What are the advantages and disadvantages of a stakeholder?

Answer 1

The key benefits of having stakeholders include:

• Valuable opinions, views and suggestions of the powerful stakeholders can help you shape your project while it is still in its nascent stage. This can significantly improve the quality of your project.

• When you have powerful stakeholders supporting you, you have access to useful resources as well. This way, the likelihood of your project hitting higher success levels is higher.

• The active participation of your stakeholders in your project will make them understand the nature of your project and they can then contribute by actively supporting your project.

• By envisaging in advance the reaction of people to your project, you can build into your plan the actions that will win you people's support.