What is Stakeholder Analysis?
It’s like a game of chess, knowing who holds the power and who’s just a pawn. Organizations use this crucial tool to identify and understand the people, groups, or organizations that have an interest or influence in their projects, initiatives, or decisions.
Analyzing and mapping out stakeholders allows for better decision-making, improved project outcomes, and stronger relationships. It enables organizations to gain insights into the expectations, attitudes, and potential impact of different stakeholders.
Plus, they can categorize stakeholders based on their level of influence and interest. This helps tailor communication strategies and engagement approaches to each stakeholder group’s specific needs.
To successfully conduct stakeholder analysis:
- Identify relevant stakeholders.
- Analyze stakeholder characteristics.
- Prioritize stakeholder engagement.
- Develop engagement strategies.
- Maintain ongoing engagement.
By following these steps, organizations can enhance their understanding of stakeholders’ needs while fostering positive relationships. This process ensures transparency and inclusivity, allowing for informed decisions that align with multiple perspectives.
Definition of Stakeholder Analysis
Stakeholder analysis is key to successful project management. It entails the identification and assessment of stakeholders’ interests, needs, and expectations. Knowing their influence and impact on your project allows you to manage relationships and make informed decisions.
To conduct this analysis, you must first recognize the stakeholders: customers, employees, suppliers, and communities. Then, assess their needs and expectations to gauge their level of influence.
Gathering relevant data is essential; surveys, interviews, and focus groups are the best way to understand stakeholder perspectives and concerns. Prioritize their interests and tailor communication strategies to their specific needs.
Establishing strong communication lines is key. Keep stakeholders informed and involve them in decision-making, when appropriate. Regular meetings or newsletters can be used to keep them updated.
Foster collaboration by creating opportunities for dialogue and feedback. Involve stakeholders in the planning stages or invite them to participate in workshops. Benefit from their expertise and insights.
Effective stakeholder analysis requires continuous monitoring and evaluation. Reassess impact on the project’s success as circumstances change or new stakeholders emerge. Incorporate stakeholder feedback into decision-making and adapt strategies accordingly. This way, you increase project success and maintain positive relationships with all involved parties.
Importance of Stakeholder Analysis
Stakeholder Analysis plays a crucial role in project management, ensuring the success of any initiative. By identifying and assessing the interests, needs, and expectations of stakeholders, it enables project managers to effectively engage and manage their stakeholders throughout the project lifecycle. This analysis helps in mitigating risks, resolving conflicts, and aligning project objectives with stakeholder expectations. Understanding stakeholder perspectives enables informed decision-making and facilitates the development of appropriate strategies to meet stakeholder demands. A comprehensive stakeholder analysis serves as a foundation for effective communication, collaboration, and stakeholder engagement. It allows project managers to proactively address stakeholder concerns, build trust, and maximize project outcomes.
Additionally, the importance of stakeholder analysis lies in its contribution to project success. By identifying key stakeholders and understanding their perspectives, project managers can develop tailored strategies to manage their involvement effectively. This includes identifying potential supporters, opponents, and influencers, and crafting communication channels and messages that resonate with each stakeholder group. With stakeholder analysis, project managers can anticipate potential obstacles or resistance, leading to better project planning and execution. It also helps in the identification of dependencies and critical success factors, ensuring alignment with stakeholders’ expectations and enabling the achievement of project objectives.
Pro Tip: Regularly update and revisit the stakeholder analysis throughout the project lifecycle to account for any changes in stakeholders’ priorities, interests, or dynamics. This will ensure ongoing stakeholder engagement and enhance the project’s chances of success.
Finding the key stakeholders is like searching for a needle in a haystack, except the haystack is a never-ending maze of bureaucracy and the needle keeps changing its mind.
Identifying key stakeholders
Stakeholder analysis is vital for project managers. It helps them decide who to involve in making decisions. This reduces conflicts and takes into account all perspectives. It also shows the risks and chances associated with different stakeholders.
Early identification of key stakeholders allows project managers to use resources efficiently. Knowing their needs, desires and motivations lets the team be better prepared. This makes results better. Plus, it establishes a good connection with stakeholders.
Remember: Dialogue with stakeholders during the project lifecycle by giving updates and asking for feedback.
Comprehending stakeholders’ interests and worries is like trying to soothe a wailing room of babies. It’s loud and confusing, but getting the right balance is essential for victory.
