What is stakeholder?
The term stakeholder is used as 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. A formal definition of a stakeholder is: “individuals and organizations who are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or successful project completion” (Project Management Institute (PMI®), 1996). Project stakeholders usually include the project manager, the customer, team members within the performing organization, and the project sponsor.
Importance of Stakeholder Analysis:
Stakeholder analysis typically refers to the range of techniques or tools to identify and understand the needs and expectations of major interests inside and outside the project environment. Understanding the attributes, interrelationships, interfaces among and between project advocates and opponents, assists us in strategically planning our project.Stakeholder analysis is a crucial and integral part of project management for several important reasons: Identifying Key Stakeholders, Understanding Interests and Expectations, Prioritizing Stakeholders, Mitigating Risks, Effective Communication, Building Support, Enhancing Decision-Making, Ensuring Project Alignment, Legal and Ethical Compliance and Measuring Success
Interest and Impact Table:
A Stakeholder Interest and Impact Table, also known as a Stakeholder Matrix or Stakeholder Analysis Matrix, is a visual tool used in project management and business analysis to assess and manage stakeholders effectively. The primary purpose of a Stakeholder Interest and Impact Table is to help project managers and teams identify, analyse, and categorize stakeholders based on their level of interest and influence in a project or an organization. This analysis guides decision-making, communication strategies, and stakeholder engagement efforts.
We encourage you to closely examine the stakeholder interest and impact table we have thoughtfully included to offer valuable support in the comprehensive analysis of stakeholders.
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