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Definition Of Stakeholders And Their Significance In Project Management

Stakeholders are important people in any business project. They are individuals who influence and eventually reap the benefits that are accrued to a completed project. A stakeholder is an individual or a group of people who in one way or another may affect, directly or indirectly be affected or perceive to be affected by the decision of a project. This may include; project sponsors, team members of the project, employees, organization members or people that are outside the organization. The number of stakeholders majorly depends on the size of the project; small projects have few while large ones have many. It should be noted that all stakeholders are not equal; they all play different roles at different capacities. Their expectations also differ with regards to individual interest. Failing to meet their expectation may jeopardize the success of your project.

Stakeholders of projects can be categorized into two; internal and external. Internal stakeholders comprise of; a sponsor, program manager, the management, project team and portfolio manager. External stakeholders may include; suppliers, local community, the government, customers, the media or even end users of the projects outcome. All these people play significant roles in the success of a project. Managing them effectively will assist an organization to greater heights. Having to fulfill the interests and expectations of shareholders may be challenging; occasionally conflicts do arise between stakeholders. Managing such rifts assist in healing the welfare of the project.

Competitors are not regarded as negative stakeholders; as a company does not strive to meet the requirements of the competitors but that of the core stakeholders in the project. Cooperation between all stakeholders is essential. Every stakeholder works according to the stipulated agreement with the organization. Identifying them at the very beginning of projects helps in strategizing properly to beat the competition in the market and bring success to the project.

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Writing a term paper

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