Understanding stakeholder interests and concerns
Stakeholder analysis is hugely important for getting a handle on the interests and worries of the people involved in an organization or project. It gives businesses the chance to learn from stakeholders’ perspectives, and make decisions with this understanding. Knowing stakeholder interests and concerns helps companies tailor their strategies, talk better, and have better mutual relationships. This analytical process ensures that all stakeholders are heard and appreciated, leading to successful and long-lasting results for the project or organization.
It’s key to recognize stakeholder interests, as it allows organizations to spot potential risks and conflicts, and any places where stakeholders have different goals or expectations. They can then be proactive and address these points with strategies that reduce conflict and maximize cooperation. Additionally, it’s good to think about how decisions can affect different people, groups, and environments.
Plus, effective stakeholder analysis helps companies have realistic expectations by making sure objectives match the priorities of key stakeholders. Addressing stakeholder interests throughout the project’s timeline helps build trust and credibility, and leads to stronger relationships, cooperation, and support. This means that projects have a better chance of running smoothly and without too many issues.
Pro Tip: Involving stakeholders in all decision-making stages, and keeping communication channels open, can improve the accuracy and depth of stakeholder analysis. It makes sure everyone understands interests and concerns, and puts stakeholders in the driving seat.
Managing stakeholder relationships: It‚Äôs like trying to tame a pack of angry cats – good luck!
Managing stakeholder relationships
For successful stakeholder relationships, organizations should remember these tips:
- Keep communication clear and consistent. Reach stakeholders with emails, meetings, and forums to update them on progress.
- Invest in understanding the needs of each stakeholder group. Consider their influence and expertise when tailoring your approach.
- Involve stakeholders in decision-making. This ensures informed decisions and builds support for the project.
- Establish a feedback loop to gather insights and suggestions. This shows that stakeholders’ opinions are valued.
By following these strategies, organizations can expect improved project outcomes, increased satisfaction, enhanced reputation, and greater support. So, put on your detective hat and start stakeholder analysis!
Steps to Conduct a Stakeholder Analysis
Stakeholder analysis is a crucial process that helps organizations identify and understand the individuals or groups who may have a significant influence on their projects or initiatives. By conducting a stakeholder analysis, businesses can effectively engage with these stakeholders and address their concerns and expectations. This analysis involves several steps that allow organizations to gather relevant information about their stakeholders and develop strategies to manage their interests.
- Step 1: Identify Stakeholders
Begin the stakeholder analysis process by identifying all the individuals or groups who may be affected by or have an impact on the project. This includes internal stakeholders such as employees, managers, and shareholders, as well as external stakeholders such as customers, suppliers, government agencies, and community members.
- Step 2: Prioritize Stakeholders
Once all the stakeholders have been identified, it is essential to prioritize them based on their level of influence, power, and interest in the project. This helps organizations identify key stakeholders who need to be actively engaged and allows them to allocate resources accordingly.
- Step 3: Assess Stakeholder Interests and Concerns
The next step is to assess the interests, concerns, and expectations of each stakeholder. This can be done through surveys, interviews, or focus groups. Understanding what each stakeholder wants or needs from the project enables organizations to tailor their strategies and communication approaches accordingly.
- Step 4: Analyze Stakeholder Relationships
In this step, organizations evaluate the relationships between different stakeholders and identify potential conflicts or alliances. This helps them understand the dynamics within the stakeholder network and identify opportunities to build coalitions or address conflicts.
- Step 5: Develop an Engagement Strategy
Based on the information gathered in the previous steps, organizations can develop a comprehensive engagement strategy. This strategy outlines how they will communicate and collaborate with each stakeholder group, address their concerns, and involve them in decision-making processes.
A unique detail about stakeholder analysis is that it not only focuses on the stakeholders’ interests but also their influence and power, which allows organizations to prioritize their engagement efforts effectively.
According to ProjectManagement.com, stakeholder analysis is a critical tool in managing project stakeholders and ensuring their involvement and support throughout the project lifecycle. Identifying stakeholders is like playing detective, except instead of finding a murderer, you’re just trying to figure out who will give you the most headaches.
Step 1: Identify stakeholders
Identifying stakeholders is an important first step when starting any project or initiative. Knowing who they are helps you to include them, making sure their needs and expectations are met. Here’s a 5-step guide to help you identify your stakeholders!
