Stake Holder Analysis

STAKE HOLDER ANALYSIS
The First thing that comes into mind when we hear the word Stake holder is who are stakeholders. Stakeholders are individuals or organisation that are actively involved in the project, or in other words these are ones whose interests are affected with the execution of the project.
Stakeholders are all those who need to be considered during the implementation of the project to achieve the project goals.
So identification of all stakeholders is an important activity to ensure project success. Stakeholders can be
a> Individual within the project
b>Department within the organisation.
c> Individuals or groups outside the organisation.
Stakeholder Analysis for a project involves the below:–
1> Identifying all stakeholders
2> Documenting their needs
3> Analysing their interest and influence.
4> Managing Expectations
5> Reviewing Status.
What is Stake holder Analysis?
Stakeholder analysis is of great importance as it allows us the proper structuring of the project and to meet our stakeholder expectations. This helps in building trust and positive relationship with the stakeholders.
Stakeholder Analysis is an important technique for stakeholder identification & analyzing their needs. The aim of stakeholder analysis process is to develop a strategic view and the relationships between the different stakeholders and the issues they care about most.
Process of stakeholder analysis

1. Identifying the prospect stakeholders:

Use the Brainstorming technique to identify the Stakeholders who would influence or have interest in the Project. Try to find the answers to some of the following questions:-
Who is directly involved with the Project?
Who is indirectly involved with the project?
Who may be affected by the project?
Who is the user of the end result of the project?
Who can make the Project fail?
Who are the competitors?
2. Prioritize stakeholders:

Once we have identified the stakeholders after following the first step, then we need to identify and classify the Stakeholders according to their power/ influence, importance and level of their interest in the Project.

3. Managing Stakeholders:

After analysing the stakeholder profiles, an understanding is developed for the means of communication and frequency of communication adopted for the stakeholders. The key stakeholder needs to be managed with higher communication and greater attention.