This essay will focus on the need and importance of analysing and incorporating the interests of different groups in development projects; an exercise that is commonly regarded as stakeholder analysis.
The scope of this essay will focus on two essential aspects. Firstly, the essay will present a comprehensive meaning of the term stakeholder. Once that has been done, the essay will focus on defining the term stakeholder analysis. This definition will concentrate on highlighting the objectives and importance of carrying out stakeholder analysis in development projects.
Secondly, the essay will draw attention to the use of stakeholder analysis in development projects. Essentially, this part of the essay will aim to answer the question of when, how and why stakeholder analysis should be carried out. The ultimate objective of this sector of the essay is to establish the utility of stakeholder analysis in development projects. Finally, the essay will conclude with a summary of the important factors that form the stakeholder analysis process.
The identification of a wide range of stakeholders is an essential process in development projects. Any institution, group or individual that has a clear or potential vested interest in the development project can be regarded as a stakeholder. The effective accommodation of the different needs of each stakeholder presents a challenge to the effective implementation of development projects. Essentially therefore, a stakeholder consists of all parties that need to be taken into consideration in insuring the successful achievements of development project goals. The support and participation of stakeholders is often key in the smooth implementation of a project and in the long run, the overall sustainability of the development project.
There are essentially two categories of stakeholders. These are namely internal stakeholders and external stakeholders. Internal stakeholders consist of