Stakeholder Analysis

Question: Discuss about theStakeholder Analysis. Answer: Synopsis A stakeholder analysis is defined as a procedure that would help in providing valuable inputs into developing an understanding about the communications between projects and their stakeholders (Nicole Kennon, 2009). It is very important in being able to manage the capital as well as human resources required in company projects as the ultimate success of any projects depends solely on the capability of satisfying the key expectations of the stakeholders and thus gaining their support. Hence, it is important to prioritize the stakeholders of a firm that as their contributions affects project success. The stakeholder analysis helps us in identifying the critical stakeholders so that the management can carry out engagement programs so that the network is maintained and nurtured. In this paper the authors presents a stakeholder analysis tool that would be beneficial in strategically look at different resources to deliver effective project goals. The paper first talks about the development of the tool and later discusses about how the tool can be improved as well as reassesses depending on requirements. Critique I think the author has addressed the importance that an organization or management should impart upon analysis and prioritizing their stakeholders very well. The stakeholders can be of two types, viz. influential stakeholders, those who can exert their power over the management of a company and important stakeholders, those who have the upper hand on the implementation of the project. Hence, the relative importance different types of stakeholders would exert on the success of a project should be taken into account considering many factors. The benefits being the opinions of the most important and powerful stakeholders help in materializing projects at a very basic stage and also helps in improving the quality(Alexander, 2000). Moreover, their support helps the organization in winning valuable resources and regular communication and networking would help the stakeholders be fully aware of the work process of the company, which is essential for winning their support. Reflection Moreover, I think that time is again one of the most important factors while implementing stakeholder analysis so that the company or the management can be assured of the complete usefulness of the process. Mostly, stakeholder analysis should be done before the reforms proposals are finalized. At initial stages, it helps in assessing the probability of sustainability of reforms or policies about any project. By implementing the analysis before the beginning of any project would help in tacking any obstacles and when implanted with conjunction with other beneficial tools, it can help in overcoming oppositions, building coalitions and provide resources in promoting the project. Bibliography Alexander, E., 2000. Rationality Revisited: Plamting Paradigms in a Post-Postmodernist Perspective. Journal of Planning Education and Resear, pp. pp24-2-56.. Nicole Kennon, P. H. a. M. H., 2009. Who really matters? A stakeholder analysis tool. Extension Farming Systems Journal, 5(2).