Stakeholder Analysis

                                            Stakeholder Analysis

The art of project management heavily relies on the stakeholder analysis before we start managing them. Every project idea right from the time is conceived, discussed, approved and finally kicked off involves a lot of emotions from the Stakeholders involved. There are many different or alike array of thoughts that are floated by the time of project ideation phase, preparing tenders, required solution/services, requirements, proposals and after hell lot of work an requirement for proposals are submitted and in such long detailed exercise, it is not necessary that all the Stakeholders are on the same page somehow.

As a project manager one has to be really careful while managing the stakes of the Stakeholders. One get to know who is who and what matters the most for that particular stakeholder in this endeavor. As part of analysis Stakeholder can be analyzed with their influences (Critical, Major, and Medium) along with Stakes/Interests (Critical, Major and Medium)

The crux will always depend how effectively project manager keeps all the Stakeholders in the loop keeping in mind the matrix of their stakes e.g. while broadcasting information, who is the most relevant stakeholder, how he will interpret it, is it required to send this information to stakeholder B (the decision should be based upon the analysis).

The stakeholder interests are to be watched carefully to utilize this power where it is required to take certain decisions/ buy in’s for the sake of project progress that eventually can benefit them.

The core idea that has made me write these words is to love this idea of having all the stakeholders on board, listen to them carefully to know what their expectations are then chalk a way out to manage their stakes by way of smart analysis.

Please take a read and I would love to have your valuable comments on the subject.