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Love them or not, Stakeholders can affect a project both in the positive as well as negative way. Stakeholders are anyone who can affect or be affected by a project in any way. In a project, it is very important to engage with all the stakeholders. The project manager needs to identify the stakeholders in a project and maintain a clear communication between each of them. Stakeholders are a part of every decisions a project. However, engaging stakeholders is quite a task. Owing to the important role of stakeholders in a project. PMBOK Guide recognized it as one of the knowledge areas in the fifth edition.
Stakeholder Analysis and Management is very critical in any organization to deliver a successful project. By engaging the right person is right place is what make a real difference in success.
Let’s understand few terminologies Stakeholder, Stakeholder Management and Analysis.
Stakeholder: The term “stakeholder” is a traditional English word which means a third party who hold money or property while the owner is yet to be determined but it is used as a buzz word in management these days.
In business context a stakeholder is a person who has interest in the project. It can be a person or group of person that can have some impact on the success of project.
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