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In any situation requiring project planning and decision making, there is always a need for planning ahead. And when decision making involves major stakeholders in a project, there is no room for error, so planning needs to be even more thorough.
Because of their influence and power, stakeholders need to be catered to and kept in the loop throughout any project they’re involved in. The trouble is that handling all stakeholders at the same level can prove difficult.
That’s where a stakeholder analysis comes in. A stakeholder analysis is a visual representation of the relevance of each stakeholder on a project. Also known as a stakeholder map or stakeholder matrix analysis, the process helps managers and teams discover which stakeholders to cater to first by ranking each one according to factors such as influence and interest. Click here to read more.