How does Stakeholder Analysis contribute to the creation of better end products?

Stakeholder Analysis contributes to the creation of better end products by identifying and prioritizing the key players based on their influence, attitudes, interest, and potential risk. This process helps to identify threats and opportunities, which can be addressed to improve the end product. It also ensures that the needs and expectations of the most influential stakeholders are met, which can lead to greater acceptance and success of the project.

stars icon
5 questions and answers
info icon

Yes, an example of a project where Stakeholder Analysis was effectively used is the construction of a new airport. The project team identified all the stakeholders including local government, residents, airlines, regulatory bodies, and construction companies. They analyzed their interests, influence, and potential risks. This helped in addressing concerns, managing expectations, and ensuring smooth execution of the project.

The Stakeholder Analysis framework can identify several potential risks. These include the risk of negative influence from stakeholders who are not supportive of the project, the risk of not meeting the expectations of key stakeholders, and the risk of not effectively managing the interests and needs of all stakeholders. It can also identify the risk of stakeholders' changing attitudes and interests over time, and the risk associated with the level of influence and power each stakeholder has over the project.

View all 5 questions
stars icon Ask another question
This question was asked on the following resource:

Stakeholder Analysis

How do you measure the impact of individual members of the team, investors, customers, or even regul...

Download template
resource preview

Download and customize more than 500 business templates

Start here ⬇️

Voila! You can now download this Presentation

Download