Co-authored
by Benny Recine and Harvey Greenstein
I have asked a colleague and friend of mine, Harvey Greenstein, to co-author this topic.
Stakeholder analysis is infrequently done by Project
Managers (PMs) because it can be time consuming, especially if the PM is new to
the organization. However, we contend that stakeholder analysis is critically
important, and even more so when the PM is new to the organization. Either way,
we believe that stakeholder analysis should be done on every new project a PM
receives because even if the internal stakeholders may be the same individuals,
the external stakeholders may not be.
Who
are stakeholders?
Simply put, a stakeholder is any party with an interest
in the positive or negative outcome of a project. Yes, even a negative outcome,
because someone in the organization may benefit by a project being canceled. A
stakeholder can have a positive or negative influence on a project.
Stakeholders are diverse, but examples include:
- A project sponsor who is funding the project.In some of my (Benny’s) earlier columns for the PMI NJ Chapter, I discussed the importance of a project sponsor.
- An end user of the deliverable from the project
Why
are stakeholders important?
The importance of stakeholders may not always be self-evident.
But if a PM does not understand the importance of stakeholders, a project can
get off to bad start. Stakeholders carry a lot of weight in influencing the
budget, resources, and schedule of the project. They understand the need for the
project and, most importantly, can direct positive input to the project. If a
stakeholder, for example the project sponsor, is on the “same page” as the PM,
the project can run smoother for the PM. Why is attracting positive
stakeholders important?
- They can positively influence the negative stakeholders.
- They can help the PM get the right resources for the project.
- They can influence the budgeting process for the project.
- They provide executive communications and champion the project.
What
is stakeholder analysis?
Stakeholder
analysis refers to identifying stakeholders and understanding their attitudes
towards the successful outcome of the project. Stakeholder analysis typically
takes place during the initiation phase of a project. However, it is best if it is done at regular
intervals to track changes in stakeholder attitudes over time and to identify
new stakeholders. Results of the
stakeholder analysis may also be documented.
There are different types of stakeholders, and each needs to be
engaged differently to clarify who they are and what benefits they bring to the
project.
I am open to discussion at any time on these blogs or anything else related to project management you would like to explore. If you would like to comment about this blog, please do so by posting on this blog or by responding in an email at Benny A. Recine. You may inspire a blog article. I look forward to your comments.
Amazingly supportive post. This is my first time visiting here. I found such an enormous number of captivating stuff in your blog especially its trade. Really its remarkable article. Keep it up. Andrew Barnett Fort Lauderdale
ReplyDelete