Use our free stakeholder analysis template to help you identify and manage the stakeholders in your project. It features all the details you need to understand and communicate better with your stakeholders.
Stakeholders have a vested interest in the project. Knowing what they’re expectations are is the first step towards managing them. If they’re not happy with the project, then the project isn’t a success. Use our Excel template to help you get your stakeholder communications organized.
What Is Stakeholder Analysis?
Stakeholder analysis is the process of identifying individuals that have a vested interest in a project. The analysis then collects the stakeholders by group, which is determined by their level of participation, interest and influence in the project.
Stakeholders are involved in the project and can be either internal or external. They can have conflicting interests or interests that change over the course of the project. Some stakeholders are more important during different phases of the project.
Part of the stakeholder analysis process is not just defining who they are, but finding out how to communicate with them on the progress of the project. Some stakeholders will need to be updated more frequently than others. Some want to be contacted by email, text or phone, while others ask for in-person presentations.
Why You Need a Stakeholder Analysis Template
You need our stakeholder analysis template to understand and map your strategy for dealing with project stakeholders. It begins by identifying who the stakeholders are, which kicks off the process.
Once you know who your stakeholders are, you can determine how to deal with them. This starts the important process of winning their approval and support, which is key to any successful project.
You need stakeholders, and their support is important. There can be stakeholders across your organization, from engineering to sales and marketing, so the more that you have them on your side, the better it is for the overall project. Using a stakeholder analysis template helps you make sure you’re doing that correctly.
When your analysis is complete, then you have to start managing stakeholders. Project management software, like ProjectManager.com, can help set expectations and foster good communications. Easily share project plans and schedules, with read-only admin settings so no one can go in and mistakenly change important dates. One-click reports keep stakeholders updated on progress. Filter project variance, task and time reports and easily share them. By setting up automated notifications, you’re alerted by email and in-app when to meet with stakeholders.
When to Use a Stakeholder Analysis Template
Our stakeholder analysis template is used before the execution phase of a project, usually when the project is being prepared.
While for some projects the stakeholder analysis is done once, often it is better to revisit the process. Stakeholders attitudes can change over the course of a project, especially a longer, more complex one, and it benefits the project manager to check in with stakeholders on a regular basis.
However you decide to proceed, it’s important to remember that stakeholder analysis is the basis of your stakeholder management, which is project-long. Our stakeholder analysis template is a great aid to refer to for guidance at any time in the project.
Who Should Use the Stakeholder Analysis Template?
The project manager is tasked with identifying and interviewing all the stakeholders in the project.
The project manager is responsible for using the stakeholder analysis template because the project manager is the person with whom the buck stops. They are responsible for managing every part of the project, from the schedule and tasks to resources and the stakeholders.
How to Use ProjectManager.com’s Stakeholder Analysis Template
Stakeholder analysis is the foundation of your stakeholder management. Our free stakeholder analysis template gets you started on the right foot. Just follow these steps:
The first part of the template is just detailing the project. Here is where you’ll name the project and describe what it entails. Then, there’s a space to identify the project manager for the project.
The basic information column is where you list all the stakeholders involved with the project. You can add one per row, with their title, email and influence. In the influence column we have provided a dropdown menu to distinguish whether their influence is high, medium or low, which is the degree they can help or hinder the project. This will help you determine how you manage their expectations.
The next section is where you can identify your stakeholder’s relationship to the project and fill out details such as priority, which is another dropdown menu to make it easier to set up.
Next is a space to identify who has subject matter expertise (SME) and who has relevant skills if there’s a need to seek help or answer questions. Next to that is a column to determine who is a decision-maker. Both of these columns have dropdown menus of yes or no.
The last set of columns in this section outline communications. We have set up a dropdown menu for the frequency of updates, such as daily, weekly or monthly. Then there’s a column for how the stakeholders prefer to be contacted.
The final section is the commitment level, which allows the project manager to assess each stakeholder’s commitment to various aspects of the project.
The dropdown menu here offers two selections, C or their current level of commitment and R for the required level of commitment. This helps the project manager identify where the stakeholder is (and where they should be) in order for the project to move forward.
There is also a column for notes where you can add anything that isn’t already in the stakeholder analysis template. This stakeholder analysis template is an Excel document, so you can customize it to fit the nomenclature of your organization.
How to Use the Stakeholder Analysis Template With ProjectManager.com
Once you’ve completed your stakeholder analysis template, ProjectManager.com can help you manage both your stakeholders and your project. ProjectManager.com is an award-winning tool that organizes tasks and teams to work more efficiently. You can plan and schedule your projects, resources and costs all in one place.
Share Reports with Stakeholders
Stakeholders want to know that the project is proceeding as planned. To keep them updated, we have one-click reports. Stakeholders don’t need to get detailed reports like the ones you’d share with your team. They’re interested in broad strokes. Our reports can be filtered to show just the data they want to see and get information of time, tasks, costs and more at a glance.
Reports can be easily shared, too, so you can update them how they want. Share a PDF as an email attachment or even print out the report if they prefer it that way. You can also set up email reminders so you never forget to update your stakeholders.
Stakeholders will really love how our tool can control every aspect of the project by monitoring performance and balancing workload to keep teams working productively.
What Other Templates Can Help With Stakeholders?
Using a stakeholder analysis template is the cornerstone of your stakeholder management, but it’s only one of the dozens of free project management templates available on our site. Here are some that can help you manage your stakeholders.
After you identify your stakeholders the next step is to define their roles and responsibilities. The free RACI matrix template does that by placing them on the diagram according to the RACI acronym or who is responsible, accountable, consulted or informed.
Communications are the backbone of any project and need to be defined, which includes the objectives and channels for communicating with stakeholders. The free communication plan template helps you structure your communications so that all the info goes to the right people.
If you don’t have software that generates status and many other reports fast and easily, you’ll want to get our free status report template. Status reports are a tool to communicate with stakeholders on the current state of the project and is an essential document.
Hopefully these templates put your stakeholder management on the path to success.
ProjectManager.com is a cloud-based tool that gives you real-time data for better decision making. Use it to plan, schedule, monitor, report and stay connected with stakeholders to deliver the project on time and within budget. Join organizations such as NASA, Bank of American and Ralph Lauren who all use our tool to manage their projects. Take our free 30-day trial today.