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Stakeholder analysis explained: definition, methods and best practices

Yvonne Wicke | 17. October 2024

The most important facts in brief:

A stakeholder analysis is an indispensable tool in project management for identifying all relevant interest groups (stakeholders) and assessing their influence on the project. Through a structured analysis, project managers can ensure that the needs and interests of the stakeholders are taken into account, which has a significant impact on the success of the project.

Key points of the stakeholder analysis:

  1. Development of communication strategies for various stakeholder groups

  2. Identification of all relevant stakeholders

  3. Evaluation of stakeholder influence and interest in the project

The first step to success: the importance of stakeholder analysis

No project stands alone - there are always a large number of people and groups who are affected by it or can influence it. This is exactly where stakeholder analysis comes into play. It serves to systematically identify these stakeholders and understand their role in the project. Who are the supporters, who could offer resistance and what interests does each party pursue?

A project manager who knows his stakeholders is able to anticipate conflicts, secure support and design effective communication strategies. But why exactly is stakeholder analysis so crucial?

The advantages at a glance:

  1. Create transparency: All relevant players are identified at an early stage.

  2. Avoid conflicts: Possible areas of tension can be defused in advance.

  3. Achieve goals more efficiently: Stakeholder support is maximized through targeted communication.

Well thought-out stakeholder management ensures that everyone pulls together and the project runs more smoothly.projects often fail not because of the technology or the resources - but because of the people who were not sufficiently involved.

Typical roles in the stakeholder analysis

Role Responsibility
Project Manager Responsible for analyzing and controlling communication.
Stakeholders Any person or group that is influenced by or influences the project.
Companies and organizations Institutions directly or indirectly related to the project.

A thorough stakeholder analysis can ensure that all interests are taken into account - an essential step on the way to successful project completion.

Stakeholder analysis Definition

Stakeholder analysis is a systematic process used to identify all relevant stakeholders of a project and assess their interests and influence on the project. A stakeholder can be any person, group or organization that directly or indirectly influences the project or is affected by its results. This analysis helps to avoid conflicts, secure the support of key stakeholders and manage communication in a targeted manner.

The 3 key questions of the stakeholder analysis:

  1. Who are the stakeholders? - Persons, groups or organizations affected by the project.

  2. What influence do they have? - Evaluation of power, influence and interest.

  3. What is the best way to integrate them? - Develop communication strategies to maximize collaboration.

The success of a stakeholder analysis depends heavily on clear communication and a structured approach. It forms the basis for effective stakeholder management and helps to keep an eye on the expectations and interests of all parties involved.

Why is a stakeholder analysis important?

A carefully conducted stakeholder analysis is the key to a successful project. It makes it possible to identify potential risks at an early stage and ensure the success of the project by involving relevant interest groups. Stakeholders can have a significant influence on the success of a project - both positive and negative. It is therefore crucial to take their needs and expectations into account right from the start.

Reasons why stakeholder analysis is crucial:

  1. Recognizing risks: Stakeholders who do not feel sufficiently involved can hinder the project.

  2. Improved communication: Targeted communication with stakeholders makes communication more efficient.

  3. Increasing acceptance: If stakeholders are involved right from the start, their willingness to support the
    project increases.

  4. Long-term project success: A successful analysis leads to more stable project implementation and reduces conflicts.

A practical example: in a major infrastructure project, stakeholders such as residents and local companies were involved in the process at an early stage. This prevented potential conflicts and helped to complete the project without delays.

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Step-by-step guide to stakeholder analysis

A successful stakeholder analysis follows a structured procedure. This ensures that all relevant stakeholders are identified and their interests and influence are correctly assessed. Here are the steps that will help you to carry out the analysis effectively:

1. stakeholder identification

First of all, you need to carry out stakeholder identification. This means that you record all persons, groups and organizations that are influenced by the project or can influence it. This includes internal stakeholders such as employees or managers as well as external interest groups such as customers, suppliers or partner organizations. A complete stakeholder directory is the first step here.

2. stakeholder analysis: assessing influence and interest

Once the project stakeholders have been identified, it is important to assess their influence and interest in the project. The stakeholder matrix can be used for this purpose. This matrix helps to classify stakeholders according to their influence on the project and their interest in the project's success. Stakeholders with a high level of influence and interest should be closely involved, while stakeholders with a low level of interest should be managed less intensively.

3. prioritization of the stakeholders

Prioritize the stakeholders on the basis of the analysis. Who has the greatest influence on the success of the project? Which stakeholders need to be regularly involved in decision-making processes and for whom is occasional information sufficient? This prioritization is crucial in order to use resources efficiently and avoid unnecessary communication efforts.

4. development of a stakeholder strategy

The next step is to develop a suitable stakeholder strategy. This strategy defines how you interact with the various stakeholders. For example, it may be useful to arrange regular meetings or status updates with project stakeholders. Less influential stakeholders, on the other hand, can be kept up to date through regular emails. It is important that each stakeholder receives the information relevant to them at the right time.

5. monitoring and adjusting the stakeholder strategy

Stakeholder analysis is not a static process. Projects evolve, as do the interests and influences of the project stakeholders. It is therefore important to regularly review the analysis and strategy and adapt them if necessary. New stakeholders may be added, others may become less important - these changes must be continuously monitored.

Methods of stakeholder analysis

Various methods are available to carry out a well-founded stakeholder analysis. These methods help to systematically identify the relevant stakeholders, assess their influence and develop suitable strategies for collaboration. Depending on the complexity of the project and the number of stakeholders, different approaches can be chosen.

