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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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Forever Free PlanWhen 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 AssociationProcess 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-
StakeHolder Type Action
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
Identification of stakeholder
Who is paying for the project?
Who will receive the deliverables or profits from the project?
Both from your organization and client organization who will work with you to implement the project?
Identify the expert for the project domain in the organization.
What direct benefit do stakeholders expect to get from the project?
What outcomes do stakeholders expect as a result of the project?
What changes do stakeholders need to make as a result of the project?
Are there any conflicts of interest amongst the stakeholders?
What legitimate authority do stakeholders have in the organization?
Who controls the project assets and resources?
What degree of influence or negotiation power do your identified stakeholders carry in the organization?
How much impact stakeholder could have on the project and does this going to affect the success of the project
Also, you need to figure out when stakeholders will become involved in the following-
Project Scope Definition
Business Process Analysis
User Acceptance Testing
You can create a “Participation Matrix Table” for the stakeholders as given in the below stakeholder map example:
Participation Type Inform Consult Partner Control
Monitoring & EvaluationStakeholder 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.
Download Stakeholder Analysis TemplateTips 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.
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