Understanding of Stakeholders

Stakeholder identification and Analysis
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Stakeholders are essential to a project's success or failure. This is why the study of the stakeholders is also a key aspect of project management. In a nutshell, stakeholder analysis will assist in determining project stakeholders. In the project management practice, I would favor the usage of the salience model. The salience analysis model of stakeholders supports project management in seizing from the less important key stakeholders. This is a three-dimensional model which takes into account stakeholders' power, legitimacy, and urgency. The crossroads of these three elements are described in a Venn graph. Legitimacy is the adequacy and legality of the participation of the stakeholder in the project. The PM is informed as to h...