Before we start the blog, I believe it is important that we should all understand what a ‘stakeholder’ is. A stakeholder is a party that has an interest in a business and can either affect or be affected by the business. Examples of shareholders include: investors employees, customers and suppliers. Stakeholders can also be split into 2 different types – external or internal.
A stakeholder analysis helps businesses identify and understand the stakeholders involved in their project(s). Completing a stakeholder analysis before beginning a project, will increase the project’s chances of becoming successful.
There are 3 steps a business must follow, when they are completing a stakeholder analysis.
Identify your stakeholders: A business’ first step should be to brainstorm a list of all possible stakeholders with their team, so everyone within the company is on the same page.
Prioritize your stakeholders: A business should then asses their stakeholders interest, influence and level of participation that they have in the business’ project. The power/interest grid is a great tool which can be used to prioritize a business’ stakeholders with regards to their power and interest in the project.
Understand your stakeholders: The last step should be that the business should build a profile for each stakeholder. In this profile, the business should answer the following 3 questions about each stakeholder.
-What motivates the stakeholder?
-How does the project align with the stakeholder’s interests?
-How can we change the negative views that a stakeholder may have of the project?
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University Politehnica of Bucharest
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