Project Management

How important are the stakeholders?


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2011-05-06 05:00:33
2011-05-06 05:00:33

Project stakeholders are individuals and organizations whose interests are affected (positively or negatively) by the project execution and completion. In other words, a project stakeholder has something to gain from the project or lose to the project. Accordingly, the stakeholders fall into two categories-positive stakeholders, who will normally benefit from the success of the project, and negative stakeholders, who see some form of disadvantage coming from the project. The implications obviously are that the positive stakeholders would like to see the project succeed and the negative stakeholder's would be happy if the project was delayed or even better cancelled.

For ex: let us say, your state government wants to build a Government Hospital in your city. It is a good thing right? You, the citizens of your city and the chief minister are all positive stakeholders of this project. Lets say there is a private Hospital in the city that is having a thriving business currently. They would be negative stakeholders because, if the government hospital comes up, their business will be affected and hence they would be happy if the government scraps its project.

Negative stakeholders are often overlooked by the project manager and the project team, which increases the project risk. Ignoring positive or negative project stakeholders will have a damaging impact on the project. Therefore, it's important that you, as the project manager, start identifying the project stakeholders early on in the project. The different project stakeholders can have different and conflicting expectations, which you need to analyze and manage.

To Summarize - They are very important and need to be aware of what is happening with a project.

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Related Questions

The stakeholders that are the most important are the ones that hold controlling interests in a company. These stakeholders can change the makeup of a company.

Stakeholders that are both important and influential, are primary stakeholders and must by fully engaged in the governance and steering of the project, if it is to succeed. While stakeholders that are either important or influential, are secondary stakeholders and need to be actively managed during the project.

Types of listening that would be required with internal and external stakeholders?

There are two type of stakeholders which are internal stakeholders and external stakeholders. Thank you

Stakeholders play a big role in the educational system. They are considered as the partners in the success of the school children.

The terms Primary, Secondary and Tertiary with respect to Project Stakeholders refers to the 3 most important stakeholders in a project in their order of importance. Usually the Project Manager, Project Customer and the Project Management Office are the 3 most important stakeholders in a project in order.

customers, government, Banks, Suppliers and Workers

Sainsbury's stakeholders are......for me to know and you to find out.

the rspca stakeholders areInternal stakeholders1. trustees2. employeesExternal stakeholders3. the charity commission4. donators5. media.

The stakeholder matrix is a simple, but effective tool for analyzing stakeholders. Stakeholders are any individuals or groups who can be affected or affect a business. The stakeholder matrix is a graph which is split into 4 quadrants. A common matrix plots stakeholders by power on the y axis and interest on the x axis. Stakeholders with low power and low interest aren't very important. Stakeholders with high power and high interest are very influential and need to be carefully managed.

Stakeholders in a business are any entity that is effected by the operations of that business in some way. The most obvious stakeholders are employees, owners, and customers. Other stakeholders are indirect stakeholders such as competitors, the neighborhood the business is in, the government, and the environment.

Shareholders, employees and investors are stakeholders in banks. Other stakeholders include customers and the community in which it is located.

1. Capital market stakeholders 2. Product market stakeholders and 3.Organizational stakeholders

It depends on the project. Sometimes internal stakeholders are much more important than external stakeholders, sometimes external stakeholders don't even exist in the project (it's mainly an internal project). So I think the answer is Yes, an internal stakeholder can be considered a primary stakeholder.

Managing Stakeholders is crucial to the success of any organisation, programme or project. This makes it very important to identify and analyse your stakeholders as early as possible. Firstly identify all of the people who could be affected by the organisation/change/project. Then analyse them using your preferred analysis technique. Once the analysis is complete develop an engagement plan and refer to that frequently to ensure that your stakeholders are managed effectively.

Key stakeholders include people like the customer for whom the project is executed or the CEO of the company that is executing the project. So, a good relationship between the key stakeholders and the project manager or sponsor is extremely important for the success of any project

The customers are most important, they affect whether the company goes bust or succeeds -> no customers = no business

it doesnt actually affect stakeholders

McDonald's Stakeholders are the people who have inetrest in McDonald's success as a business

the bbc stakeholders are mr khan and dave the mosque manager.

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