Identification of stakeholders and their analysis is one of the key activities of software development process. Despite its importance, it has received less attention during the requirements elicitation process. Based on our review, we found that existing studies do not support the analysis of stakeholders of an information system using fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) and cognitive psychology model. Therefore, to address this issue, a method has been developed for the analysis of the stakeholders of an information system in which verbal protocol technique has been utilized for the collection of data in which subjects were asked to think and understand as they analyze the stakeholders of an information system. The stakeholders of an information system have been classified using fuzzy TOPSIS. The applicability of the proposed method is discussed by considering the stakeholders of an institute examination system. The proposed method has been compared and analysed by two state-of-the-art methods, i.e., StakeRare and StakeSoNet methodologies by using one of the key models of cognitive psychology, i.e., ACT-R model.