What Is Stakeholder Analysis?
Stakeholder Analysis is the act of gathering and analyzing information to determine whether a stakeholders interests should be taken into account throughout the duration of the project. Through analysis, we consider several pieces of information like whether the person or organization is an internal or external stakeholder. Additionally, we exam the stakeholders level of influence and their ability to impact the project. It’s primary purpose is to ascertain how each stakeholder might exert influence over the project.
All stakeholders are not created equally; therefore they won’t all require the same treatment or attention. By performing stakeholder analysis, we’re better able to determine who requires what type of communication and we’ll better understand the frequency with which it should be sent. We’ll identify the stakeholders for whom we should perform engagement activities and we’ll identify which stakeholders expose the project to risk.
By performing stakeholder analysis, we analyze the interests of everyone who is affected by the project. This allows us to classify the stakeholders so that we’re better able to plan communications, engagement activities and risk responses.
Who Performs Stakeholder Analysis?
It’s the project managers responsibility to manage the project stakeholders and plan the project; therefore, stakeholder analysis is performed by the project manager.
What Are the Inputs?
Inputs to performing stakeholder analysis include the stakeholder register, expert judgement, interviews, lessons learned and conversations with other stakeholders.
How Is It Used?
The Stakeholder Analysis template is used to classify stakeholders and assess their interests in the project. It’s used to document their expectations of the project, their levels of influence and their communication needs. It’s an input to planning project communications, risk and engagement activities. It’s also an input to developing the Stakeholder Management Plan.
Make Work Easier
Looking for a better solution? Consider getting The Practitioner’s Book of Project Management Templates. It contains a set of 86 editable project management templates. We think you’ll find it helps eliminate gaps in project planning. By the way, it includes an updated version of this Stakeholder Analysis template.