Stakeholders and Stakeholder Analysis
In our previous blogs, we read about “Business Analysis, Business Analyst, Requirements and Requirements gathering”. In this blog, we will learn about who is a stakeholder and what is stakeholder analysis.
Now Lets understand, who is a stakeholder
Sometimes people think that only the people who are in charge or have a high position are the stakeholders, but that’s not always true.
Stakeholders are not only people in high positions or directly related to a product or service. Anyone who is interested or affected by a project can be a stakeholder, including customers, employees, and community members.
In Simple words, Anyone who is impacted directly/ Indirectly by requirement/ Set of requirements is called Stakeholder.
For example, When something big is going to happen at your school, there are different people and groups who might be interested or affected by it. These people are called stakeholders. They can be your teachers, your classmates, your parents, or even people who live nearby your school.
Stakeholders are anyone who cares about what happens and want to have a say in the planning process. It’s like when you want to have a party, you have to talk to your friends and parents to decide what kind of party it will be and who will come. Everyone’s ideas are important and that’s why we listen to all stakeholders in the decision-making process.
Now lets understand what is Stakeholder’s Analysis
Stakeholder analysis is the process of identifying, categorizing, and understanding the needs, interests, and influence of various stakeholders involved in a project or decision-making process to effectively manage relationships and ensure successful outcomes.
In Simple words, Stakeholder analysis is a way to understand who is interested in a project and what they want. It helps us make decisions that work for everyone, not just some people. It’s like making a list of everyone who cares and trying to understand their ideas.
Stakeholder analysis helps us understand who is involved in a project and what they care about. By analyzing stakeholders, we can identify challenges, prioritize engagement efforts, and develop effective communication strategies. This leads to successful outcomes, as stakeholders feel valued and are more likely to support the project.
Prior to creating a stakeholder matrix, we need to understand, what is stakeholder essentials.
Stakeholder “Essentials” are important steps to make sure everyone involved in a project or idea is happy and feels heard. These steps help us figure out who is interested and how they feel, and make plans to work together. By following the stakeholder “essentials,” we can make sure everyone is included and listened to, which makes it more likely that our project will be successful.
Now lets jump to Stakeholder Analysis Matrix.
Listing the stakeholders
Prioritize the Stakeholder
Know/Understand Your Stakeholder based on their Interest and Power
Once you have created a list of stakeholders, we can use a 2x2 matrix to categorize them based on their level of influence and interest in the project. This can help us prioritize our engagement efforts and develop effective communication strategies to ensure their support and buy-in.
Thank you for taking the time to read this article.
Links to other Business Analysis blogs:
What is Business Analysis?
Who is a Business Analyst?
What are requirements?
What is requirement gathering?
