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Stakeholder Analysis: Identifying stakeholders and their benefits

Identifying stakeholders and their benefits

Stakeholder Analysis is a key skill of project management. It is the practice of identifying individuals or groups who are most likely to be affected or influenced by a proposed action and sorting them by their effect on the action and the impact that the action would have on them.

How to identify Stakeholders?

Identifying them is the first step in a stakeholder analysis. The method of stakeholder identification needs diligent and cautious decisions from the project management team. This activity would normally include:

  • Identifying individuals, groups of individuals or enterprises; these may influence the project and/or will be impacted by the project.
  • Collecting relevant information on all such individuals, groups of individuals or enterprises and also on their interests and involvement towards the project.
  • Documenting how these individuals and enterprises can impact the project, and how the project will effect them.
  • Determine their importance level.

Who can be your Stakeholder?

Project sponsors, leaders, customers, suppliers, creditors, debtors, performing organization departments participating in the project, etc. are several instances of internal and external stakeholders; who can be identified through the project charter.

Benefits of Stakeholder Analysis          

Stakeholder analysis strengthens the ownership amongst the stakeholders towards the success of the project (including sustaining the improvement). It also strengthens communication between stakeholders.

The benefits of stakeholder analysis are:

  • You can identify and help to form the project in its early stages with the most powerful stakeholders. It would ensure their buy-in and secure their support, not to mention their valuable input.
  • Through gaining support from powerful stakeholders, you’ll generate more resources – making the project more effective.
  • Communicating with the stakeholders frequently will allow them to better appreciate what happens to the project and how they can assist you.
  • A strong stakeholder analysis will reassure you how people will respond to changes as a result of the project and can help you to win over difficult stakeholders.

Need more insights on the same? Get in touch with experts at Education Edge! Known for its effective CBAP, ECBA, and PMP Training programs, the Education Edge team features some of the best, globally-renowned professionals.