An exercise in Stakeholder Analysis for a hypothetical offshore wind ...

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STAKEHOLDER ANALYSIS EXERCISE 2.3. Assessment of Stakeholders for importance and influence. In the following stage of the analysis, the degree of importance or influence of each stakeholder with regard to the envisaged project is gauged: • A stakeholder’s degree of influence translates into the relative power he or she has over the project, as well as the degree to which he or she can help desired changes to be implemented or blocked. In broad terms, a stakeholder’s influence derives from his or her economic, social or political position, or his or her position in the hierarchy, although it can also often be someone with contacts or personal connections with other influential stakeholders. Other indicators also have to be taken into consideration when analysing stakeholders’ influence: expert knowledge, negotiating capacity, charisma, strategic resource control, and so on. A stakeholder’s level of importance indicates the extent to which a project would be ineffective if his or her needs and expectations were not taken into account. These two indicators, influence and importance, are not the same. In combination they not only provide information on how stakeholders act reciprocally, but can also help to identify assumptions and risk situations for the project. These relationships can be represented in a diagram which could help to identify potential risks to the project. It also allows stakeholders with similar needs to be grouped together. A stakeholder’s interest or influence can be characterised by giving a grade in numbers (from 0 to 10) or by giving High (H), Medium (M) or Low (L) ratings. The following figure provides a sample diagram: Figure 2. Importance-Influence classification Source: Smith, Larry W., 2000 S1: Stakeholder X It can be seen that in the diagram stakeholders with the highest level on both indicators, influence and importance, are high-lighted against a shaded background. This is because they are considered to be key stakeholders in the project. The stakeholders 12
STAKEHOLDER ANALYSIS EXERCISE that are in the bottom right- hand quadrant are those that are potentially the greatest risks to the project. . 2.4. Outline assumptions and risks The last stage of a Stakeholders’ Analysis is to identify potential risks that might lead to stakeholders’ expectations not being met. Table 2 will be used to identify potential risks by adding a new entry under the heading of “Assumptions and risks”. This last stage provides some important information for a project risk management plan to be drawn up. Other columns could be added to the Table in order to include the pertinent risk mitigation strategy or specific actions that are planned. Table 3 provides an example of how to research these assumptions and risks with respect to key stakeholders. Source: Smith, Larry W., 2000. Table 3. Stakeholder interest and impact table 13
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