Posted on September 5, by Jerome Rowley 1. Introduction The first out of four stakeholder management-related project management processes is in the Initiating Process group, and is the process which identifies the stakeholders on the project even before the detailed planning stage of the project. It not only identifies the stakeholders, but analyzes the relationships with them and what their level of engagement or interest in the project is and what their level of influence on the project is.
Therefore, it is important to ensure that project stakeholders are identified, clear understanding of their position and, a plan that will allow effective communication so that they contribute to the successful completion of the project.
This post will cover the 2 stakeholder analysis templates and supporting processes needed to implement stakeholder analysis for your project. What is a project stakeholder? Before going into the practical explanation of the templates, it is important to have a clear understanding of what is meant by a project stakeholder.
Wikipedia defines a stakeholder as follows: These stakeholders may be inside or outside an organization which: Stakeholder analysis is the process of identifying stakeholders who have an interest in a project and to understand the impact of the project on them.
This will then allow a plan to be developed to manage the interests of the stakeholders in a balanced manner. It is important to recognise that it may not be possible to meet the interests of all stakeholders. Understanding this means that it is possible to identify how supportive the stakeholder will be to the project Not all project stakeholders are equal!
Another important point, stakeholders have a varying degree of power and influence. Ideally, you want your stakeholders to hold the power and influence to support the project. This will allow for barriers to be removed. What is very challenging is where you have stakeholders with power and influence who do not support the project, this will make it very difficult to achieve.
The good news, having identified the position and drivers for each stakeholder, you will know where you have support and, where you do not. This will allow a stakeholder management plan to be created to move non supporters to supported or at least move them to a neutral position so they do not adversely impact the project.
Tools and Templates There are 2 core templates needed to complete project stakeholder analysis.
Stakeholder Analysis Template The template should at a minimum contain the following fields: Ref A unique reference to identify the stakeholder.
This is useful if you are sorting data using Excel. Name Enter the name that will be used to identify the stakeholder. This can be an individual or entity. Role The role held by the individual or entity. This will provide important context for when assessing the impact of the stakeholder.
Influence This is used to assess the influence and power of the stakeholder. The core values being: Low power, low influence 2. Low power, high influence 3. High power, low influence 4.
High power, high influence Typically those identified as 1. Those identified as 4, high power, high influence can exercise the most impact and can be a great help or hindrance to the project.Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders.
The first stage of this is to brainstorm who your stakeholders are.
The next step is to prioritize them by power and interest, and to plot this on a Power/Interest grid. Perform a stakeholder analysis to identify your key project influencers – and opposers. When it comes to managing projects and implementing ideas, your actions can affect a lot of people.
And some of them will have more influence than others. The Stakeholder Management Strategy for FiberTech’s LightWave Cable Project will be used to identify and classify project stakeholders; determine stakeholder power, interest, and influence; and analyze the management approach and communication methodology for project stakeholders.
Stakeholder Analysis and Stakeholder Mapping their relative power/influence; iii. identify risks and assumptions which will affect project design and success. By combining influence and importance using a matrix diagram, stakeholders can be classified into different groups, which will help identify assumptions and the risks.
Designed to support all Year 12 students in the first year of taking A Level Business, our Flying Start Student Workshops focus on the core Year 1 teaching content and assessment skills. Whether you are working on a project, leading a team or trying to get a new idea past the board you will need to work with stakeholders.
Stakeholder management is a key skill of the modern day manager and is used to get people on board with your ideas.