What is Stakeholder Analysis?
Stakeholder Analysis is a process of mapping the interest of your stakeholders. It is a process to systematically analyze and gather qualitative information to determine whose interest should be taken into account. It helps project leaders and managers to assess stakeholders’ interests, positions, alliances, and knowledge related to the project.
What is Stakeholder Mapping?
Stakeholder Mapping is an effective process of finding the key stakeholders related to the project. It helps to learn about the stakeholders and identify all the individuals interested in the project outcome. Once all the stakeholders are identified, they can be mapped and categorized depending on different interests and engagement levels.
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When Stakeholder Analysis need to be done?
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|
Process for Stakeholder Analysis and Mapping
The following stakeholder mapping example explains 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-
|High power, interested people||– Manage closely|
|High power, less interested people||– Keep satisfied|
|Low power, interested people||– Keep informed|
|Low power, less interested people||– Monitor with minimum effort|
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
Next in this example of stakeholder mapping, let’s learn about 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?
Important Questions to Ask During Stakeholder Analysis and Mapping
|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 in the below stakeholder map example:
|Monitoring & Evaluation|
Stakeholder Analysis Template
Below is a Stakeholder Analysis Template. It will easily help you to identify your stakeholders and categories them into different categorize and criteria.
Tips to manage your Stakeholders
- 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.
- Stakeholders mapping and analysis always helps.