Assessment of stakeholders (analysis)

Developed by Carl Bygum Knudsen

Abstract

The assessment of stakeholders is a crucial element of any project or business strategy. It involves identifying, analyzing, and evaluating the stakeholders’ interests, potential, and influence to determine the best way to manage and interact with them. Stakeholder assessment, in essence, is the categorization and classification of stakeholders in a way that clarifies how each individual stakeholder should be managed.

This wiki article provides a comprehensive overview of the assessment of stakeholders, including a discussion of the key steps involved, some of the tools and techniques used, and the best practices. The critical steps of the assessment process will be discussed followed by the different tools and techniques used to assess stakeholders at each step. Stakeholder assessment is a broad subject and the article includes and briefly describes tools that assist the overall process of stakeholder analysis such as Stakeholder Mapping, Stakeholder Register, Power-Interest Grid and Stakeholder Action Plan. The wiki article will touch upon these subjects but focus on decision-making techniques such as the Power-Interest Grid, which allow for the assessment and prioritization of stakeholders.

Finally, the wiki article will outline some of the potential challenges and risks associated with stakeholder assessment. These include the potential for conflict of interest, unequal access to resources, and difficulty in managing stakeholders with differing interests. In general, this article provides a comprehensive overview for project managers to understand and implement the assessment of stakeholders and the key steps, tools, and best practices involved.

Introduction

According to the PMI standard, "the purpose of stakeholder engagement is to enable the needs, interests and concerns of stakeholders to be identified, understood and addressed sufficiently to enable the objectives to be met ". Stakeholder assessment is a part of the larger and more complex task of stakeholder engagement - and later management of those stakeholders. It is the initial process in stakeholder analysis of providing a clear understanding of stakeholders' interests and expectations. While stakeholder management is the overarching concept and the ongoing process of engaging and meeting the expectations of stakeholders, stakeholder assessment is increasingly focused on understanding the way a stakeholder may impact a project. To effectively deliver the outcomes of a project, a project manager needs to be capable of systematically gathering and analysing information about the stakeholder to prioritize the various interests.

Stakeholder analysis is the art of knowing the entities and persons that will or can be impacted by the endeavours that you as a project manager strive to achieve. Getting the stakeholder management, and subsequently, the stakeholder assessment right in the first place is a vital cornerstone in any project and a key element towards project success. To gain a thorough understanding of stakeholder assessment, it is crucial to explain the steps of stakeholder assessment in detail