Practical Applications
- Strategic Management of Stakeholders
- The Traffic Light Approach
The use of the stakeholder analysis tool is illustrated by Fran Ackermann and Colin Eden in their article Strategic Management of Stakeholders: Theory and Practice in Ackerman and Eden (2011). They repeat, explain and illustrate how their approach can be used in practice. The approach of Ackermanm and Eden is considered to be of a relative sophisticated and strategic nature, but there is also a more straightforward approach towards stakeholder analysis.
The straightforward method is described by Bryson (1995) and is often referred to as the traffic light approach. The risk of using this approach is investing too much effort into the management of (perspectives and positions) of stakeholders that are not that important for the success of the project under development.
Both approaches can be combined as been described in this stakeholder map. Much more relevant information with regard to the practical application of the described tool for stakeholder analysis (including video instruction and practical instructions) can be found on for instance this site.