Effective Project Management Tools
stakeholder analysis
Stakeholder analysis is a great management tool that can be used by any person or organisation that is looking to start a project whether it be large or small. This tool allows project managers to see who their key stakeholders are, as well as give an insight to how much attention you should pay each stakeholder.
when to use it
For the maximum efficiency, a stakeholder analysis diagram should be used at the very begging of the management process of a project. This is due to the reason that doing so allows project managers to identify their stakeholders early on. There for allowing project managers the opportunity to start working alongside and interact with their stakeholder’s sooner, rather than later on.
why use it
Knowing who your stakeholders are at the very beginning of you project is vital. This allows Project Mangers to communicate and work alongside their stakeholders in a controlled and constructive manner. Usually, the success of a project relies heavily on the support and understanding from stakeholders. There for reflecting the fact identifying your stakeholders at an early stage is important.
There are many clear benefits going to show why a stakeholder analysis should be used throughout the management process of a project; some points are stated below:
- Identifies the key stakeholders, usually showing where the success criteria are
- Shows stakeholders that are most likely to be affected directly by an organisation decision
- Both long term and short term stakeholders can be placed within the diagram
- Anticipates the consequences of any change in the organisation's activities
- Can ensure a good level of communications between a project team and its stakeholders
- Allows project managers to plan strategies and decisions better
how to use it
step 1
Brainstorming
The first step of the process involves gathering all the people who are, or may have any interest in your project. Put together a small brainstorm with all the short term and long term stakeholder towards your certain project. It is best to do this stage alongside other team members to really try to nail down all possible stakeholders.
step 2
Mapping
The next stage involves mapping stakeholders carefully within the correct position of the diagram; a template is available below. This diagram reflects a mixture of stakeholder’s power within a project, going up alongside the left-hand side, as well as stakeholder’s interest in the certain project stretching along the bottom reaching to the right. Stakeholders can be placed within one of four categories:
Keep satisfied: High Power/Low interest
Manage closely: High power/High interest
Monitor: Low power/Low interest
Keep informed: Low power/High interest
step 3
Analysis
- The final stage involves finding what motivates and drives each stakeholder to have an interest in your project it can be for a range of reasons such as financial gains to potential opportunities for them. If someone is against your project and has negative feelings towards it, identify what they are against and try to win over. If the stakeholder is under the manage closely category, it is essential you gain their support and trust. The analysis stage of the diagram is key and if done correctly can show project managers where their success criteria is.
- Stakeholder analysis is a diagram based on the attributes of power and interest.
Team Innovation - Stakeholder Analysis
Team Innovation - Participants. (High power, High interest)
Bournemouth University. (Low power, Low interest)
Academic staff. (High power, High interest)
Bournemouth University students; Beneficiaries. (Low power, High interest)
Worldwide web – Online Platform. (Low power, High interest)
First-year Business students – Beneficiaries. (High power, High interest)
APM. (Low power, High interest)
PAL leaders. (High power, Low interest)
