What is the purpose of a stakeholder analysis?

The purpose of a stakeholder analysis is to catalogue stakeholders affected by a change. This process involves identifying and evaluating the individuals or groups that have an interest in the project or initiative. By understanding who the stakeholders are, their level of influence, and their interests, a business analyst can effectively engage them throughout the project lifecycle.

Stakeholder analysis is crucial because it ensures that the needs and expectations of all parties are considered, which can ultimately lead to more successful project outcomes. It helps in identifying potential risks and opportunities by understanding the stakeholders' perspectives. Knowing the stakeholders also aids in communication planning, allowing for tailored messaging that resonates with different groups based on their involvement and impact on the project.

The focus on cataloguing stakeholders provides a foundational understanding necessary for effectively managing their contributions and addressing their concerns, which is critical for gaining support and ensuring smooth project progression.