Stakeholder Analysis and Risk Management for Escapology

Stakeholder Analysis and Risk Management for Escapology
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Table of Contents TOC \o "1-3" \h \z \u Table of Contents PAGEREF _Toc86977541 \h 21. Introduction PAGEREF _Toc86977542 \h 2Part 1: Stakeholder Analysis PAGEREF _Toc86977543 \h 22(a) Definition of Stakeholder Analysis PAGEREF _Toc86977544 \h 22(b) Importance of Stakeholder Analysis to Project Planning PAGEREF _Toc86977545 \h 22 (c) Stakeholder analysis PAGEREF _Toc86977546 \h 4Part 2: Risk Management PAGEREF _Toc86977547 \h 63(a) What is Risk management? PAGEREF _Toc86977548 \h 63(b) Importance of Risk Management to Project Planning PAGEREF _Toc86977549 \h 63(c) Risk management plan PAGEREF _Toc86977550 \h 6
1. Introduction
This report has two main parts: stakeholder analysis and risk management. The first part describes the importance of stakeholder analysis to project planning. In fig (1), the table shows Escapology’s stakeholders, their position, ability to influence the project, predictability of their behavior, and the actions taken to manage them. The second part describes risk management and why it is an important part of project planning. In fig (2), the table describes each risk likely to be encountered by the company, its type, owner of the risk, a risk score probability impact calculated with probability occurrence and cost impact, and the best risk actions to avoid, mitigate, transfer, or accept the risk.
Part 1: Stakeholder Analysis
2(a) Definition of Stakeholder Analysis
Stakeholder analysis is a process of systematically gathering and analyzing qualitative information to determine whose interests should be considered when developing and/or implementing a policy or program CITATION Sch00 \l 1033 (Schmeer, 2000). It also refers to the techniques and tools used to determine the needs and expectations of the stakeholders inside and outside the project environment CITATION Smi00 \l 1033 (Smith, 2000). A stakeholder is any individual, group, or organization that is interested in the project and can mobilize resources to affect its outcome in some way CITATION Smi00 \l 1033 (Smith, 2000). Concisely, stakeholder analysis is the process of determining and managing the stakeholders’ expectations in a project environment.
2(b) Importance of Stakeholder Analysis to Project Planning
Stakeholder analysis is important for several reasons. Firstly, it helps determine the needs and objectives of each stakeholder in the project and devise a holistic plan in meeting them CITATION Ken87 \l 1033 (Goodpaster, 1987). Not all stakeholders are the same, and each has their objectives in the project(s). In addition, their power, interest, influence, and expectations differ greatly CITATION Smi00 \l 1033 (Smith, 2000). Thus, doing stakeholder analysis helps the project management team understand the needs of each of them and determine how best to invest the resources at their disposal to meet their expectations. Understanding the power, interest, and influence of stakeholders also reduces friction in the future.
Secondly, stakeholder analysis helps determine the influence of the stakeholder and only provides the right level of information and engagement with them. For example, sensitive financial information should not be...