but the question says that project charter is approved which means Initiation Process Group is completed. In my opinion, "Develop Project Management Plan" is the correct answer

The project aims to investigate the feasibility of constructing a hydroelectric dam from a technical, economic, and social point of view. The project charter created by the project manager on behalf of the project sponsor is now approved.

Which of the following processes should be performed next?

A. Develop Project Management Plan
B. Identify Risks
C. Identify Stakeholders
D. Develop Project Charter

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HINT: All of the project initiation processes should be completed before moving on to the planning processes.

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Answer and Explanation
The correct answer is C

The Identify Stakeholders process is the process of identifying all people or organizations impacted by the project and documenting relevant information regarding their interests, involvement, and impact on project success. Both the Develop Project Charter process and the Identify Stakeholders process are part of the Initiating Process Group which should be completed before proceeding to the processes in the Planning Process Group. In this scenario, since the project charter has been developed and approved, the Identify Stakeholders process should be performed next.

Details for each option:

A. Develop Project Management Plan
Incorrect. Although one may start to develop the project management plan before identifying all the stakeholders, it would be quite difficult to complete the project management plan without identifying and soliciting requirements from the stakeholders. Additionally, the stakeholder engagement plan is one of the subsidiary plans of the project management plan. For these reasons, it would be best to perform the Identify Stakeholders process before the Develop Project Management Plan process.

B. Identify Risks
Incorrect. The stakeholder register, which is an output of the Identify Stakeholders process, is an input to the Identify Risks process. Therefore, the Identify Stakeholders process should be completed before the Identify Risks process.

C. Identify Stakeholders
Correct. The main output of the Identify Stakeholders process, the stakeholder register, is used as an input to many other project management processes, making it necessary to identify the stakeholders before performing other processes. Additionally, both the Identify Stakeholders process and the Develop Project Charter process are part of the Initiating Process Group, which should be completed before moving on to the Planning Process Group. Therefore, the Identify Stakeholders process should be performed right after the project charter has been developed and approved.

D. Develop Project Charter
Incorrect. Based on the scenario, the project charter has already been developed so this answer choice can be eliminated.

Reference: A Guide to the Project Management Body of Knowledge, (PMBOK^® Guide) – Sixth Edition, Project Management Institute Inc., 2017, Page(s) 507