Who Are Stakeholders and Why They Matter

 


Stakeholders are individuals or groups who have an interest in the success and outcomes of a project or business. They can include employees, customers, investors, suppliers, and even the community. Stakeholders can be internal, such as employees and managers, or external, such as customers and regulatory bodies.

Importance of Stakeholder Involvement:

  • Ensures project success: Involving stakeholders helps to ensure that the project aligns with their needs and expectations.
  • Reduces risks: Identifying and addressing stakeholder concerns early in the project can help to mitigate risks and avoid costly mistakes.
  • Improves decision-making: Stakeholder feedback can provide valuable insights and help to make informed decisions.
  • Fosters collaboration: Engaging stakeholders can foster a sense of ownership and collaboration among team members.

Key Terms:

  • Stakeholder analysis: The process of identifying and analyzing stakeholders and their interests.
  • Stakeholder management: The process of managing stakeholder expectations and addressing their concerns.


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