Stakeholder Analysis is one of the techniques used in the business requirements initiation which is the gathering stage and the first step in requirements engineering which is one of the most important phase in business analysis. Stakeholder is any person, organization or a social group which has a stake in the business. In project management, we do stakeholder analysis in four steps:
- Identify Stakeholders – First we identify the stakeholders by their identity for example if we are dealing with payment process the identified stakeholders can be payment gateways, coupons, wallets etc.
- Stakeholders Listing Document – In this step we list the stakeholders which we have identified.
- Stakeholders Summary – In this step we describe the roles of stakeholders which are listed in the list document.
- RASCI Matrix – This is the most important step in stakeholder analysis. It describes the participation by various roles in completing tasks for a project. We draw a matrix in which we divide the stakeholders in five types:
- R – Responsible: Identify who is in charge of making sure the work is done. For ex: Executive Sponsor etc.
- A – Accountable: The one who is answerable for the correct completion of the task. For ex: Product Owner etc.
- S – Supporting: Identify who is involved to provide support to the work.
- C – Consulted: Those whose opinions are sought. For ex: Ambassador Users (Project Lead) etc.
- I – Informed: Those who are kept up-to-date on progress. For ex: End users etc.