Would you please explain the differences between monitoring stakeholder involvement (PMC) and managing stakeholder involvement (IPM)?
The difference is, at the core, the difference between a Maturity Level 2 organization and a Maturity Level 3 organization.
Monitoring stakeholder involvement basically means watching the involvement of the stakeholders. If a stakeholder is supposed to perform some activity or attend a meeting, did the stakeholder in fact do these things? And if the stakeholder does not perform their activity, did this lack result in a significant deviation in project performance? If so, then the Project Manager would take a corrective action to address the deviation.
Managing stakeholder involvement builds on the monitoring aspect by being proactive in ensuring that the stakeholder does perform their agreed to and assigned activities. For example, if a stakeholder is supposed to attend a meeting, managing their involvement might be to ensure that they are invited to the meeting, to ensure that they acknowledged the invitation, to ensure that they sent an appropriate substitute to the meeting if he or she could not attend, and to ensure that the stakeholder actively participated in the meeting to fulfill their role and responsibility as opposed to merely attending the meeting. If the Project Manager determines through these checks and balances that the stakeholder is not involved as agreed to, then the Project Manager does the necessary actions to ensure that the lack of stakeholder involvement is mitigated in the meeting, for example.
Please read my other blog "Query on ML 3 and ML 4" for a brief description of the characteristics of each Maturity Level.