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Stakeholder Analysis is crucial in project management as it helps identify the key stakeholders involved in a project. It allows the project team to understand the interests, influence, and impact of these stakeholders on the project. This understanding aids in effective communication, managing expectations, and mitigating potential risks associated with stakeholders. It also helps in prioritizing stakeholders based on their influence and interest in the project, enabling the project team to allocate resources efficiently.
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The stakeholder analysis process first identifies the key stakeholders involved across a project. These are the main participants in the project, the main parties interested in the project, and individuals who might be affected by it, with or without active involvement. These individuals or entities are then classified as internal vs external stakeholders.
Asked on the following presentation:
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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