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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.
What else can I help you with?
Why stakeholders are important in the change process?
Stakeholders and change management
Why is it important that developers meet with stakeholders, and what are the potential consequences if developers do not meet with stakeholders?
It is important for developers to meet with stakeholders to ensure that the project meets the needs and expectations of those involved. Failure to meet with stakeholders can result in misunderstandings, delays, cost overruns, and ultimately, a product that does not meet the intended requirements or goals.
Meant by the terms primary secondary and tertiary stakeholder?
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.
What is a stakeholder matrix?
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.
What is the importance of the relationship between the project manager and the project sponsor and key stakeholders?
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
Which stakeholders are most important?
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.
Why stakeholders are important in the change process?
Stakeholders and change management
Who are the most important stakeholders?
the stake
Why is it important that developers meet with stakeholders, and what are the potential consequences if developers do not meet with stakeholders?
It is important for developers to meet with stakeholders to ensure that the project meets the needs and expectations of those involved. Failure to meet with stakeholders can result in misunderstandings, delays, cost overruns, and ultimately, a product that does not meet the intended requirements or goals.
Types of listening that would be required with important internal and external stakeholders?
Types of listening that would be required with internal and external stakeholders?
Why is it important to communicate with and address the issues pertaining to facility planning raised by stakeholders?
Why is it important to communicate with and address the issues pertaining to facility planning raised by stakeholders?Read more: Why_is_it_important_to_communicate_with_and_address_the_issues_pertaining_to_facility_planning_raised_by_stakeholders
Define primary and secondary stakeholders?
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.
Meant by the terms primary secondary and tertiary stakeholder?
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.
Types of stakeholders?
There are two type of stakeholders which are internal stakeholders and external stakeholders. Thank you
Identify five of the important stakeholders of British Airways?
customers, government, Banks, Suppliers and Workers
Are all internal stakeholders primary stakeholders?
No, government and creditor are the external stakeholders.
What is a stakeholder matrix?
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.
