What is involved in stakeholder analysis?

Stakeholder analysis is a crucial process in understanding the various individuals or groups that have an interest in a project and their expectations or requirements. The focus of stakeholder analysis is on assessing both the impact of the project on these stakeholders and their specific needs. This involves identifying who the stakeholders are, understanding their influence, their interests, and how they might be affected by the project. By doing so, a business analyst can prioritize stakeholder involvement and address their needs effectively, leading to better project outcomes and increased chances of success.

While other aspects like budget requirements, communication strategies, and project scope are important for overall project management, they do not inherently involve evaluating and addressing the unique dynamics related to stakeholder expectations and effects. Stakeholder analysis specifically targets this relationship, ensuring that stakeholder needs are recognized and managed throughout the project lifecycle.