Who is a Stakeholder in a Project?

In any organization or business, it is easy to get distracted by daily tasks. You are probably dealing with new projects, customers, clients, services, technologies, objectives, and outcomes. The success of your day-to-day activities depends on people, that is the important thing. In other words, your stakeholders.

Let’s discuss the importance of stakeholders, who they are, stakeholder identification, and some essential tools to help you get it all done.

First up, a definition:

Who is a Stakeholder in a Project?

The members of the project team like project managers, executives, project sponsors, customers, and users. Who are interested in the project outcome are known as Stakeholders.

As a business analyst, you should properly communicate with the stakeholder. There are 7 steps for effective communication:

1.  Communicate the Right Way.

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2.  Understand the Different Learning Styles.

3.  Be clear about the objectives of your communication.

4.  Follow Up.

5.  Keep it Simple & Correct.

6.  Engage but listen.

7.  Provide the Right Level of Detail.

How to communicate with stakeholders?

Stakeholder communication is important for a project to succeed. Stakeholder engagement is the communication between project leaders and individual stakeholders. When it comes to stakeholder communication requirements, transparency, accuracy, and communication are important.

Here are the 7 ways to effectively communicate to the Stakeholder:

1.      Identify key stakeholders and develop a communication plan.

2.      Email and e-newsletters.

3.      Communication Automation

4.      Presentations

5.      Project Summary Reports.

6.      Group video call or screen-to-screen meeting.

7.      Leverage informal stakeholder communications.

What are the different types of Stakeholders?

The primary stakeholders in a company are its investors, employees, customers, and suppliers. Stakeholders are divided into 2 parts:

Internal (Primary) Stakeholders:

1.  Employees

2.  Investors

3.  Managers

4.  Directors

External (secondary) stakeholders:

1.  Customer

2.  Suppliers

3.  Government

4.  Communities

What are BRD, FRD, and SRD?

These are the different types of documents that help a Business analyst communicate to the different stakeholders about the requirements.

1.  BRD – Business Requirement Document

It is the foundation of any project, The BRD describes the problems the project is trying to solve and the required outcomes necessary to deliver value. The business requirements document ensures project direction and aligns everyone’s efforts.

2.  FRD – Functional Requirement Specification

It is a formal statement of functional requirements. It fulfills the same role as a contract. The capabilities specified are provided by the developers. The client agrees that they will be satisfied with the product if it provides the capabilities specified in the FRD.

3.  SRD/SRS – Software Requirement Specification or Document

The System Requirement Document (SRD) specifies system-level functional and performance requirements for a system. With these documents, the developer and client easily get to know about the software requirements for the project.

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