Stakeholder Analysis Matrix
Project Name: Stakeholders for a project come in numerous varieties and can have very unique perspectives and goals regarding its completion. One form of stakeholder has been identified as a party indirectly affected by the undertaking of a project and may include adjacent organizations (What is a Stakeholder, 2018). When considering the potential stakeholders of a complete kitchen remodel, the homeowners’ insurance provider would certainly qualify as in interested party. Homeowner’s insurance is designed to mitigate the threat of damage or injury sustained to or on a client’s property. It is essential that an insurance provider have the most up to date information regarding the value of a property. If the home were to suffer a catastrophic accident and the policy had not been updated, the client would incur losses on the value of the entire renovation.
| Stakeholder Name/Group |
Interest |
Power |
What is important to the stakeholder? | How could the stakeholder contribute positively to the project? | How could the stakeholder block/hinder the project? | Strategy for engaging the stakeholder |
| Client/Homeowner | High | High | The importance to the client/homeowner is the completion of the kitchen renovation and satisfaction of the finished project. Being able to see their vision come to light. | The homeowner can ensure that they are confident in their decisions for the options that were selected. Also ensuring that all payment is fulfilled
|
The client/homeowner could have a change of heart and want to make significant changes to the project. The homeowner/client can stumble upon financial hardships and aren’t able to fulfill their funding obligation | Engaging with the stakeholder is a must. Always update the stakeholder with the status of the project. You can provide these updates on a weekly basis at project meeting. |
| Mortgage Company | Low/Medium- if the homeowner chooses to fund the renovation using a home equity line of credit or a loan.
The equity acts as security to the mortgage company so there is a decreased chance of default |
High | The mortgage company will want to see that the homeowner can repay the borrowed funds. A credit check will be done to determine current credit worthiness. The company will also want to ensure the kitchen renovation has increased the value of the home. This will be determined during the appraisal. | It may be an ideal option to obtain funding through the mortgage company since there is a relationship already established through the home loan. Speedy approval of the requested borrowing amount as well as offering good loan and repayment terms, acceptable to the homeowner would positively impact the project. | Disapproval of the requested amount, which would cause the homeowner to consider other options to fund the renovation.
|
Complete the loan application in a timely manner.
Provide requested documents to secure loan. Abide by a repayment schedule that is agreed to upon approval.
|
| Homeowner’s Association | Low/Medium | High | The Homeowners Association is concerned about the final production of the kitchen remodeling. If this house were to go on the market, the kitchen remodel must be up to code with plumbing, electrical, and stature of the home. | A positive approach that could be brought by the HOA is a list of compliance standards for remodeling the kitchen. Getting all the information needed BEFORE remodeling will alleviate stress of the team and avoid scope creep as much as possible. | Disapproval of any blueprints of the kitchen remodel. HOA could disapprove the remodel if it wasn’t up to code with the rest of the neighborhood, or if there is a chance it could fail inspections. Some HOAs can impose covenants that might seem overly restrictive such as needing HOA approval to make minor changes to their house or property including changing the color of their front door (Rives, para 7) | Schedule a time to contact the HOA and go over the scope of the work. Make any additional changes to the scope in order to follow compliance codes.
|
| Homeowners Insurance | High | Low | Information regarding changes to the property. Changes in the value of property. Extending additional coverage to incorporate new property. Structural changes (where injuries may occur) and the associated liability coverage or changes necessary (How remodeling your home affects your insurance, n.d.). Compliance with codes and safety to ensure no neglect result in claims of property damage. Permits and bonding to certify work performed. Existing liability insurance of the contractor for employees performing work on the property. | The homeowners’ insurance company can extend updated coverage for the newly remodeled kitchen. The new policy will aid in facilitating any claims made regarding the newer products in the house. Insurance providers also offer coverage for property/ appliances that may be in storage off site if properly notified. | Failing to inform the insurance company of renovations can result in gaps in coverage. Absent the appropriate policy, damages and injuries sustained during construction can translate into out of pocket expenses. Incurring such expenses can elevate the budget beyond what the client can afford. Unlicensed or work performed without a permit may also not be insured by the provider and could result in the project needing to be halted or restarted. Many mortgage companies require a homeowner’s policy to be in place as a condition of the loan. A drop-in coverage due to lack of compliance can cause a project to stall. | Keep the insurance company informed. Advise the insurance provider of the intent to remodel and inquire about the existing coverage. Provide projected outcome of the remodel for a new quote on the insurance. Provide copies of contactor information to the insurance provider to address liability. Provide appraisal to the insurance company when work is completed. Provide before and after pictures of the kitchen.
|
| Inspector | High | High | Compliance with established government codes. | Communicating codes that are required to be met.
Scheduling time for inspection.
Verifying codes are met. |
Not arriving at scheduled time.
Failing to supply appropriate codes.
|
Phone and face-to-face meetings scheduled, with email updates and agendas. |
| Contractor | Low | High | A timeline of the project.
Deciding and determining the different phases for the remodel to best plan and execute in the time given. Identifying the contractor and sub- contractor for the remodel. The material needed to complete the remodel are available when needed. The budget available to purchase any supplies and material that are needed.
|
The contractor can stay on top of the budget and time set for all of the different work phases to complete the remodel. Making sure they have the material and supplies needed to complete the remodel during the time needed. | The remodel can be blocked or hindered if there is a Lack of manpower and or material. The budget not being able to cover the remodel cost enabling the remodel to be completed.
|
Base payment for all work and labor completed on the different work phases. Keep all Material and supplies readily available.
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References:
Rives, John(2018). What Is The Purpose of a Neighborhood HOA? Retrieved from https://www.mckeehomesnc.com/blog/what-is-the-purpose-of-neighborhood-hoa/
How remodeling your home affects your insurance. (n.d.). Retrieved from https://www.esurance.com/info/homeowners/remodeling-your-home-affects-your-insurance
What is a Stakeholder? How to Identify, Analyze and Manage Project Stakeholders. (2018, August 13). Retrieved from https://www.projectmanagementdocs.com/blog/what-is-a-stakeholder-how-to-identify-analyze-and-manage-project-stakeholders/#axzz49OEBIclD
