Stakeholder impact analysis in construction project management

Construction projects attract interest from various stakeholders who express needs and expectations about the project. These are often in conflict with each other and it is unlikely that all of them can be fulfilled. The stakeholder management process involves evaluating the needs and expectations of stakeholders in relation to the main objectives of the project. An important basis for this evaluation is stakeholder analysis. The approach is based upon established theory, knowledge of stakeholder management and empirical data. The analysis consists of a stakeholder impact index to determine the nature and impact of stakeholder influence, the probability of stakeholders exercising their influence and each stakeholder's position in relation to the project-are they proponents or opponents? The analysis of the stakeholder impact index can help project managers to formalize a stakeholder management process.