Wednesday, March 28, 2018

9-Why stakeholder analysis is important

Decision makers / Project Managers have been required to work more inclusively with a wide range of stakeholders. Stack holder’s values, political concerns and ability to influence the top management many times shadow the purely technical viewpoints. We must bring stake holder’s values into the risk assessment. Stakeholders are no longer satisfied with the “Three-‘I’ Model’: ‘inform, invite, and ignore.’” It is acknowledged that the results of a decision-making process have a better chance of being viewed as fair and credible when stakeholders have participated in the deliberation process.

It can be summarized as

  • Identify the stakeholders likely to be affected by or influence the activities of the organisation
  • Assess how those stakeholders could be impacted or impact upon the organisation
  • Anticipate the consequences of any change in the organisation’s activities
  • Identify stakeholders’ ‘success criteria’
  • Assure a successful outcome for the organisation by developing co-operation with stakeholders