Stakeholder Analysis
A stakeholder analysis is the procedure of identifying the needs and expectations of the stakeholders and their potential influence over the project. This is usually done through a stakeholder analysis matrix which often includes stakeholders’ interest, power, influence, and potential impacts on project success. From this analysis, the project team can prioritize different stakeholder needs, anticipate their possible reactions to different project scenarios, and plan appropriate engagement strategies. This process helps to develop a shared understanding among the stakeholders and project team, reduces risks and avoids conflicts.
Guide to Stakeholder Analysis
Stakeholder Analysis is a crucial part of project management and strategic decision-making. It carefully identifies and analyzes the needs and concerns of those who have a direct or indirect interest in a project or business.
Why it is important: Stakeholder Analysis helps to ensure project success by understanding the perspectives and interests of all involved. It allows the proper allocation of resources, easy resolution of conflict, and fosters trust, communication, and collaboration among stakeholders.
What it is: Stakeholder Analysis is a systematic process used to identify key parties in a project. It maps out their interests, concerns, influence, and capacity to participate in project planning and implementation.
How it works: The process involves identifying stakeholders, understanding their level of interest and influence, assessing the potential impact on the project, and defining strategies to manage this relationship. The results of this analysis feed into the development of a stakeholder engagement plan.
Exam Tips - Answering Questions on Stakeholder Analysis:
Tip 1: Understand the stakeholder definitions, types, and key concepts of stakeholder analysis - stakeholder interest, influence, power, etc.
Tip 2: Use real-world examples wherever possible, examiners love this!
Tip 3: When asked to identify stakeholders, look beyond the obvious ones - stakeholders can be both internal and external.
Tip 4: Show understanding of the impact of stakeholders on a project - positive, negative, direct, indirect.
Tip 5: Use diagrams or charts to illustrate the stakeholder matrix - mapping stakeholders based on their power and influence.
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