How do you identify and prioritize the key stakeholders for your project?

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As an executive support professional, you may be involved in various projects that require effective stakeholder management. Stakeholders are the individuals or groups who have an interest or influence in the project's outcome, such as clients, sponsors, team members, suppliers, or regulators. Identifying and prioritizing the key stakeholders for your project is crucial for ensuring their expectations are met, their feedback is incorporated, and their issues are resolved. In this article, we will share some tips on how to identify and prioritize the key stakeholders for your project.

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Narine Hovhannisyan

Product Manager @EPAM Systems | SAFe| Agile | Scrum | SaaS | B2B

1 Start with the project scope

The first step to identify the key stakeholders for your project is to review the project scope and objectives. The project scope defines what the project will deliver, how it will be delivered, and what the success criteria are. The project objectives describe the benefits and value that the project will bring to the organization and the stakeholders. By reviewing the project scope and objectives, you can identify who will be affected by the project, who will benefit from the project, and who will contribute to the project.

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Narine Hovhannisyan

Product Manager @EPAM Systems | SAFe| Agile | Scrum | SaaS | B2B
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Start your process by holding a brainstorming session with your team. Try to come up with a list of people, groups, or organizations that your project will likely impact, or who will have an influence on the project.

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2 Use a stakeholder map

The next step to identify the key stakeholders for your project is to use a stakeholder map. A stakeholder map is a visual tool that helps you categorize and analyze the stakeholders based on their level of interest and influence in the project. A common way to create a stakeholder map is to use a matrix with four quadrants: high interest and high influence, high interest and low influence, low interest and high influence, and low interest and low influence. You can then place the stakeholders in the appropriate quadrant based on your assessment of their interest and influence. This will help you understand their needs, motivations, and potential impact on the project.

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Narine Hovhannisyan

Product Manager @EPAM Systems | SAFe| Agile | Scrum | SaaS | B2B
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The key stakeholders with high influence and high interest are the most important ones, manage them closely, provide daily updates, and organize personal contact with them through chats, calls, etc.

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Ankit gupta PMP?

Product Management specialist at Forbo Group | Experience in Product management - Project management-client support-operations management-Process improvement-Supply_chain |
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stakeholder prioritization enables project teams to allocate resources efficiently. By directing resources towards stakeholders who have a higher level of interest, influence, and potential impact, project teams can ensure that their efforts are focused on areas that will yield the most significant results.

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3 Conduct stakeholder interviews

The third step to identify the key stakeholders for your project is to conduct stakeholder interviews. Stakeholder interviews are one-on-one conversations that help you gather more information about the stakeholders' perspectives, expectations, concerns, and suggestions for the project. Stakeholder interviews can help you validate your assumptions, clarify your requirements, identify risks and opportunities, and build trust and rapport with the stakeholders. To conduct effective stakeholder interviews, you should prepare a list of open-ended questions, listen actively, ask follow-up questions, and document the key insights.

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Narine Hovhannisyan

Product Manager @EPAM Systems | SAFe| Agile | Scrum | SaaS | B2B
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Keep your key stakeholders updated regarding changes in the project scope, and ask them about their opinions about the features you want to implement.

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4 Prioritize the key stakeholders

The final step to identify and prioritize the key stakeholders for your project is to prioritize them based on their importance and urgency for the project. Importance refers to how much the stakeholder's satisfaction or dissatisfaction affects the project's success. Urgency refers to how soon the stakeholder's needs or issues need to be addressed. You can use a prioritization matrix to rank the stakeholders based on these two criteria. For example, you can use a matrix with four quadrants: high importance and high urgency, high importance and low urgency, low importance and high urgency, and low importance and low urgency. You can then assign the stakeholders to the appropriate quadrant based on your evaluation of their importance and urgency. This will help you determine how much attention and communication you should give to each stakeholder.

By following these steps, you can identify and prioritize the key stakeholders for your project and ensure that you manage them effectively throughout the project lifecycle. By doing so, you can enhance your executive support skills and deliver successful projects that meet the needs and expectations of your stakeholders.

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Narine Hovhannisyan

Product Manager @EPAM Systems | SAFe| Agile | Scrum | SaaS | B2B
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It's always a good practice to leave some time to handle unexpected issues and unplanned important activities in your project, and if you're working in Agile then you should consider having a buffer for the interruptions in the sprint.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you identify and prioritize the key stakeholders for your project?

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1 Start with the project scope

2 Use a stakeholder map

3 Conduct stakeholder interviews

4 Prioritize the key stakeholders

5 Here’s what else to consider

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