It may cause a delay in the project, cost overrun, and in the most severe cases, abrupt project termination. Overlooking any important stakeholder can make the situation difficult for you later. If you understand stakeholders’ expectations and requirements, your chances of success increase. Failing to do so can jeopardize your project’s success. You should treat them each according to their individual requirements and expectations. Everyone has different requirements and expectations. The governments, local authorities, the population that will be displaced, the population continuing to reside near the dam, environmentalists, the project management team, higher management, etc., are a few examples of stakeholders. In these cases, managing s takeholders can be challenging.įor example, a dam construction project has many stakeholders. Small projects have a few stakeholders however, larger projects have many stakeholders, including communities and/or the public.
It may include project team members, project sponsors, and people outside your organization. Put more simply: a stakeholder is a person, a group of people, or an organization that is interested in your project or is affected by its outcome, directly or indirectly. Stakeholders in Project Managementĭefinition: According to the PMBOK Guide, “A stakeholder is an individual, group, or organization who may affect, be affected by or perceive itself to be affected by a decision, activity, or outcome of a project.” I am writing this blog post to answer these queries, and I hope to clear up any doubts you may have about project stakeholders. You might be wondering about the stakeholders in project management and whom you must satisfy for the successful completion of your project. Stakeholder satisfaction is a must for successful project completion. However, the project cannot be considered successful because some stakeholders were not happy with the result. Sometimes, you may have completed the project, and the client may have accepted the deliverables. Your project’s success depends on the satisfaction of your project stakeholders.
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