Your project team has to balance the interest of many different project stakeholders. Some of these stakeholders may have competing goals and interests, and many may have limited resources. This stakeholder analysis can help the team schedule appropriate attention to each, and decide how best to mitigate conflicting stakeholder interests when they do happen.
What this is
A stakeholder analysis documents important details about different project stakeholders and summarizes the needs of each. This format condenses the critical elements of the analysis into a table format that highlights each stakeholder's success criteria for the project, as well as their impact on the work, strategies for keeping them up-to-date at the appropriate level, relative priorities, and notes. Guidelines and an extensive list of questions challenge the project manager to consider every angle.
Why it's useful
A stakeholder is any group or individual who is related to the project, either because they impact it or because they are impacted by it. They represent all parts of the project, from kick-off to delivery and end use. In some cases, a project's stakeholders may have competing interests or limited resources. This means that the project team members must balance the various stakeholders' needs.
The stakeholder analysis document can be used to facilitate the decision-making process. This information also helps verify that all project stakeholders are receiving the appropriate attention needed to ensure that the project moves forward smoothly.
How to use it
Sinikka L. Waugh, PMP, is the founder and head coach of the project management coaching firm Your Clear Next Step, L.L.C. Sinikka is an actively practicing project management consultant, known for consistently helping teams find innovative ways to leverage effective project strategies across multiple disciplines and technologies. With over 10 years in project roles (primarily program manager, project manager, and business analyst) Sinikka has successfully applied project and leadership expertise to improve project performance in a wide variety of industries, including publishing, education, product fulfillment and distribution, insurance, event and travel management, human resources, and financial services. As a coach, Sinikkas down-to-earth, "try-this-now" approach blends with her passion for helping others improve. Her energetic and engaging style helps make both the art and science of project management accessible to those she works with.
Sinikka holds a BA from Central College, an MA from the University of Iowa, and is a certified Project Management Professional through the Project Management Institute.
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