Stakeholder Analysis is done to map the interest of your stakeholders. It is a process of systematically analyzing and gathering qualitative information to determine whose interest should be taken into account.
Stakeholder Analysis is important because it helps project leaders and managers to access a stakeholder's interest, positions, alliances and knowledge related to the project.
In this tutorial, you will learn-
Stakeholder analysis should always be done at the beginning of a project. Such analysis is helpful in the drafting of a log frame. Log frame is nothing but a general approach to project planning, monitoring, and evaluation in the form of a 'logframe matrix'. Whenever log frames are reconsidered during the life cycle of a project, a stakeholder analysis will be useful. Which means whenever mid-term reviews or annual monitoring is handled, stakeholder analysis should be the part of it.
Stakeholders are categorized into two categories
|Internal stakeholders||External stakeholders|
|Within the organization: Employees and Management||Outside the organization: Government & Trade Association|
Following are the primary aspect needs to be considered for stakeholder analysis
Step 1) Identify your stakeholders: Your boss, your team, senior executives, prospective customers, your family, etc.
Step 2) Assess how those stakeholders could be impacted or have an effect on the organization
Step 3) Prioritize your Stakeholders-
|- Keep satisfied|
|- Manage closely|
|- Monitor with minimum effort|
|- Keep informed|
Step 4) Identify areas of conflicts (organization vs. stakeholder, stakeholder vs. stakeholder)
Step 5) Prioritize, reconcile and balance stakeholders
Step 6) Align significant stakeholder needs with organizations strategies and actions
Things to take care while dealing with stakeholders
- Could you eliminate processes, which do not add stakeholder value?
- How would you communicate with stakeholders?
- Do your communications encourage stakeholder exchange?
- Do you communicate the stakeholder the value of the deal?
|Different attribute check for stakeholder||Question to ask your stakeholders|
Also, you need to figure out when stakeholders will become involved in the following-
- Project Vision
- Project Scope Definition
- Business Process Analysis
- Needs Elicitation
- Requirement Validation
- Design reviews
- User acceptance testing
You can create a "Participation Matrix Table" for the stakeholders as given below
|Monitoring & Evaluation|
- Do not complain. Accept stakeholders as they are
- For guaranteed success, get the key leadership involved.
- Make sure, you involve your stakeholders early in the business analysis process
- In case of a sensitive issue, ensure full confidentiality to all stakeholders to win their trust.
- To avoid conflicts, help all stakeholders in realizing their personal gains from the project.