Stakeholder's analysis is a key part of Stakeholder Management. Discuss.

Stakeholder analysis is a key part of stakeholder management. A stakeholder analysis of an issue consists of weighing and balancing all of the competing demands on a firm by each of those who have a claim on it, in order to arrive at the firm's obligation in a particular case. A stakeholder analysis does not preclude the interests of the stakeholders overriding the interests of the other stakeholders affected, but it ensures that all affected will be considered. Doing a stakeholder analysis can: draw out the interests of stakeholders in relation to the problems which the project is seeking to address (at the identification stage) or the purpose of the project (once it has started) identify conflicts of interests between stakeholders help to identify relations between stakeholders which can be built upon, and may enable in creating synergies help to assess the appropriate type of participation by different stakeholders.