123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Education >> View Article

Stakeholders Of A Project

Profile Picture
By Author: johnsmith
Total Articles: 8
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Who are the stakeholders of a Project? A stakeholder has some involvement, interest, or is concerned about the project. When a project begins, the stakeholders of the project have to be identified. The obvious stakeholders of the project are the customers, the company doing the project, the project team members, and suppliers. But there are also some stakeholders who are not very visible. For example, the government may be a stakeholder in a project.

The stakeholders are usually listed in the Project Charter. The Project Charter is a document that recognizes that a project exists and gives authority to the project manager to allocate resources to the project.

The Procurement Documents help in identifying the suppliers of a project. If a project needs a constant supply of raw materials or finished goods, then the supplier is a very important stakeholder of the project. A project manager who has done the PMP Prep will be able to create a project charter and evaluate a procurement document.
After identifying the stakeholders a document called the Stakeholder Register is created. This Stakeholder Register ...
... lists the names of the stakeholders, the departments they belong to, their designation, and contact information. The influence and importance of each stakeholder are also mentioned. The stakeholder is also classified as internal or external, neutral or supporter and more.

For example, let us list the stakeholders of a software project. The stakeholders are the project manager, team leader, software developers, testing team members, technical writers, graphic and animation designers, customers, and the company doing the project.
After knowing the stakeholders in the team, we should know if all the team members have similar interests or conflicting interests. For example, a developer may declare that he/she has completed all the project requirements. But a tester may find out and point out that certain features have not been completed. But if the developer refuses to agree or oblige then the tester and developer seem to have conflicting interests in the project. The PMP Exam Prep Course will help to identify stakeholders.

Stakeholders need to be satisfied and constantly informed about project status. The amount of information and attention a stakeholder receives depends upon his/her power or authority, influence, interest, and impact on the project. For example, transactions regarding project budget need not be informed to a project team member. However, a project manager must be aware of the budget estimations and new quotes for the project. This is because the project manager has more authority/ power over the project than a team member. Moreover, a team member may not be interested in knowing the financial transactions of the project.

The engagement of the stakeholder is very important for the success of a project. The amount of engagement expected from each of the stakeholder is determined at the start of the project by holding meetings. If there is a gap between the expected engagement and planned engagement levels that gap has to be filled. For example, a stakeholder may be aware of the project and the potential impacts but maybe resistant to change. In such a scenario, the stakeholder can be tuned to become more supportive or to even lead the change. Identifying and managing stakeholder is an important component of every project. You have to build trust, resolve conflicts, and listen effectively to engage and manage stakeholders. The PMP Exam Prep will help you in stakeholder management.

Total Views: 308Word Count: 569See All articles From Author

Add Comment

Education Articles

1. Devops: The Modern Skillset Every Tech Professional Should Master
Author: safarisprz01

2. Salesforce Marketing Cloud Training In India | Cloud
Author: Visualpath

3. How An English Medium School Shapes A Child’s Future In Today’s Global World
Author: Mount Litera Zee School

4. Mern Stack Online Training In Ameerpet | Mern Stack Ai Training
Author: Hari

5. Why Online Courses In Sap Sd Are The Best Solution For Today's Professionals
Author: ezylern

6. Sailpoint Online Course In Bangalore For Professionals
Author: Pravin

7. Sap Ai Course | Sap Ai Online Training In Hyderabad
Author: gollakalyan

8. Why Aima Is The Best Choice For A Global Advanced Management Programme
Author: Aima Courses

9. The Best Oracle Integration Cloud Online Training
Author: naveen

10. Mlops Training Course In Chennai | Mlops Training
Author: visualpath

11. International Cbse School In Nallagandla,
Author: Johnwick

12. Best Mba Dual Specialization Combinations For 2025 And Beyond
Author: IIBMS Institute

13. Top Docker Kubernetes Training In Hyderabad | Docker And Kubernetestop Docker Kubernetes Training In Hyderabad | Docker And Kubernetes
Author: krishna

14. Full Stack Web Development Course In Noida
Author: Training Basket

15. Master Advanced Pega Skills With Pega Cssa Infinity'24.2 Online Training By Pegagang
Author: PegaGang

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: