Understanding the Stakeholder Analysis

In this podcast, Ricardo talks about the stakeholder analysis and the types of interest they may have in the project. He explains that stakeholders will have a positive interest or negative interest in the project. Under this approach, he talks of levels of interest, showing who the people are more interested in and how the manager should involve them in the project.

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Episode transcript

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Hello everybody welcome to the five minutes PM podcast today. I like to discuss stakeholder management then the Stakeholder Analysis, it's very important in all kinds of projects that we study and understand all the stakeholders we need to understand. I'm pretty sure that all of you listen a lot. Okay. We need to take care of the stakeholders. We need to understand their needs, but I feel like back to suggest you produce something more material, more, more analytical to understand that.

So what I like to propose to you, is to prepare a very, is a more impractical spreadsheet, where are you can compare the different interests in all the stakeholders and in some way, prioritize them because for sure not everybody will be 100% happy with your project in what you need to do. You need to make sure that you have all the key stakeholders, very happy with the project.

So they have all their needs supplied by the project. So how do I do that? First? I analyze different aspects. The first thing that I analyze is that the type of interest positive or negative, and maybe this can raise a big question for you. Oh, are you talking about someone that doesn't want the project? The answer is yes. Yes, you are. Right? Because not everybody wants you to succeed.

So it's very important to understand that we have in all kinds of projects, some stakeholders that are strongly pushing the project for success will have a very strong interest in the positive side. And the other hand, we can see many, many other stakeholders that want to do everything that can do for the failure of the project. Let me give you a brief example, not the political example, only at the dock. Go example. Hear what is going on in Libya today.

On one hand, we have some countries bombing Libya for one interest in one project. On the other side, we have the current president that is not considered is that anymore in Libya, trying to defeat and a back in other hands. So look, what is good for one is bad for the others. So they have a complete, all of them are extremely strong stakeholders, but in completely different fields, success for one means failure for the other.

It's very important to understand this. Okay. Again, I use it as an example, only in the day, that core perspective, thinking of soccer teams, what is good for one is not good for the other, but both of have a very strong interest in the game. When we think about power, I can divide it into three things, first the ability to influence others. So I can rent people in their ability to influence others. The second, the power in the product.

What do I mean by the power in the product? Look, imagine that I'm building a car so that the is the signer and the manufacturing team. They have a very strong interest and power during the production of the car. But on the other hand, that customer that is driving that car in the future, we will have a huge problem or interest in a very strong power in the sales. So look, so we need to understand the power in the project and power in the product. The project will produce.

The third aspect related to power is the control of resources. So if you are very powerful, you have very strong control. We have the money, people, the same infrastructure, everything to make the project happen. Thinking about the interest we can divide. Interesting, two things, technical interest, and you know, and Nicole interest, the technical, this is the interests that we have because the project produced something that's unique. It's new. And you have a strong interest because it's something unique on the technical side.

The no technical interest is the interest because with this project you are, but he can go up and rise. Your department can become better. You can promote yourself. You can stay in a better situation. After the product audit two things, knowledge and accessibility, knowledge brings interest. So they stakeholders with a lot of knowledge, they bring a lot of interest and last but not least assessability, it's very important because of the powerful Stakeholder is the Stakeholder is that past a disability?

Maybe the CEO, I can have huge power, but no assessability, this the case, Chris, he is powered because he or she is not worrying completely about the product because of all the time, the problems, but maybe a vice resident have a director that is currently involved in the project pass. I cued assessability and huge interest. So we need to understand this based on that, we take this, We wait for this, we rank this. And we do some calculations using average, use an H B.

If you want to do a more complex periodization and the results of this to be, at least have prioritized it, stakeholders. It means the people that I know we need to take care of. manager So, this is a very safe, simple, it's a one-page document, very simple. And one last topic that I'd like to discuss regarding the positive and the negative interest. Usually, I'd like that. You are very mindful if you put negative influence, Y because if this document becomes public, then you can have more problems with that.

If you make them, so if you were working on the negative side, maybe do this by yourself and keep this confidential, Kip this only for a very small group for their awareness, but do not make it public because maybe this will bring because nobody wants to be

Speaker 1 (6m 32s): Same as the Raza stent. That's the narrative

Speaker 0 (6m 35s): To teeth. So nobody, nobody we'll do that. But you know that in the real-life, we can see this very, very often. I hope you enjoy this. Podcast take care of your Stakeholder in see you next week with another five minutes PM. Podcast.

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