What is one of the first steps in stakeholder analysis?

One of the first steps in stakeholder analysis is identifying impacted stakeholders. This process involves recognizing and listing individuals, groups, or organizations that could be affected by the project or have an interest in its outcomes. Understanding who the stakeholders are is crucial because it sets the foundation for effective engagement and communication throughout the project lifecycle.

By identifying stakeholders early on, a business analyst can better understand their needs, concerns, and expectations. This helps in building relationships, facilitating collaboration, and ensuring that all relevant voices are considered when making decisions. Once stakeholders are identified, further steps can be taken, such as analyzing their influence, interest levels, and the impact of the project on them, which can guide the development of tailored communication strategies and engagement plans.

Other options, while important in the overall project management process, come after stakeholder identification. A communication plan, for instance, is created based on the stakeholders identified, as it determines how and when to engage them. Similarly, developing project requirements relies on understanding stakeholder needs, and establishing a budget is typically informed by both stakeholder input and project requirements. Thus, identifying impacted stakeholders is a foundational step in ensuring the success of the project.