What is meant by stakeholder analysis in Lesson 202?

Stakeholder analysis involves identifying and understanding the various parties that are affected by or have an interest in a project or decision. This process is crucial because it helps assess who the stakeholders are, what their interests and concerns might be, and how much influence they wield over the project. By understanding these dynamics, project managers and decision-makers can better engage with stakeholders, address their needs or concerns, and ultimately improve project outcomes.

In this context, recognizing the interests and influence of different stakeholders facilitates effective communication and negotiation, ensuring that various perspectives are considered and valued. This strategy supports the successful implementation and acceptance of projects, as it encourages collaboration and reduces conflicts that might arise from misunderstanding or overlooking stakeholder perspectives.