A project manager is analyzing stakeholders for a new enterprise software implementation that will affect multiple departments, external partners, regulatory bodies, and end users. The analysis reveals highly diverse stakeholder groups with varying levels of influence, interest, and engagement requirements. What should the project manager do FIRST?

Create a comprehensive communication plan that provides consistent information to all stakeholder groups

Systematically categorize stakeholders based on their power, interest, influence levels, and engagement requirements to develop tailored strategies

Focus engagement efforts primarily on the regulatory bodies and executive sponsors since they have the most power

Schedule regular meetings with all stakeholder groups to ensure equal treatment and consistent communication