International Project Management Association (IPMA) Practice Exam

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What is the primary purpose of a stakeholder analysis?

To identify project risks
To determine project costs
To understand stakeholder interests and influence
To fix project timelines

The correct answer is: To understand stakeholder interests and influence

The primary purpose of a stakeholder analysis is to understand stakeholder interests and influence. This process involves identifying all individuals, groups, or organizations that may affect or be affected by the project. By thoroughly analyzing stakeholders, project managers can gain insights into their needs, expectations, and levels of influence over the project. This understanding allows for effective communication, engagement strategies, and conflict resolution throughout the project lifecycle. Recognizing and mapping out stakeholder interests and their respective influence assists in prioritizing which stakeholders need more focus and management, enabling project managers to navigate potential challenges effectively. Effective stakeholder management leads to increased support for the project and helps mitigate resistance, ultimately contributing to the project's success.