Stakeholder analysis is a process of systematically gathering and analysing information by identifying stakeholders to determine whose information need to be considered when developing a project.
Who is a Stakeholder?
A Stakeholder is either an individual, group or organization who is impacted by the outcome of a project. Stakeholders are critical to the success or failure of any project. They can be within or outside the organization that is sponsoring the project. Below are few categories of stakeholders you might find,
- External Stakeholders
- Internal Stakeholders
- Internal/Project team Stakeholders
- Other Stakeholders
Steps in Stakeholder Analysis:
There are 8 major steps in this process:
- Planning the process
- Selecting and defining a policy
- Identifying key stakeholders
- Adapting the tools
- Collecting and recording the information
- Filling in the stakeholder table
- Analysing the stakeholder table
- Using the information
Once we have identified all types of stakeholders related to our project, we can begin to analyse them and map them to our criteria. At this stage we need to consider few important factors like
- Who are the stakeholders who have the most influence on our project?
- Which stakeholders will be most affected by out project?
- How should we handle important people who actually won’t be considered as stakeholders?
- Who controls the resources?
Benefits of Stakeholder Analysis:
- When we use the opinions and influence of our most powerful stakeholders to gain information in shaping the project, our project will be better equipped for success.
- We can make better strategies and decisions.
- Save our precious time and money by avoiding people who actually don’t know much about the project outcome.
- When this analysis is conducted before a policy or project is implemented, policymakers and managers can detect and act to prevent misunderstandings about the policy or a project.