Principles For Stake Holder Analysis

Managing Stake Holders is most crucial and important for successful and speedy finalization

of Business requirement document and fever changes during development and operation. The following guidelines will enable business analyst to successfully complete the project with speed as well as preventing the resistance to change.

Stakeholder interests are mutual:

The very idea of managing for stakeholders is predicated on the fact that the process of value creation is about finding the intersection of interests for primary stakeholders. Value creation is a joint process that makes each primary stakeholder better off.

Everything that we do serves stakeholders:

The more we can begin to think in terms of how to better serve stakeholders, the more likely we will be to survive and prosper over time.

We act with purpose that fulfills our commitment to stakeholders:

We act with aspiration toward fulfilling our dreams and theirs. The key idea that holds this stakeholder mindset together is the idea that businesses can have a purpose.

We need to have a philosophy of voluntarism:

To activity engage stakeholders and manage. The mindset must be based on the ideas of voluntarism and engagement. Voluntarism means that an organization must of its own will undertake to satisfy its key stakeholders. Voluntarism is impossible without engagement.

We need intensive communication and dialogue with stakeholders:

Communications are to be between supporters as well as who oppose the project or Critical about business value of the project.

We need to over spend on understanding stakeholder needs:

Using marketing techniques to segment stakeholders to provide a better understanding of their individual needs and using marketing research tools to understand the multi-attribute nature of most stakeholder groups. Overspending on stakeholders without whose support the company would fail can make sense in a number of ways.

We engage with both primary and secondary stakeholders:

The basic idea behind the stakeholder approach is that if a group or individual can affect a company or be affected by a company, then there needs to be some interaction and some strategic thinking. Many executive get caught up in whether or not a particular stakeholder group, especially critics, is legitimate or not.

We constantly monitor and redesign processes to make them better serve our stakeholders:

A hall mark of the stakeholder mindset is that in todays world no one gets it right all the time. Whatever your interactions and strategies are with stakeholders, they can always be improved.

Success of Business Analysis project lies in the fact that when all the Stake Holders are made party to project success is sure. There will not be resistance to change. The user of the systems knows well that how the new system will work and they are party in decision making process.

by: Narain Balchandani

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