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 tasks?