What is the main purpose of conducting a 'stakeholder analysis'?

The main purpose of conducting a stakeholder analysis is to identify and assess the influence of stakeholders. This process is crucial for understanding who the stakeholders are—individuals or groups that have a vested interest in the project's outcome. By recognizing their needs, influences, and potential impact on the project, organizations can develop strategies that effectively engage these stakeholders.

This analysis helps in determining how different stakeholders might affect or be affected by the project. For instance, it can allow project managers to prioritize communication and involvement based on the level of influence and interest stakeholders have. This proactive approach can lead to better decision-making, risk management, and ultimately, higher project success rates. It serves as a foundational step in project management that enhances collaboration and aligns project objectives with the expectations and requirements of those who have a stake in it.