- Step 1: Define your project’s scope. This will let you know who may be interested or affected by your project.
- Step 2: Identify the groups or individuals that influence or are influenced by your project. Think about who has authority, resources, expertise, or influence.
- Step 3: Figure out what each stakeholder wants from your project. Consider their motivations, expectations, and desired results.
- Step 4: Decide how involved each stakeholder will be. Some may need to communicate and collaborate often, while others may just need updates sometimes.
- Step 5: Put your stakeholders into a matrix based on their power and interest in your project. This will show you who needs more attention and help you come up with strategies to engage them.
Stakeholder identification is an ongoing process. Keep reviewing and updating the information as priorities change or new stakeholders appear.
By recognizing stakeholders early, you can form strong relationships, tackle issues beforehand, and make your project successful. Don’t let fear stop you from getting valuable insights and support. Begin building connections today for a great future! Dig deep to uncover the interests and worries of stakeholders – it may be hard, but the more layers you find, the more beneficial information you’ll get.
Step 2: Assess stakeholder interests and concerns
Assessing stakeholder interests and concerns is essential for conducting stakeholder analysis. It helps organizations understand what matters to stakeholders, as well as their expectations and potential areas of conflict. This understanding helps organizations develop effective strategies for engaging with them.
We’ve got a 3-step guide for you to assess stakeholder interests and concerns:
- Identify key stakeholders: Work out who has an interest or influence in your project or organization. This could include customers, employees, suppliers, investors, government agencies, and community members. Think about how much involvement they have and the effect they may have on your initiatives’ success.
- Gather info: Once you’ve identified your stakeholders, get information about their interests and concerns. Do this through interviews, surveys, focus groups, or analyzing existing data. Note their attitudes, opinions, values, and anything they’ve raised before.
- Analyze and prioritize: After getting the info, look for common themes or patterns among stakeholders. This will help you see shared interests and conflicting concerns. Rank interests and concerns based on importance and how much they affect your organization’s objectives.
It’s also important to keep in touch with stakeholders during the analysis process. Keep them updated on progress, involve them in decisions where appropriate, and act on any worries they have.
For instance, a multinational company had to launch a product line aimed at environmentally-conscious consumers. Through market research and engaging environmental groups and customer forums, they found out key concerns related to product sustainability practices. This enabled them to make the necessary changes to meet stakeholders’ expectations and make their brand stand out in the target market.
By following these steps and actively involving stakeholders in decision-making, organizations can better understand and accommodate their interests and concerns, which boosts the effectiveness of their initiatives.
Step 3: Evaluate stakeholder power and influence
Evaluating stakeholder power and influence is vital. To know their level of control and impact on a project or organization helps decide how important their involvement is. Here’s a 4-step guide to do it:
- Identify key stakeholders.
- Figure out who are the main people involved.
- Look for those with authority, resources or expertise.
- Assess stakeholder interests.
- Learn what each wants to get from involvement.
- Think about their motivations, goals and worries.
- Analyze stakeholder power.
- Check the influence each has on decisions and actions.
- Consider control of resources, decision-making authority and access to information.
- Evaluate potential impact.
- Work out how much impact each can have on the project’s or business’s success.
- Note both positive contributions and potential obstacles they may pose.
It’s essential to evaluate objectively, with no partiality towards any stakeholder. Knowing who has power and influence enables engaging them and managing their expectations throughout the process.
Remember, every stakeholder has a unique role in shaping outcomes. By evaluating their power and influence, you can better foresee challenges and take advantage of opportunities for success.
Don’t forget this crucial step! Take the time to evaluate stakeholder power and influence accurately. It affects your success. Unraveling the giant spiderweb of connections in a stakeholder analysis? Don’t sweat it. Just grab your magnifying glass and sleuth away!
Step 4: Analyze stakeholder relationships
Analyzing stakeholder relationships is key when conducting a stakeholder analysis. This step means examining the relationships between stakeholders involved in a project or organization. By understanding these relationships, one can gain valuable insights into the dynamics and power dynamics at play.
Here is a 6-step guide to analyzing stakeholder relationships:
- Identify key stakeholders: First, figure out who are the main stakeholders with an interest or influence in the project or organization. It can be individuals, groups, or organizations with a direct or indirect stake in the outcomes.
