Question

This is an individual assignment to do a Stakeholder Analysis by preparing a matrix of stakeholders and identifying their interest in the project and the type of power they have to influence your project.

1. Identify the people i.e. major stakeholders that are associated with your project.
2. For each of the major stakeholders identified, determine their interests in your project and the type of power they have to influence it.   

Limit to two pages and 800 words ( The project is Backyard Playground Area)

Answer 1

Identifying Stakeholders:-

It’s an essential part of any organisation to determine who the all stakeholders are, and to try to involve them in such a way that advances the organisational goals. Before analysing their interest and power it is important to identify the stakeholders. Some examples of major stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources We can identify stakeholders by many different ways such as brainstorming, advertising, communication, Prioritising etc.

Identifying Stakeholders Interests:-

After identifying the major stakeholders we have to identify their interests in the project-

Impact: the project may have different impact on the individual stakeholder or the group of stakeholders.Interest can be defined at 3 levels-

• Maximum impact- major or significant impact.
• Moderate impact- measureable impact.
• Minimal impact- minor impact.

Accountability:Accountability is defined by the degree to which a stakeholder will be held responsible for their role in the project, whether for the tasks assigned, decisions made, support provided, participation, attitude, and overall contributions. The more "accountability" the greater the interest. There can be maximum, moderate or minimum accountability.

Identifying type of power:-

People (and groups) have the power to steer projects to success or divert the outcome in unwanted ways.

On the up side, active stakeholder engagement will certainly have a positive influence on the project and/or process (and this possibility must be cultivated). On the down side, stakeholders also have the capacity for negative influence, realized in a myriad of ways (i.e. failure to perform, failure to decide, failure to support, procrastination, withholding information and the like). To facilitate the stakeholder analysis, influence "potential" is largely determined by the strength of the probable consequences:

• Strong Influence: The stakeholder has significant capability for positive/negative influence.
• Moderate Influence: The stakeholder has measureable capability for positive/negative influence.
• Weak Influence: The stakeholder has minimal capability for positive/negative influence.

Determine stakeholder "engagement" and management priorities:-

The final step in the stakeholder analysis process is to use resulting data to identify and select "priority" stakeholders as a focus for engagement and management strategies. "Level 1" priorities will likely encompass those stakeholders with "maximum" impact and accountability and "strong" influence capability (both positive and/or negative). Surrounding project conditions (time, funding, risk and visibility) will determine the extent to which related engagement strategies must also address impact, accountability and influence of lesser significance.

[https://www.ittoolkit.com/articles/stakeholder-analysis]

Stakeholder Analysis Matrix:-

High Keep Engage Closely and Influence Actively Satisfied Power Monitor (minimum effort) Keep Informed Low Low High Interest

[Picture Sourse: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.researchgate.net%2Ffigure%2FExample-of-stakeholder-analysis-framework-from-Hovland-2005-There-are-many-standard_fig1_48990412&psig=AOvVaw1-CGMRu6Cs-0QZELvP6Ta5&ust=1579434003537000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCKibsquIjecCFQAAAAAdAAAAABAD]

High Power/High Interest (Fully engage)
These stakeholders are the ones that need to be engaged regularly and managed closely. These are the key players. This group will require the most effort to keep satisfied.

High Power/Low Interest (Keep satisfied)
Keep these stakeholders satisfied by striking a careful balance between keeping them informed, but not overloading them with too much information.

Low Power/High Interest (Keep informed)
You should keep these stakeholders adequately informed and consult with them regarding their area of interest, and make sure they don’t have any major issues with the project. These stakeholders can often help with the detail of the project.

Low Power/Low Interest (Minimum effort)
Inform these stakeholders with general information. Don’t overload them with excessive communication, but you should monitor them, because they may become more powerful to the project and have a higher interest in it, for example, if they change job roles.

[https://www.business2community.com/strategy/stakeholder-identification-analysis-made-easy-project-managers-01440041]