Stakeholders can be individuals or complete organisation that are impacted by execution or outcomes of a project. Stakeholders have a positive or negative impact on a project. They can be a part of enterprise working on the project, customer enterprise or outside of these enterprises like regulatory body, trades and government.
Key project stakeholders: These are the stakeholders who have authority and influence to dictate if a project is a success or not. These stakeholders typically come from inside of enterprise and are those who have determined the requirements for project activity. They should be determined prior the project proposal and act as a driving force for the project across all phases from development to training, deployment and support. Key stakeholders are a crucial role in project success, and they have a range of core responsibilities that they must hold.
Understand business drivers and ensure that project suits with an approach for their business areas:
Stakeholders should describe the necessity for the project to be taken and prove the strategic merit.
Take ownership of adequate deliverables:
Stakeholders require taking ownership of adequate deliverables and ensuring that they work against a range of crucial elements like mirroring the specifications, usability, process compatibility and performance.
Establish training as well as support requirements:
Stakeholders should determine any impacted individuals of the project and generate essential training as well as support requirements.
Techniques used for stakeholder analysis
Power vs interest grid:
This is initial stakeholder analysis technique that follows stated sequence of steps:
- Determine various stakeholders who are part of project
- Determine the stakeholder’s interest
- Categorise stakeholders by interest and power
Influence impact grid
It is another stakeholder analysis technique that defines:
- Influence, e. how actively a stakeholder is engaged or extents to which stakeholder influence others to make decisions.
- Provide support to prioritise other stakeholders
Salience stakeholder analysis model assists project manager to filter the essential stakeholders. It is a three-dimensional model which considers legitimacy, power and urgency of stakeholders. The intersection of all these factors is plotted as Venn diagram.
How to effectively manage stakeholders?
- Identify project stakeholders: Identifying stakeholders along with their claim to the project is necessarily an initial step in the management of stakeholders. This includes evaluation of person, organisation or department that has a role in project completion.
- Review expectations: After you who are the stakeholders involved in the project, it is crucial to analyse their expectation specifically how they will measure the success of the project. It differs from one stakeholder to other.
- Analyse the influence and interest level: It is essential that manager comprehend power/influence of stakeholder’s over project along with their interest level. High interest/influence stakeholders are recognised as key stakeholders and will be essential to keep them engaged throughout the phase of project life cycle.
- Create communication strategies: When the managers have identified stakeholders and analyse the respective responsibilities in the project, then it’s time to develop interaction strategies.
- Identify preferred technique of communication: Stakeholders prefer to interact in different ways. Some stakeholders need weekly summary email or a regular phone call. The best technique to identify the preference of stakeholder is meeting them and ask.
- Create communication schedule: Facilitate communication with stakeholder on a recurring Stakeholder management is only effective if it is practiced across the course of project life cycle.
- Perform change/risk impact analysis: Analysing the impact of stakeholder on project objectives is closely related to stakeholder expectations and level of interest.
- Determine advocates and potential adversaries: In this phase, the manager must evaluate which stakeholder acts as a project advocates vs those who are projected
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