- Determine their interests and concerns: Once you know the key stakeholders, it’s essential to understand their interests and concerns. What do they want to achieve? What are their priorities? Knowing this info can help anticipate their actions and responses.
- Assess power and influence: Evaluate the power and influence each stakeholder has on decision-making processes. Look at their authority, resources, expertise, and support from others. This will help identify potential allies or opponents.
- Map relationships: Create a visual representation of the relationships between stakeholders. Use tools like network maps or influence diagrams. This will show how different stakeholders are connected and how information or actions flow between them.
- Analyze interactions: Examine how stakeholders interact with each other. Look for communication, collaboration, conflicts, alliances, or dependencies. Seek out patterns of cooperation or competition that could affect decision-making.
- Identify gaps and opportunities: Find any gaps in stakeholder relationships that may hinder effective communication or collaboration. Search for opportunities to strengthen relationships by addressing these gaps through targeted engagement strategies.
When analyzing stakeholder relationships, consider not only formal channels of communication, but also informal networks and power dynamics within an organization or project.
For instance, one organization was having trouble with their employees accepting proposed changes. With stakeholder analysis, they identified an influential employee with a strong informal network. By engaging and addressing this key stakeholder’s concerns, they were able to gain support from other employees and successfully implement the changes.
Ready to analyze stakeholders? Don’t worry – no crystal balls or magic wands needed. Just some good ol’ tools and techniques!
Tools and Techniques for Stakeholder Analysis
Stakeholder analysis involves identifying and understanding the individuals or groups who have an interest or influence in a project or organization. This analysis helps in managing the expectations, communication, and engagement of stakeholders.
Tools and Techniques for Stakeholder Analysis:
|Tools and Techniques|
|Surveys and Questionnaires|
Stakeholder mapping visually represents the relationships between stakeholders and the project. The power-interest grid categorizes stakeholders based on their level of power and interest. The salience model helps prioritize stakeholders based on their power, legitimacy, and urgency. Stakeholder interviews provide a deeper understanding of their perspectives and concerns. Surveys and questionnaires gather quantitative data about stakeholders’ opinions and expectations.
To further explore stakeholder analysis, let’s delve into an intriguing aspect that has not been covered yet.
Stakeholder analysis can be customized based on the specific needs and context of a project or organization. By tailoring the tools and techniques, stakeholders can be effectively engaged, leading to better decision-making and project outcomes.
Now, let me share a true story that illustrates the importance of stakeholder analysis.
In a construction project, the project manager failed to consider the concerns of the local community living near the construction site. As a result, when construction began, the community protested, causing delays and increased costs. This situation could have been avoided if the project team had conducted a thorough stakeholder analysis and taken appropriate actions to address the community’s concerns.
Stakeholder mapping: It’s like playing a twisted game of connect the dots, but instead of cute pictures, you discover power dynamics and potential chaos.
Stakeholder mapping requires identifying key players, such as customers, employees, investors, government agencies, suppliers, and community organizations. Then, assessing their level of interest and influence in the project to prioritize them. Additionally, understanding stakeholders’ needs and expectations is necessary. This can be done through surveys, interviews, or focus groups.
For instance, an environmental conservation project in a coastal town aimed to protect sea turtles by implementing fishing regulations. Stakeholder mapping identified local fishermen and tourism operators, as well as other relevant groups, like marine biologists and government officials.
The mapping process revealed that these groups had concerns about potential economic losses due to restricted fishing activities. To address these, alternative livelihood options were explored. This illustrates how stakeholder analysis enabled tailored solutions that were mutually beneficial. Engaging with stakeholders from the outset of a project can prevent conflicts and promote collaboration.
Stakeholder engagement matrix
A stakeholder engagement matrix is a tool to analyze and categorize stakeholders. It looks at their level of influence and interest in a project or decision. This helps to identify key people and the best strategies for engaging with them.
The matrix divides stakeholders into four categories. High power/high-interest ones are the most important to engage closely. Low-power/low-interest ones need less attention.
Organizations use this matrix to decide which stakeholders to prioritize and give resources to. They can also detect any conflicts or areas that need more stakeholder engagement.
This matrix needs to be updated regularly. This makes sure it’s accurate and reflects the changing landscape of stakeholders.
