CompTIA Project+ Practice Test 2025 - Free Project+ Practice Questions and Study Guide

Stakeholder analysis is a critical process in project management that focuses on identifying stakeholders involved in a project and assessing their influence and interests. By identifying who the stakeholders are—such as customers, sponsors, team members, or regulatory agencies—project managers can better understand how these individuals or groups can impact the project.

This involves evaluating their level of interest in the project and how much influence they have over its outcome. Understanding these dynamics helps in developing effective communication strategies, managing expectations, and ensuring that stakeholder needs and concerns are addressed throughout the project lifecycle. It lays the groundwork for stakeholder engagement, fostering collaboration, and mitigating resistance.

While assessing project risks, allocating resources to stakeholders, or creating a project budget are important aspects of project management, they do not capture the essence of stakeholder analysis, which is centered on understanding and managing the relationships with those involved in or affected by the project.