What does a stakeholder matrix map?

The stakeholder matrix is an essential tool used in business analysis to understand and evaluate the various stakeholders involved in a project. Mapping stakeholder influence against interest or impact levels is crucial for effectively managing stakeholder engagement.

By assessing stakeholders based on their level of influence and interest in the project, you can strategically prioritize interactions and communications. Stakeholders who hold significant influence and high interest will require more attention and collaboration, as their input can greatly affect project outcomes. Conversely, those with lower influence may need less frequent engagement but should still be kept informed to ensure they remain supportive or at least neutral.

This understanding allows the business analyst to identify key stakeholders who could support or hinder the project's progress, thus effectively allocating time and resources to the appropriate relationships and mitigating potential risks. Overall, the matrix enhances the ability to engage stakeholders more thoughtfully and purposefully throughout the project lifecycle.