What is stakeholder analysis & management in construction project?

Hello, Stakeholders analysis is the process of analyzing the situation or the case using SWOT or any other suitable method and study how we could improve the situation in a beneficial way for the interested or involved people, however in projects we need to provide solutions that consider the deadlines, the critical paths and how the project overall might get affected keeping in mind the satisfaction level of its stakeholders.

Hi, Good Day!

STAKEHOLDER

A stakeholder is any group or individual with an interest or a stake in the operations of a company or organisation - anyone who can affect or be affected by its activities. This includes: internal stakeholders such as employees, departments, divisions or subsidiary companies; external stakeholders such as business partners, customers and suppliers; and wider groups within society such as government departments, the media and pressure groups.

STAKEHOLDER ANALYSIS

Stakeholder analysis is the process of identifying an organisation’s stakeholders and their interests, assessing their influence, or how they are impacted by the organisation, so as to formulate strategies for managing relationships with them.

At strategic level an organisation may conduct a broader review of stakeholder relationships to inform the strategy making and objective setting process. At an operational level, an individual manager may undertake a stakeholder analysis within their own division or department in order to better manage the motivation, cohesion and commitment of key stakeholder groups. Equally stakeholder management is relevant to projects and programmes.

STAKEHOLDER ANALYSIS AND MANAGEMENT TECHNIQUES AND BEST PRACTICES

1. Gather information

2. Identify stakeholder groups

3. Map your stakeholders

4. Be specific

5. Prioritise your stakeholders

6. Understand your stakeholders

7. Develop strategies for action

8. Communicate and develop relationships with stakeholders

9. Monitor and review

Credits : https://www.managers.org.uk/knowledge-bank/stakeholder-analysis-and-management

The stakeholder management process involves evaluating the needs and expectations of stakeholders in relation to the main objectives of the project. An important basis for this evaluation is stakeholder analysis. The approach is based upon established theory, knowledge of stakeholder management and empirical data

Construction projects attract interest from various stakeholders who express needs and expectations about the project. These are often in conflict with each other and it is unlikely that all of them can be fulfilled. The stakeholder management process involves evaluating the needs and expectations of stakeholders in relation to the main objectives of the project. An important basis for this evaluation is stakeholder analysis. The approach is based upon established theory, knowledge of stakeholder management and empirical data. The analysis consists of a stakeholder impact index to determine the nature and impact of stakeholder influence, the probability of stakeholders exercising their influence and each stakeholder's position in relation to the project—are they proponents or opponents? The analysis of the stakeholder impact index can help project managers to formalize a stakeholder management process.

-source : www.tandfonline.com -