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Stakeholder Analysis in project management has several practical applications. It helps in identifying all the stakeholders involved in a project, understanding their interests, and assessing their influence and impact on the project. This information can be used to develop communication and engagement strategies to manage stakeholders effectively. It can also assist in risk management by identifying potential risks associated with stakeholders. Furthermore, it can aid in conflict resolution by understanding the perspectives and interests of different stakeholders. Lastly, it can contribute to project planning and decision-making processes by incorporating stakeholder needs and expectations.
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How do you measure the impact of individual members of the team, investors, customers, or even regulatory agencies on a project's success or failure?...
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As opposed to internal stakeholders, external stakeholders are those who aren't directly involved with the organization, but their preferences and reactions to the organization's business decisions and trajectory can sometimes be very influential. On a macro level, this could be the government, as it has the capability to pass rules and regulations that directly affect the company, advocacy groups to promote or denounce the company, media organizations and how they portray the company, or social communities that are locally or internationally engaged.
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