Skip to content

Chapter 4 - The Stakeholders

Part 3

Summary

To summerise the keywords of that chapter, here is a quick overview:

Technical term Definition
Stakeholder An individual or community of interest that has or could have an impact on the project.
Stakeholder analysis Method for analysing and visualising the stakeholders’ influence on the project.
Stakeholders are classified in a matrix which measures the impact of the project on them and their influence on the project’s success.
Stakeholder management The application of management methods for correct dealing with stakeholders.
Communication The right communication concept for each individual stakeholder is essential for stakeholder management.

Let’s practice – transfer project

Now it’s your turn!

Take a pen and create a stakeholder analysis for your wedding-project! You can find a possible solution below – this is just a rough outline. Maybe you have better ideas which are not listed here? This is great!

solution

Test yourself!

Now it's time to check your knowledge.

Answer the following questions for yourself. Please take your time and think carefully about what you would answer before revealing the solution.

What is the difference between a stakeholder analysis and a risk analysis?

The stakeholder analysis is used to assess the attitudes of people or groups of people towards the project. It doesn’t provide any information about projected costs.
A risk analysis delivers facts relating to damage which can be potentially caused by individually identified risks and translates them into costs. It also provides information about projected costs.

How is effective stakeholder communication practised?

To ensure its effectiveness, communication with the stakeholders has to be

  • designed for interaction.
  • timely and regular.
  • honest and proactive.
What results does a stakeholder analysis have to deliver?

The stakeholder analysis has to provide the project manager with information about the stakeholders who are important for the project, who could damage the project and who could be useful to the project. Communication and organisational measures have to be defined for each stakeholder group.

What are stakeholders?

Stakeholders are people or legal entities who are involved in the project, have an interest in the project or are affected by the project outcome.

Why is a stakeholder analysis implemented?
  • Because stakeholders often have different expectations of a project, so the analysis is used to define the stakeholder policy.
  • Because stakeholders can either jeopardise a project or contribute to its success.
  • To ensure the timely identification of project problems and opportunities.
What results does a stakeholder analysis deliver?

It Identifies potential stakeholders associated with a project. It is advised to draw up appropriate stakeholder policy measures on the basis of this analysis.

What steps are involved in a stakeholder analysis?
  • Identification and analysis of stakeholder expectations
  • Implementation of an impact analysis (impact – influence)
  • Assessment of stakeholder attitudes towards the project
  • Are they positively or negatively disposed towards it?
  • How significant and powerful are they?
  • How they will probably act?
  • What potential conflicts and covert resistance exist?
  • Definition of measures which will ensure the project’s success