execute the project within the set timelines and budget.
2. Employees: Expect the project to enhance data security and improve the overall efficiency of their workstations.
3. Department Heads (excluding Investments and Customer Relations): Expect seamless collaboration from the project manager to ensure minimal disruption to their departments during the implementation phase.
4. Head of Investments: May expect minimal interference in their department’s operations despite the software investigation.
5. Head of Customer Relations: May prioritize their busy schedule over project-related communications but still value face-to-face interactions.

Power/Interest Chart:

The head of investments and the head of customer relations may fall into different quadrants based on their level of power and interest in the project.

Dealing with Stakeholders:

1. Head of Investments: The project manager should schedule face-to-face meetings to discuss the importance of their involvement and address any concerns they may have regarding the project’s impact on their department.
2. Head of Customer Relations: Utilize hallway encounters to briefly update them on project progress and seek their input on key decisions.

Stakeholder Engagement Assessment Matrix:

Stakeholder Power (P) Interest (I) Current Position (C) Desired Position (D)
Head of Investments High Low
Head of Customer Relations Low Medium

Classifying Stakeholders:

The head of investments can be classified as a “Key Player” due to their high power, while having low interest may place them in the “Keep Satisfied” quadrant. The head of customer relations could be classified as a “Monitor” due to their low power and medium interest in the project.

In conclusion, effective stakeholder management is essential for the successful execution of projects in a financial institution, especially when dealing with stakeholders who may not initially seem cooperative. By understanding their expectations, power dynamics, and levels of interest, the project manager can tailor their approach to engage each stakeholder effectively and ensure alignment towards project goals.