Stakeholder Analysis

Guide to Stakeholder Analysis based on PMBOK Guide Seventh Edition

Stakeholder Analysis is a crucial aspect of project management.
Why it's Important: Stakeholder Analysis is vital because it helps manage the expectations and interests of various stakeholders in a project. It allows the project management team to develop an effective strategy to engage stakeholders, easing the project execution and increasing the chances of success.

What it is: Stakeholder Analysis is a process of identifying who the stakeholders are, what their interests and influence are on the project, and then developing strategies to manage expectations and engagement levels. This process includes identification, analysis, and prioritization of stakeholders.

How it Works: The first step is to identify the stakeholders, which could range from project team members to top management and customers. The next step is to analyze their interests, expectations, and level of influence on the project. This is usually done through various tools such as stakeholder mapping and power/interest grid. The last step is to prioritize the stakeholders based on their influence and impact on the project.

Exam Tips: Answering Questions on Stakeholder Analysis often requires a clear understanding of the process involved. Focus on the method of identifying, analyzing, and prioritizing stakeholders. Understand the tools used for this analysis, such as the power/interest grid. Remember, a change in project can change the stakeholders' interests and influence, so consider this factor while answering the questions.
Questions might ask you to identify 'high power, high interest' stakeholders or how you'd manage a 'low power, high interest' stakeholder, having clear concepts will assist you answer these comfortably. Italic always helps to pay attention to the specifics of the question, as details can often hint at the correct answer.