Discuss the pros and cons of completing a stakeholder analysis. In your discussion, explain why stakeholder analysis is an important step in the action research process and what could happen if this step is eliminated or completed insufficiently.

Pros of stakeholders analysis

• Get to know stakeholders analysis better: with the help of a properly completed stakeholder analysis the project manager can get to know the project stakeholders better which can help in managing them effectively.
• Better managed relationships: with the help of a stakeholder analysis for the project manager is able to analyse the power and interest of each stakeholder which makes it easier for the manager to manage relationships with each stakeholder.
• Risks identified: with the identification of all the stakeholders form of the project manager is also able to identify all the risk associated with each of stakeholders and therefore they can carry out effective risk management strategies to minimise the negative consequences.
• Make better strategies and decisions: by understanding the needs and requirements of all the stakeholders within the project scope, the project manager is able to make better strategies to deal with these requirements as well as make good decisions accordingly

Cons of stakeholders analysis

• Best done on a continuous basis: it is important to understand that stakeholder analysis only works when it is carried out on a continuous basis which can be extremely time-consuming and tiring work
• Assessment of analysis may be subjective: the assessment carried out throughout the stakeholder analysis may be subjective which means that the actual results may be different from the analysis produced by the the researcher.
• May be not all stakeholders interests can be met at the same time: it is extremely important to understand that even after understanding the interest and power of all stakeholders, not all stakeholders can be kept happy by meeting their requirements due to the limited time and budget of the project.
• Focus on most important stakeholders: it is true that often the project management focuses on the most important stakeholders who have the highest interest and power in the stakeholder analysis grid which means that there is a limited chance of everyone getting their way.

This stakeholder this stakeholder analysis is an important process during any project because it has the project management in identifying all the parties that can affect or may be affected by the activities of the project. The project management team is also able to identify the interest and power level of all the parties in order to decide which part is need to be consulted before the project is taken any further. Some of the key stakeholders identified through the stakeholder analysis can help the project management team in keeping the project on track and to help it complete within budget as well as the scheduled timeline.

If the stakeholder analysis is not carried out, there is a likely chance that the project manager will not be able to identify any risk factors that come in the form of external or internal stakeholder who may impact the project outcomes. Similarly if the key stakeholders are not identified with the use of stakeholder analysis, the project manager will lose the chance of gaining insight from experience stakeholders who can help him in keeping the project on track and to completed within the given budget.