![]() ![]() Keeping stakeholders engaged can help maintain steady progress toward finishing your project. Keeps everyone engaged: Everyone can have a clear idea of their roles, which can allow them to complete their tasks and stay productive. ![]() ![]() You've already set the assigned values, so the only data you need to update is the names and where they go. You can also easily draw or sketch your grid by hand.Īllows for quick and efficient changes: Changing, removing or adding stakeholders is simple if you're using a graphing program. ![]() Takes minimal time and effort to create: You can create your matrix quickly using a range of computer programs or online applications. It also allows you to get more specific without adding additional notes. A matrix is a simple grid, which can make your analysis easier to understand.Īllows specificity with only a few variables: Even though you're using only two variables for this graph, you can adjust the number of data points in your quadrants and the spacing of coordinates you've plotted. Here are some benefits of creating a stakeholder matrix:Ĭreates an accessible point of reference: A visual aid can be helpful when explaining a concept, and it's particularly useful when others want to learn more about your stakeholder analysis. Related: How To Create a RACI Matrix (With an Example) and Project Planning Success Benefits of a stakeholder matrix The project may heavily involve or affect this person, but they have little control over its direction. This might be someone from the creative team or a senior employee from a different department. This category includes people you probably need to keep informed. Anyone who’s overseeing the direction of the project and has an interest in its success is likely someone to manage closely. They might be your direct supervisor or the head of the department. Include stakeholders you want to manage closely in this category. This might be someone who's contributing to the project in a primarily task-oriented or administrative capacity. For instance, you may need to keep track of an employee you're managing or an outside consultant. This category includes stakeholders you probably need to monitor. This person may not be directly involved in your project, but their position can give them a lot of influence over it. This could be the chief executive officer (CEO) of a company or an accounting department employee who’s responsible for setting the budget. These are stakeholders who you typically want to keep satisfied. Here's how you can identify each group: High power, low interest In a power-interest matrix, you label each of the four quadrants with the recommended way to interact with the relevant stakeholders. A commonly used X-Y variable set is power-interest. There are several types of stakeholder matrices you can use. The grid identifies each variable as high or low, which creates four quadrants of categories: Creating a stakeholder matrix, also known as stakeholder mapping, involves plotting stakeholders on an X- and Y-axis using two intersecting variables. Related: 5 Phases of the Project Management Life Cycle What is a stakeholder matrix?Ī stakeholder matrix is a graphic version of a stakeholder analysis. You can also use stakeholder analysis during the project itself to evaluate changes, including adding new stakeholders. You typically complete a stakeholder analysis in the preparation phase to assess stakeholder engagement and understand how they might affect progress. Stakeholder analysis is the process of determining who’s part of a project and analyzing their level of involvement. In this article, we explain what a stakeholder matrix is, what its benefits are and how to create one, along with a template and example. Learning how to create a stakeholder matrix can help you work more effectively with a company’s stakeholders. You can analyze stakeholders visually through a stakeholder matrix, which is a grid in which you represent the significance of relevant and interested parties. In project management, identifying stakeholders is a key component to success. ![]()
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