Hello Everyone, In this blog, we’ll discuss a crucial component of project management. It starts from the Project Initiation and ends at the Project Closure. It is such an essential factor that it determines whether a project succeeds or fails.
So far, we have seen, How Project Manager is involved into multiple areas and phases of the project. Project manager needs to maintain and improve relationships with all those who have the greatest influence over the project.
Yes, these people are project stakeholders. Today we are going to talk about, What does it take to Analyze Project Stakeholders
So lets get started..
Let’s see who are the Project Stakeholders.
Let’s categories them in to 2 parts – Internal and External Stakeholders.
Internal Stakeholders are the one who have direct impact on the Project and the external stakeholder have indirect impact on the project. Internal Stakeholders are such as Team Members & Product Owner who work on the project Implementation, Project Management Team who looks into the Project Governance and the Project Sponsor who have invested money in the project.
External Stakeholders are the ones who have interest in the project from outside the implementation of it. They are affected in some way with the outcome of the project. The outcome of the project can bring positive or negative impact to the external stakeholders and so there interest and influence in the project changes accordingly.
Naming few the external project stakeholders are, Customer who are the consumers of the product built out of the project. Social Media, Government Bodies and Local Communities who affects the social acceptance of the product. Partners, Vendors, Industrial Groups and Competitors are affected by the Consumption of the product after it is released in the market.
The Next steps is to prepare the list of Stakeholders, this includes:
1. Identify all the stakeholders, make a note of their Name, Job Role, Contact Details and Their Roles and Responsibilities
2. Is to Categories them into Internal and External, and further classify them into where exactly they belong as explained in previous step
3. Is to note about their interests , requirements, and expectations from the project. Evaluating this will really help to meet the prospects of the stakeholder what they are looking for from the project.
So friends, protecting Stakeholder interests and working towards that becomes very important to have the stakeholder’s steady involvement in the project. Powerful Stakeholders can make or break the situation and their expertise can pull thoughtful triggers which can help the project in some way.
Let see how to Analyze Stakeholder
The best way to Analyze the Stakeholder is using SWOT Analyses. The SWOT stands for Strength, Weakness, Opportunity and Threat.
SWOT Analysis is tool and helps us to see what stakeholders can really bring to the project, Here are few examples:
In strength, we can see, can the expertise of the Stakeholders have used for Project Success? OR Can the strength of stakeholder help in maneuver the process well?
In Weakness, we can see, can we enlist all Stakeholder weaknesses? OR Can Stakeholders’ liabilities impact the project in any way?
In Opportunity, we can see, can the Stakeholder influence be used to unblock a temporary situation? Or Can Stakeholder connections be used to reduce the impact of risk?
In Threat, we can see, can the Stakeholders Hamper the project success? Or How can impact of threats be reduced on the project?
You will need add the names of Stakeholder on SWOT Diagram based on your analyses
Now it’s time for some action item
Enlist all the Project Stakeholder which you may want to consider in the project give with the categories to which they belong and evaluate their expertise, interests, expectation, requirements, by talking to them in person then the names of Stakeholder on SWOT Diagram based on your analyses
So friends, this was all the about the Analysis of the Stakeholders involved in the Project, I am sure, this framework can bring a lot of help to know more about the Stakeholders and will make it easy to work with them.
Thank you all, That’s all for this blog, Take care. Bye Bye.
