Those with high power and interest should be engaged closely, consulted with often and kept satisfied, while those with the least power and interest should merely be monitored and kept informed using lower-effort, general communications. This visual representation makes it easy to see which stakeholders should receive the most attention. A simple 2-by-2 matrix can help you divide stakeholders into those who have high power and interest, high power and low interest, low power and high interest, and low power and low interest. Additionally, we’ve included templates in Smartsheet, a real-time work execution platform that allows you to better plan, track, and report on project details.Ī stakeholder analysis can be represented with a visual map, and is often presented as a grid or matrix that measures power and interest. To assist in your analysis process, we’ve provided several stakeholder analysis templates in Microsoft Excel and Word formats. The information collected in a stakeholder analysis is vital for developing a communications plan that supports the needs of stakeholders and therefore, the success of a project. The benefits of performing a stakeholder analysis include gathering opinions at an early project stage to help ensure buy-in and get insight for project improvements, acquiring resources for project support, clearly communicating the benefits of a project to stakeholders, and understanding stakeholders in order to anticipate reactions and make project adjustments. A stakeholder analysis first identifies the individuals, groups, and organizations who have a stake in a project or program, prioritizes the stakeholders based on their level of interest in and influence over the project, and finally seeks to understand more about the key stakeholders in order to engage them with an effective communications plan. It involves developing relationships with project stakeholders in order to identify objectives and address their expectations. Stakeholder management is crucial for project planning and execution.
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