True History: The stakeholder engagement matrix concept originated in the 1960s. R. Edward Freeman first introduced it in his book “Strategic Management: A Stakeholder Approach”. Since then, it has been used in many areas, such as project management, business strategy, and public policy development. Its usefulness and effectiveness make it a great resource for organizations who want better stakeholder relations and achieve their goals.
Accurately ID’ing stakeholders and understanding power/interest is vital for effective project management. The power-interest grid helps with this analysis. It assesses stakeholders based on influence/involvement, aiding project managers in prioritizing engagement strategies.
The grid categorizes stakeholders into four quadrants:
- High Power, High Interest: These are key players with big influence and a vested interest in the project’s success. Engaging them early and involving in decision-making is essential to gain their support and avoid roadblocks.
- High Power, Low Interest: These stakeholders may have authority to influence, but may not be directly affected by the project’s outcomes. Keeping them informed and satisfied can be helpful for smooth execution.
- Low Power, High Interest: They’re highly interested but lack power/authority. Collectively, their opinions can impact the project’s reputation. Engaging them through communication channels can help prevent negative consequences.
- Low Power, Low Interest: Minimal influence/concern for project progress/outcomes. Keep them informed of major developments, but don’t invest too much time/resources in engaging them.
Pro Tip: Use the power-interest grid throughout the project lifecycle to continually assess stakeholder priorities. Reassess power/interest levels regularly, as stakeholder dynamics can change over time.
Benefits and Limitations of Stakeholder Analysis
Stakeholder Analysis: Evaluating Benefits and Limitations
Stakeholder Analysis is a valuable tool that allows organizations to identify, analyze, and understand the interests, needs, and concerns of their stakeholders. This analysis helps in developing strategies to effectively engage with stakeholders and manage their expectations. However, it is important to recognize that Stakeholder Analysis also has its limitations.
The following table presents a comprehensive overview of the benefits and limitations associated with Stakeholder Analysis:
|1. Enhanced decision-making process||1. Subjectivity and bias in stakeholder identification and assessment|
|2. Improved stakeholder engagement||2. Time and resource-intensive process|
|3. Mitigation of conflicts and risks||3. Difficulty in accurately predicting stakeholder behavior|
|4. Alignment of organizational goals||4. Incomplete or outdated stakeholder information|
|5. Increased transparency||5. Limited inclusion of marginalized or underrepresented stakeholders|
It is important to note that while Stakeholder Analysis can provide numerous benefits, it is not without limitations. The subjective nature of stakeholder identification and assessment can introduce bias, and the process itself can be time-consuming and resource-intensive. Additionally, accurately predicting stakeholder behavior can be challenging, and incomplete or outdated information may hinder the effectiveness of the analysis. Moreover, it is crucial to ensure the inclusion of marginalized or underrepresented stakeholders to avoid overlooking their perspectives and needs.
Pro Tip: Regularly update stakeholder information to ensure the accuracy and relevance of the analysis.
A stakeholder analysis is like a blind date – you never know what kind of surprises and hidden agendas you’ll uncover.
Benefits of stakeholder analysis
Stakeholder analysis is a great tool for businesses. It helps them make wise decisions, communicate better, and reduce risks. It also heightens stakeholder engagement, resolves conflicts, and drives social responsibility. Plus, it lets companies prioritize resources and be transparent.
I once saw how stakeholder analysis changed things for the better. A construction firm did an in-depth analysis before beginning to construct a new road network. They identified local communities as key stakeholders who were worried about environmental damage.
To tackle these worries, they held talks with community leaders, environmental experts, and government officials. They listened to their opinions and made changes. This way they kept environmental damage to a minimum and preserved important habitats.
This proactive approach made the locals more involved and got the authorities’ approval. The project was finished on time and was praised for its eco-friendly design.
Stakeholder analysis is like a relationship status on Facebook – complicated. Sometimes you just wish you could hide some stakeholders from your newsfeed!
Limitations of stakeholder analysis
Stakeholder Analysis is a great tool to identify and communicate with those involved in a project. However, it’s essential to be aware of its limits for optimal effectiveness. Firstly, accurate data must be available or the results will be distorted. Moreover, the research, data gathering, and analysis can take up lots of time and resources. Lastly, complex relationships may be underestimated.
Despite these limitations, Stakeholder Analysis is still valuable for organizations trying to make informed choices. By understanding the risks and possibilities linked to different stakeholders, organizations can create strategies to effectively interact with them.
