Stake Holder Management Strategy

Stakeholders Management Strategy

By Mohamed Hassan

Stakeholders are people who owns a company or at least holds a part of the company in making decisions that make a major difference in the Business functionality. Stakeholders make decisions in what kind of technological advancement a Business needs within the time frame according to what the present trend goes on. Stakeholders can be actively participating in the business of can be inactively managing the business as well. When an important decision is to be made, they call a board meeting in which they keep their views about the process they would like to launch in the company. Most of them will have a view that will be effective and most of them having efficient point of view. These stakeholders then vote on taking the decision precisely to make sure the conflicts don’t exist after the meeting is over. For a business analyst in these situations is very crucial for them to know how to handle each stakeholder and respect each decision irrespective of what the outcome is. It is also important to make sure they have a smooth flow of knowledge about the process that a business analyst is involved in. Essentially, involving them into the life cycle of the project being proposed. If this is not handled sensitively, the project might get delayed or cancelled, which will be a huge impact on the company, the stakeholders and also the performance of business analyst will be declined. Stakeholders who have a high interest in the project and have a high influence needs to be managed and monitored closely than those with minimum influence and interest.

Conclusion:

It is a crucial part of the business analyst to make sure that the stakeholders are managed, monitored and disciplined closely. They have to be in the flow of the life cycle of the projects initiated since day one and till the end of the project i.e.; Project Launch day. It is important to balance each and every stake holder so that the conflicts don’t arise between them or between the business analyst and the stake holder. Also maintaining a good and healthy relation with member of the stakeholder is important for business analyst and to maintain and sustain this for long makes it easier for business analyst to finish the project with utmost care and flawless ending. But to keep this among the each member of the stakeholder and the business analyst is the key to maintain a healthy long lasting relationship.