Stakeholder

In project management, a stakeholder is any individual, group, or organization that has an interest in or is impacted by a project. Stakeholders can be internal, such as the project team, project manager, or company leadership, or external, like clients, customers, suppliers, regulators, and the community at large. Stakeholders are crucial to a project's success, as their support, input, and influence can significantly impact the outcome.

Identifying and understanding the needs, expectations, and concerns of stakeholders early in the project lifecycle helps project managers build strong relationships and ensure that the project’s objectives align with the interests of those involved. Engaging stakeholders also helps mitigate risks, gain necessary approvals, and foster a collaborative environment.

Types of stakeholders

• Primary stakeholders: These are individuals or groups directly involved in or impacted by the project. They have a significant influence on the project’s direction and outcome. Examples include the project sponsor, project manager, and project team members.
• Secondary stakeholders: Secondary stakeholders are individuals or groups who are indirectly affected by the project. While their influence may not be as direct, their interests and concerns can still impact the project’s success. Examples include government agencies, competitors, and community groups.
• Key stakeholders: Key stakeholders are those with a substantial influence on the project, such as senior executives, major clients, or financial backers. Their support is often crucial to the project's success.

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