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Stakeholder Approach

Stakeholder analysis is the identification of a project's key stakeholders, an assessment of their interests, and the ways in which these interests affect project riskiness and viability. In the last decades of the 20th century, the word "stakeholder" has become more commonly used to mean a person or organization that has a legitimate interest in a project or entity. In discussing the decision making process for institutions — including large business corporations, government agencies, and non-profit organizations - the concept has been broadened to include everyone with an interest (or "stake") in what the entity does. This includes not only its vendors, employees, and customers, but even members of a community where its offices or factory may affect the local economy or environment.

In this context, "stakeholder" includes not only the directors or trustees on its governing board (who are stakeholders in the traditional sense of the word) but also all persons who "paid in" the figurative stake and the persons to whom it may be "paid out" (in the sense of a "payoff" in game theory, meaning the outcome of the transaction). Stakeholders are linked to both institutional appraisal and social analysis: drawing on the information deriving from these approaches, but also contributing to the combining of such data in a single framework. Stakeholder analysis contributes to project design through the logical framework, and by helping to identify appropriate forms of stakeholder participation.


Polls

There are several steps to doing a stakeholder analysis:

  1. Draw up a "stakeholder table";
  2. Do an assessment of each stakeholder's importance to project success and their relative power/influence;
  3. Identify risks and assumptions which will affect project design and success.

To draw up a stakeholder table:
  1. Identify and list all potential stakeholders.
  2. Identify their interests (overt and hidden) in relation to the problems being addressed by a project and its objectives. Note that each stakeholder may have several interests.
  3. Briefly assess the likely impact of the project on each of these interests (positive, negative, or unknown).
  4. Indicate the relative priority which the project should give to each stakeholder in meeting their interests (this refers to priorities derived from ODA's policy and project objectives).

E.g., in the case of a professional landlord undertaking the refurbishment of some rented housing that is occupied while the work is being carried out, key stakeholders would be the residents, neighbors (for whom the work is a nuisance), and the tenancy management team and housing maintenance team employed by the landlord. Other stakeholders would be funders and the design and construction team.

The holders of each separate kind of interest in the entity's affairs are called a constituency, so there may be a constituency of stockholders, a constituency of adjoining property owners, a constituency of banks the entity owes money to, and so on. In that usage, "constituent" is a synonym for "stakeholder."

Vision and Mission Statements

Stakeholder Analysis

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