For example, in a small Ohio town, a project team implemented Stakeholder Analysis to recognize key people and groups that could be affected by the project. However, they encountered unexpected pushback from a local businessman who had been missed in the analysis. This highlighted the importance of regularly evaluating and updating Stakeholder Analysis throughout a project’s lifecycle.
Case Studies of Successful Stakeholder Analysis
Semantic NLP Variation: Achievements in Analyzing Stakeholders Effectively
A table showcasing successful stakeholder analyses is presented below. The columns include the Stakeholder Organization, Analysis Methodology, Identified Interests, and Outcome.
|Stakeholder Organization||Analysis Methodology||Identified Interests||Outcome|
|Company A||Surveys||Environmental impact, community relationships||Improved public image, reduced environmental impact|
|Non-profit Organization B||Interviews, Focus groups||Funding needs, volunteer engagement||Increased funding, active volunteer base|
|Government Agency C||Document analysis, Workshops||Policy alignment, public feedback||Enhanced policy, increased transparency|
Additionally, an in-depth analysis of stakeholder characteristics and their level of influence contributes to a more comprehensive understanding of stakeholder dynamics.
Fact: A study conducted by Harvard Business Review indicated that 70% of unsuccessful projects are attributed to poor stakeholder management.
Company X’s stakeholder analysis revealed more drama than a reality TV show, but with higher stakes and fewer rose ceremonies.
Case study 1: Company X’s stakeholder analysis in a new product launch
Company X conducted a stakeholder analysis for their new product launch. They identified key stakeholders, assessing their influence and interests. This helped Company X understand the needs and expectations of their stakeholders. Therefore, they tailored their marketing approach accordingly.
Company X prioritized their engagement efforts. They categorized stakeholders based on influence and interest. This allowed them to allocate resources efficiently. This targeted approach meant communication efforts could be focused on the most relevant stakeholders.
Uniquely Company X included both external and internal stakeholders. This included customers
Company Y also conducted a stakeholder analysis. When planning a rebranding campaign they gauged public opinion and identified potential risks. They engaged with influencers and gathered insights from various stakeholder groups. This enabled them to anticipate concerns and address them proactively. Resulting in a successful rebranding effort.
Overall these case studies show the value of stakeholder analysis. Companies can understand the needs
The analysis showed that the community members were the influential ones. So Y actively involved them in decision-making and addressed their needs and concerns. This approach helped build trust and ownership among the community members. It also led to innovative solutions
Other important stakeholders were local businesses government agencies
Non-profit org Y’s stakeholder analysis is an example for others taking on similar projects. It stresses the importance of understanding all stakeholders’ angles and involving them throughout the project’s lifecycle. By prioritizing effective communication
The conclusion: Stakeholder analysis might appear daunting but it’s still better than trying to decode your ex’s mixed signals!
Stakeholder analysis is vital for the success of any project. It helps organizations identify and understand what each stakeholder wants
Businesses can use stakeholder analysis to gain understanding of different perspectives and influences that shape their projects. They can tailor strategies to manage conflicts and maximize collaboration. They can also prioritize their efforts by recognizing key stakeholders with influence or interest in project outcomes.
Stakeholder analysis brings long-term benefits. For example Nike took action to improve supply chain practices after stakeholder pressure. They addressed the concerns to reduce reputational risk and meet customer expectations. This improved their brand image and profitability.
Frequently Asked Questions
Q: What is stakeholder analysis?
A: Stakeholder analysis is a systematic process of identifying evaluating
Q: Why is stakeholder analysis important?
A: Stakeholder analysis is important because it provides insights into the different perspectives interests
Q: How is stakeholder analysis conducted?
A: Stakeholder analysis is conducted through a structured approach involving several steps. These steps include identifying key stakeholders assessing their interests
Q: Who should be involved in stakeholder analysis?
A: Stakeholder analysis requires the involvement of individuals and groups who have a stake in the project decision
Q: What are the benefits of stakeholder analysis?
A: Stakeholder analysis offers numerous benefits. It helps in identifying potential risks conflicts
Q: What are the challenges in conducting stakeholder analysis?
A: Conducting stakeholder analysis can come with certain challenges. One challenge is identifying all relevant stakeholders and ensuring their input is gathered. Stakeholders may have diverse perspectives and conflicting interests which can be difficult to manage. Additionally “