What is the main focus of stakeholder analysis in LCM?

The main focus of stakeholder analysis in the Requirements Life Cycle Management (LCM) process is to identify and involve stakeholders effectively. This step is crucial because stakeholders play a vital role in the success of a project; understanding who they are, their interests, influence, and needs is essential for gathering accurate requirements, managing expectations, and ensuring that the final deliverables align with their needs.

Effective stakeholder analysis enables business analysts to prioritize communication and engagement strategies tailored to different stakeholders, facilitating a collaborative environment. By doing so, it helps to mitigate potential conflicts and ensures that stakeholders are actively participating throughout the project life cycle, which ultimately contributes to achieving a successful outcome.

While evaluating project risks, creating project schedules, and assessing resource allocation are significant aspects of project management, they do not encapsulate the core purpose of stakeholder analysis. Instead, they usually come into play once stakeholders and their requirements have been effectively identified and engaged.