Stakeholder theory

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    Anonymous User35Anonymous User35

    What is a stakeholder?
    ‘Stakeholder’ is a general term to describe individuals, groups, or organizations that have an interest in the project and can mobilize resources to affect its outcome in some way. Anyone who is actively involved, or whose interests may be affected because of project execution is a stakeholder. Project stakeholders usually include the project manager, the customer, team members within the performing organization, and the project sponsor. However, there are more than just these few
    What is the importance of doing a stakeholder analysis?
    It helps you to identify, prioritise, and understand the stakeholders in your project, the analysis should be done before the project starts to ensure you are successful.

    to conduct a stakeholder analysis?
    There are three main steps to this process.</p>
    Identify- you must identify who your stakeholders are. These are the people that will be affected by your project the mostfor example executive team or customers. To do this you should make a list of all possible stakeholders, so you do not miss out on anyone.</p>
    Prioritise- you should prioritise stakeholders by assessing their interest, influence, and level of participation in your project. This can be done by a power interest grid, here stakeholders are broken up into four categories; high power high interest, high power low interest, low power low interest and low power low interest. From this grid you can decide which stakeholders you will be most in contact with about the project. Another way of separating your stakeholders is to divide them into players, the powerful people that can make or break your project, subjects, they care a lot about your project and can offer great ideas and advice, context setters, they have a lot of influence but don’t need to know the details and finally the crowd, low priority stakeholders.

    Understand- Understanding your stakeholders is the most important step. If you don’t know how to communicate with each stakeholder then you won’t earn buy-in. to help you understand each stakeholder, you should make a profile answering these three questions for each stakeholder. 1. What motivates your stakeholder? 2. How does this project align with their priorities and what other priorities might they have? 3. How can we change any negative views on the project if they exist?</p>

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