What is a stakeholder in business analysis?

A stakeholder in business analysis is defined as an individual or group with an interest in the outcome of a project. This definition encompasses a broad range of entities, such as clients, end-users, project team members, and anyone who may be affected by or have influence over the project’s results. Understanding who the stakeholders are is crucial for business analysts, as they must engage with these parties to gather requirements, validate solutions, and ensure that the project aligns with stakeholder expectations and needs.

The involvement of stakeholders directly impacts the success of a project, as their feedback and insights can help shape the direction of the initiative. Effective stakeholder management involves identifying these individuals or groups early on, understanding their interests and power dynamics, and communicating with them throughout the project's lifecycle to maintain alignment and address any concerns that may arise.