Lets now talk about four elements of stakeholder analysis…
Stakeholder analysis is part of stakeholder management. A stakeholder can be seen as an individual that will be affected positively or negatively by the outcome of your project. In my previous articles, I have talked about who a stakeholder is. I have also talked about some of the vital strategies that you can adopt to manage the need of your stakeholders.
In this article, I want to talk about the concept of stakeholder analysis matrix which is one of the tools that you use to deliver what your stakeholders are looking for.
What is Stakeholder Analysis Matrix ?
A Stakeholder analysis matrix is a document that lists the project stakeholders and describes their interest in the project. It also describes the influence that the stakeholders have on the project.
The Stakeholder Analysis matrix helps you to identify at a glance who your stakeholders are as well as how you can use them to acheive the objectives of your project.
There is the need for the Project Manager to realise that the Stakeholder Analysis Matrix is a shared document. There is the need for the Project Manager to be cautious of the kind of information or description that is been put inside the document.
Stakeholder Matrix analysis is a document that will be available to all your stakeholders.
Components of Stakeholder Analysis Matrix…
On the first column of Stakeholder Analysis Matrix, we have the name of the stakeholder that is been discussed. The names are also arranged according to the level of importance of the stakeholder in question.
This will help in management and identification of the stakeholder in question.
Under Stakeholder Analysis matrix, the next column after the name features the level of interest of the stakeholder in the proposed project. This will help us to determine the level of commitment that the stakeholder will have towards the success of the project.
It will also determine the amount of resource(s) that such stakeholder(s) will be willing to commit to your project.
#3 Assessment of impact
Under Stakeholder matrix analysis, there is the need for assessment of impact of each of your stakeholders on the project success.
It is important to note that knowing the level of impact of your stakeholders will help you to avoid avoidable mistakes that can mar the success of your project.
#4 Potential strategies
If there is anything that a good project manager using stakeholder analysis matrix should take note of, it is how ton gain the confidence and trust of your stakeholders.
You might execute a project and the stakeholder will tell you, you have succeeded in doing rubbish. There is the need to come up with strategies that will help you to communicate with stakeholders and meet their needs.
This must be documented in your stakeholder analysis matrix.