Stakeholder Analysis: Benefits and Limitations

Stakeholder analysis
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Carrying out a stakeholder analysis comes with both benefits and limitations. The analysis offers a better understanding of the stakeholders, their organization, power, and priorities, and risks. It facilitates adopting the best strategies and decisions, as one is aware of what the stakeholder wants. The process also makes it easier for plans and decisions to be accepted as the stakeholders’ interests are considered (Bhasin, 2020, Jul 31). Contrary, its effectiveness is pegged on a continuous analysis which is unsustainable. The final decision on the analysis relies on management’s subjective perception, which is likely to be biased. It is also tedious as it requires one to synthesize the interests of the different stakeholders according to their influence and importance (Bhasin, 2020, Jul 31).
In the research process, a stakeholder analysis is crucial as it shapes the project. It provides essential and accurate information, which informs other studies and facilitates the deve...