Project Management Institute
According to the Project Management Institute (PMI®, www.pmi.org), a stakeholder analysis should be performed to identify the parties of interest for the project. Submit a short paper describing the steps the project manager takes in performing a stakeholder analysis.
· Include all of the main elements and requirements and cites multiple examples to illustrate each element.
· Provides in-depth analysis that demonstrates a complete understanding of multiple concepts.
· All of the course concepts are correctly applied.
· Draws insightful conclusions that are thoroughly defended with evidence.
· Incorporates many scholarly resources effectively that reflect the depth and breadth of research.
Sample Solution
A stakeholder analysis is a process of identifying and assessing the people or groups who have an interest in a project. The goal of a stakeholder analysis is to understand the needs and concerns of these stakeholders so that the project can be managed in a way that meets their expectations.
Steps in a Stakeholder Analysis
The following are the steps in a stakeholder analysis:
- Identify the stakeholders. The first step is to identify all of the people or groups who have an interest in the project. This includes internal stakeholders, such as employees, managers, and customers, as well as external stakeholders, such as suppliers, regulators, and the community.
- Assess the stakeholders' power and influence. Once the stakeholders have been identified, it is important to assess their power and influence. This will help to determine how much attention they need to be given in the project planning process.
- Determine the stakeholders' interests and concerns. The next step is to determine the stakeholders' interests and concerns. This can be done by conducting interviews, surveys, or focus groups.
- Develop a stakeholder management plan. Once the stakeholders' interests and concerns have been determined, a stakeholder management plan can be developed. This plan should outline how the project team will communicate with the stakeholders, manage their expectations, and address their concerns.
- Internal stakeholders: Employees, managers, customers, shareholders, and board members.
- External stakeholders: Suppliers, regulators, the community, and the media.
- Identify the people who have an interest in the project.
- Assess the stakeholders' power and influence.
- Determine the stakeholders' interests and concerns.
- Develop a stakeholder management plan.
- Increased project success: By understanding the needs and concerns of the stakeholders, project managers can increase the chances of project success.
- Reduced conflict: By managing the expectations of the stakeholders, project managers can reduce the risk of conflict.
- Improved communication: By communicating effectively with the stakeholders, project managers can build trust and support for the project.