A project has many stakeholders; however, the key person or group can determine success or failure. Therefore, even when the task deliverables are met, and the objectives are fully satisfied, when your key stakeholders are unhappy, be prepared for further turbulence.
To prevent such unwanted situations, we must conduct a Stakeholders Analysis as early as possible in any project. The purpose of any stakeholder analysis is to analyze the identified stakeholders needs and wants. Such an analysis also provides a strategic view of the various stakeholders' issues and allow for the planning of the desired response for the benefit of both parties.
One method to conduct stakeholder analysis is to consider the power and interest-based four by four matrix shown in the table below.
The main objective of using this technique is to review the most critical stakeholders' sentiments for maximum benefits and success. The term power signifies whether the stakeholder has the power to decide on the outcome of the project. The term interest represents the value and commitment one has in the project. If there are highly interested, they are more likely to take action,
To further enhance the stakeholder analysis, it is highly viable to determine the stakeholder's attitude. For example, is the stakeholder Supportive or Critical of the project?
This analysis of Power, Interest and Attitude provides a total of 8 different outcomes:
- High Power, High Interest and Supportive
- High Power, High Interest and Critic
- High Power, Low Interest and Supportive
- High Power, Low Interest and Critic
- Low Power, High Interest and Supportive
- Low Power, High Interest and Critic
- Low Power, Low Interest and Supportive
- Low Power, Low Interest and Critic
Once you have identified those with high power and high interest, they should be regularly engaged and closely monitored, especially the Critical ones. You must engage them and share benefits and come to a negotiated compromise if necessary. Those with low power and interest be monitored, but fewer resources are dedicated.
The video above gives more details on evaluating the Power, Interest and Attitude of your Stakeholders.
