This is what a flexibility matrix looks like, where your Y-axis depicts the main attributes of the Project/Program and your X-axis displays the flexibility level.
Now let’s see how it helps in Stakeholder Management
You as a Project or Program Manager need to do this exercise before the start of the Project.
Work with critical & impactful stakeholders and understand what are their flexibility levels on the three major areas, Scope, Time, and Cost.
You need to align yourself, your team, and the relevant process as per the ask from Stakeholders.
Please note: No stakeholder will say that he is extreme on all three parameters.