What is a Stakeholder Register and how to create a Stakeholder Register?
Understand what is a stakeholder register and the entire process of creating one for managing your projects.
TABLE OF CONTENTS
- What is a Stakeholder Register?
- What does a Stakeholder Register contain?
- How to create a Stakeholder register?
- Why is it important to use a Stakeholder Register in project management?
- Stakeholder Register Template
What is a Stakeholder Register?
A stakeholder register is a document that contains the necessary details about the project stakeholders. It is the index of all the individuals, groups, and organizations that have an interest in the outcome of the project, either directly or indirectly.
Project managers use a stakeholder register for the entire life of the project. It is typically created during the early phases of a project lifecycle. Since the stakeholder register serves as the basis for planning, team formation, defining success criteria, and assigning tasks and responsibilities, it is essential for the success of any project.
What does a Stakeholder Register contain?
The stakeholder register contains certain common fields, but they differ from one company to another depending on their individual goals. In general, it has the following fields:
• Stakeholder Name: The name of the stakeholder
• Title: How are they related to the company?
• Role: What is their role in this project?
• Interests: What are their interests?
• Power: How much authority do they have?
• Requirements: What do they require from this project?
• Concerns: What are their concerns?
How to create a Stakeholder Register?
A stakeholder register is created in 3 steps and the process is described in detail below:
1. Identifying the Stakeholders
The first step is to identify your project stakeholders. Stakeholders are individuals or groups who have a say in the project. This may include project managers, sponsors, executives, team members, and contributors. It is crucial to identify your project stakeholders at the earliest possible stage and then work closely with them throughout the project lifecycle.
Discuss with your project team to identify individuals and groups who have an interest or are affected by the project. It is important to remember that identifying stakeholders is a continuous process, so the document must be constantly updated and revised as and when necessary.
2. Creating the register
A stakeholder register can be created with a simple Excel or Word document. Instead of starting from scratch, you can use our Stakeholder Register Template. The document contains all the common fields but you can also add the ones that are specific to your organization.
You can include additional fields in the column such as Expectation, Influence, and Engagement level. While in the row, you can list down the various stakeholders that are involved in the project.
3. Analyzing stakeholders
Finally, start collecting information to fill all the fields of the stakeholder register. You can reach out to each stakeholder to gather information. If you are not able to reach an external stakeholder, you then need to utilize publicly available sources in order to gather information about them.
Analyzing is perhaps the most important part of creating a stakeholder register, so take careful note of the expected outcomes and the interests of the stakeholders.
Why is it important to use a Stakeholder Register in project management?
A stakeholder register is a living document that defines the stakeholders that are involved in the project. Let us take a look at the benefits of using one for project management:
• Better communication:
Having a detailed stakeholder register helps to identify the stakeholders’ preferences and create an effective communication plan (check out why communication is key here). It helps to avoid miscommunication between stakeholders.
• Concerns are addressed:
Stakeholders often have concerns. With a stakeholder register, each stakeholder can voice their concerns that may hinder the progress. Stakeholders get to better understand the challenges and can then address the concerns. They can also explain how the project may impact their roles and responsibilities.
• No surprises:
A stakeholder register ensures that you won't be caught off guard by a stakeholder. Projects are often evolving. Issues may arise when a stakeholder exerts their influence or when stakeholders conflict with different views. But the document helps to define and capture stakeholder interest and concerns. It is especially useful when managing large projects or projects that are moving at a rapid pace.
Stakeholder Register Template
The stakeholder register records relevant information for each stakeholder or group of stakeholders to keep information organized. You can get a clear view of your project stakeholders with this free template- Stakeholder Register Template