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How Crucial is Stakeholder Analysis in Project Management?

Do you want to meet your clients’ expectations by delivering quality products? Then, conducting stakeholder analysis is a necessary step to achieve project success. Remember, all project stakeholders are not the same. Their power, interest, impact, and influence greatly differ. Therefore, it is vital to identify and manage the key stakeholders. So, how do you conduct stakeholder analysis in project management? In this article at Forbes, Leeron Hoory and Cassie Bottorff explain what stakeholder analysis is, how to conduct one, and why it is significant.

What Is Stakeholder Analysis?

Project stakeholders are the people that can impact or be impacted by the project you are working on. A project stakeholder analysis helps in identifying these individuals and teams and engaging them throughout the project execution process. In addition, stakeholder analysis in project management enables you to understand which stakeholders have a high or low impact and interest in your work. Accordingly, the analysis helps you communicate your goals and plans with your stakeholders.

Importance of Stakeholder Analysis in Project Management

By identifying your stakeholders, you can leverage their knowledge and expertise to successfully complete a project. Furthermore, stakeholder analysis in project management will make it easier for you to understand and forecast their project needs. Additionally, the analysis will also help you identify their interests, navigate potential roadblocks, and ensure everyone involved is satisfied with the project outcome.

How to Conduct Stakeholder Analysis

Identify Your Stakeholders During the Project Management Process

Start by brainstorming who your stakeholders are—people that have influence or power over your projects, are affected by your work, or are interested in your projects’ successful or unsuccessful outcomes.

Build a Matrix to Determine Their Priorities

Some stakeholders may have the power to block your work or advance it. Some may be interested in what you are doing, while others may not care. Therefore, establish a prioritization system by constructing a power/interest grid. Classify each stakeholder based on their level of influence or interest in your project. “It may not be as high of a priority to communicate regularly with the stakeholders who have less influence or will be less impacted by the project,” say the authors.

The final stage of stakeholder analysis is to understand what motivates your stakeholders and how to keep them engaged. Do you want to learn more about stakeholder analysis in project management? Click on https://www.forbes.com/advisor/business/what-is-stakeholder-analysis/.

The post How Crucial is Stakeholder Analysis in Project Management? appeared first on AITS CAI’s Accelerating IT Success.

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