Stakeholder Analysis Best Practices

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Stakeholder Analysis

What is a Stakeholder?

A stakeholder is anyone who is involved in or affected by an organisational project. This could be anyone from an intern to an executive to an investor.

What is a Stakeholder Analysis?

A stakeholder analysis involves multiple steps. First, it is used to select appropriate stakeholders for a project by considering the kind of skills required to make the project a success. Once selected, it is used to accordingly group the stakeholders, based on factors such as their levels of involvement, interest, and influence in the project. Once they are appropriately grouped, stakeholder analysis finally determines how best to involve and communicate with each of these stakeholder groups throughout the project.

What’s the Purpose of a Stakeholder Analysis?

A stakeholder analysis may be carried out for numerous strategic purposes, including: Making sure your team is well equipped to bring the project to success. Stakeholder analysis consists of understanding what is required to carry out the project successfully and then building a suitable team that will fulfil these requirements. Without investigating exactly what areas of expertise are required for one’s project, you will end up recruiting stakeholders who bring little or no value to the project at hand. This would result in both wasted time and money. Furthermore, by recruiting the right people early in your project, you can take advantage of their knowledge and wisdom to help you understand exactly what is required to steer the project towards a successful outcome. Involving these key players early on has the added benefit of maximising your chances of gaining their support for your project.

Assuring everyone involved is clear on the objectives and aims of the project at the beginning. Clarifying the objectives of the project as early as possible increases the probability of the project’s overall success and reduces confusion and friction along the way. Furthermore, the clearer everyone is on how exactly they’ll be contributing to attaining that clearly outlined objective, the more likely, quickly, and easily that objective will be attained.

Minimising conflicts in the early stages or the project. A stakeholder analysis assures everyone is on board with the project and invested in making it a success. Without one, in the later stages of a project, a key stakeholder may realise the direction the project is going in is not what they expected and so lose motivation to bring about the project’s success, or even may go out their way to jeopardise it. Had a stakeholder analysis been executed before you began, the key stakeholder would most probably have raised these issues. If the criticisms were appropriate, you could adjust the project so that it better suits their, an action not only beneficial for the individual but for the project as a whole. If not, you could explain to the stakeholder why this particular part of the project is happening, after which they would either be convinced to stay, or they could decide not to participate in the project at a less detrimental time. Both these outcomes are far better than the outcome without a stakeholder analysis.

For more on Stakeholder Analysis:

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Importance of stakeholder analysis

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