IT Portfolio Management Step-by-Step: Unlocking the Business Value of Technology

2.6. STAKEHOLDER ANALYSIS

This step is not optional! Many practitioners assumed it was, leading to derailment of the effort because of a failure to address the issues of a key stakeholder. Stakeholder analysis is designed to identify key players who have a stake in IT portfolio management and their attributes so that they can be addressed appropriately. In rudimentary stakeholder analysis, individuals who have a stake in an effort are identified, then their issues are captured and addressed. We advocate taking stakeholder analysis a bit further. While IT portfolio management has its roots in mathematics, people are the critical element to its success. Key stakeholders must be identified and their support secured. To do this, however, the personal benefits to them must be identified, associated with the IT portfolio management effort, and subsequently communicated to them to secure their involvement and support.

Key stakeholders are generally identified as those with formal or informal power. Formal power can often be associated with funding ability. Informal power relates to the ability to influence others (often those with funding ability). Stakeholder groups can also be identified. For example, the team of project managers might be considered a stakeholder group. If the IT portfolio management exercise involves projects and project metrics are required, project managers must be addressed to fulfill this need.

Once key stakeholders are identified, their attributes must be collected. ...