Stakeholder matrix

One of the most frequently used methods is the stakeholder matrix. This method allows stakeholders to be categorized according to their influence on the project and their interest in it. The matrix usually divides the stakeholders into four quadrants:

  1. High influence, high interest: Close involvement.

  2. High influence, low interest: Inform regularly.

  3. Low influence, high interest: Active information and participation.

  4. Little influence, little interest: Little attention required.

Stakeholder mapping

Stakeholder mapping involves placing stakeholders on a visual map to understand how they relate to each other and what relationships they have to the project. This method is particularly useful for understanding complex stakeholder networks in larger projects and finding out which groups are particularly closely linked.

SWOT analysis for stakeholders

The SWOT analysis can also be applied to stakeholders. Here, the strengths , weaknesses , opportunitiesand threats of the individual stakeholders are evaluated. This method helps to recognize risks at an early stage and identify potential for improving stakeholder relationships.

Stakeholder scorecard

A stakeholder scorecard makes it possible to measure the satisfaction and contribution of stakeholders to the success of the project. This method helps to obtain continuous feedback and ensure that stakeholder expectations are met throughout the course of the project.

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Best practices for a successful stakeholder analysis

A stakeholder analysis is only effective if it is implemented correctly. There are certain best practices that will ensure that you can exploit the full potential of the analysis and manage your project stakeholders optimally.

1. early involvement of stakeholders

One of the most important rules is to involve stakeholders in the project as early as possible. The earlier you start identifying and analyzing them, the better you can manage expectations and avoid potential conflicts.

2. regular updating of the analysis

The interests and influence of stakeholders can change over the course of a project. It is therefore crucial to update the stakeholder analysis regularly. This way, you will always be up to date and can adapt your communication strategy accordingly.

3. transparent communication

Open and transparent communication with stakeholders is essential for the success of the project. Stakeholders should always have the feeling that their concerns are being heard and taken into account. Use the previously developed stakeholder strategies to structure the exchange and make it more effective.

4. use of tools for stakeholder analysis

Use digital tools and software to make stakeholder analysis more efficient. Many programs, such as stakeholder mapping tools, make it easier to visualize and manage stakeholder relationships. These tools can speed up the analysis and improve the quality of the results.

5. build long-term relationships

Successful stakeholder management does not end with project completion. Long-term relationships with stakeholders are valuable for future projects and help to strengthen the reputation and trust in your organization. support you in clearly defining your goals and developing the right strategy. Whether in business or in the public sector - we help you to successfully shape digital change.

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Mistakes that should be avoided

Even with the best planning, mistakes can be made during stakeholder analysis that jeopardize the success of the project. One of the most common mistakes is to approach stakeholder identification too superficially. If important stakeholders are overlooked, this can lead to unexpected conflicts. External stakeholders in particular, such as suppliers or institutions, are often not given sufficient consideration. It is therefore essential that all relevant project stakeholders are fully and carefully identified.

Another common mistake is to carry out the analysis only once and then neglect it. Projects are dynamic and the role and influence of stakeholders can change over time. If you do not update your analysis regularly, you run the risk of overlooking important developments and pursuing ineffective stakeholder strategies.

An additional risk lies in not planning communication with stakeholders sufficiently or not being transparent enough. If stakeholder expectations are not properly addressed, this can lead to dissatisfaction or even resistance. This can have a massive impact on the success of the project, especially with influential stakeholders.

Finally, the prioritization of stakeholders should also be carried out with care. Not every stakeholder needs the same amount of attention. A common mistake is to distribute resources evenly across all stakeholders instead of focusing on those with high influence and interest. This can lead to an inefficient use of resources and communication efforts.

Together for project success: the value of stakeholder analysis

Stakeholder analysis is an indispensable tool in project management. It makes it possible to systematically identify all relevant stakeholders, assess their influence and interests and develop suitable strategies for collaboration. By clearly prioritizing and regularly adapting the analysis, you can ensure that conflicts are avoided at an early stage and the support of all important project stakeholders is secured.

A successful project depends not only on good ideas or precise planning, but above all on the ability to involve the various interest groups and manage their expectations. With the right method - be it the stakeholder matrix, stakeholder mapping or a SWOT analysis - you can tailor your stakeholder strategy to the needs of those involved and ensure the long-term success of the project.

Frequently asked questions

1 What is stakeholder analysis?

Stakeholder analysis is a process in which all persons, groups or organizations that are affected by or have an influence on a project are systematically identified and evaluated. Factors such as stakeholder influence and interest are taken into account in order to develop an effective communication and management strategy.

2 How do I create a stakeholder analysis?

The first step is to identify all stakeholders, followed by an assessment of their influence and interest in the project. Using methods such as the stakeholder matrix, you then prioritize which stakeholders need to be closely involved. Finally, you develop a communication strategy to manage relationships with stakeholders. In many cases, practical examples help to illustrate and better understand the process.

3. what is meant by stakeholder?

A stakeholder is any person, group or organization that is affected by a project or directly influences the project. These can be internal stakeholders such as employees and managers or external stakeholders such as customers, suppliers or institutions.

4. how do I identify my stakeholders?

To identify your stakeholders, you should consider all the people or groups that could be affected by or influence your project. These are systematically recorded in the stakeholder analysis and prioritized according to their influence and interest. A structured approach to stakeholder management helps to maintain an overview and ensure that all relevant players are included.

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