Stakeholder Management Definition
A stakeholder is an individual, group, or organization with an interest in the success or failure of a project. The term stakeholder management is used to describe the process of identifyiing, assessing, and managing the interests and expectations of those individuals or groups who could impact or be impacted by the project.
The main goal of stakeholder management is to ensure that all stakeholders are kept informed about the project and that their needs and expectations are met. In order to do this, project managers must first identify all potential stakeholders, assess their level of interest and influence, and then develop strategies for managing them throughout the course of the project.
Identifying stakeholders can be a challenge, as they can come from any number of sources. Some may be obvious, such as project sponsors, team members, and customers. Others may be less obvious, such as suppliers, government agencies, or community groups. It is important to take time to identify all potential stakeholders early on in the project planning process so that they can be properly managed throughout the life of the project.
Once all potential stakeholders have been identified, it is important to assess their level of interest and influence in the project. Those with a high level of interest and influence should be given more attention than those with a low level of interest or influence. This will help ensure that all stakeholders are kept adequately informed about the project and that their needs are being met.
Once you have identified all stakeholders and assessed their levels of
