Correct Answer: Chances of project success are greatly improved with engaged stakeholders.
Explanation:Stakeholder management is a growing topic area within strategic management that brings awareness to the importance of managing stakeholders (i.e., facilitating active participation of stakeholders and fostering a strong collaborative environment) for a project’s success. Stakeholder management is typically defined in the context of guiding principles and values. R. E. Freeman’s ‘Managing for Stakeholders’ includes 10 principles: 1) Stakeholder interests need to go together over time. 2) We need a philosophy of volunteerism – to engage stakeholders and manage relationships ourselves rather than leave it to government. 3) We need to find solutions to issues that satisfy multiple stakeholders simultaneously. 4) Everything that we do serves stakeholders. We never trade off the interests of one versus the other continuously over time. 5) We act with purpose that fulfills our commitment to stakeholders. We act with aspiration towards fulfilling our dreams and theirs. 6) We need intensive communication and dialogue with stakeholders – not just those who are friendly. 7) Stakeholders consist of real people with names and faces and children. They are complex. 8) We need to generalize the marketing approach. 9) We engage with both primary and secondary stakeholders. 10) We constantly monitor and redesign processes to make them better serve our stakeholders. Because stakeholder involvement is critical for the success of a project, where projects without active participation from stakeholders are prone to failure, stakeholder management should be a topic that every agile team knows well. [The Art of Agile Development. James Shore.] [Knowledge and Skills: Level 1]