What is a Stakeholder in Project Management?
What is a stakeholder in project management? Stakeholders are those with any interest in your project’s outcome. They are typically the members of a project team, project managers, executives, project sponsors, customers, and users. Stakeholders are people who are invested in the project and who will be affected by your project at any point along the way, and their input can directly impact the outcome.
It’s a good idea to practice good stakeholder management and constantly communicate with them in order to collaborate on the project. After all, they have a stake in how it all turns out.
Stakeholders vs. Key Project Stakeholders
Project stakeholders in general can be single individuals or entire organizations who are affected by the execution or outcome of a project. Doesn’t matter whether the project affects them negatively or positively. If they’re affected, they’re a stakeholder.
Key project stakeholders, however are those stakeholders who have the influence and authority to dictate whether a project is a success or not. These are the people and groups whose objectives MUST be satisfied. They make or break the project. Even if all deliverables are in and budgets are met, if these people aren’t happy, you’ve failed as a project manager.
Typical Key Stakeholders in a Project
The typical key project stakeholders you’ll find in any project will include some of the following:
- Customers: the direct user of a product or service, often both internal and external to the company executing the project
- Project manager: the project’s leader
- Project team members: the group executing the project under the project manager’s leadership
- Project sponsor: the project’s financier
- Steering committee: advisory group providing guidance on key decisions. Includes the sponsor, executives, and key stakeholders from the organization
- Executives: the top management in the company executing the project, those who direct the organization’s strategy
- Resource managers: other managers who control resources needed for executing the project
There are many more depending on the project, some which may include: sellers/suppliers, contractors, owners, government agencies, media outlets, even society at large.
Further Reading:
- 4 Strategies for Dealing With Difficult Stakeholders
- 7 Keys to Project Stakeholder Management from the #PMChat Community
- Project Management Lessons Learned from the Apollo 11 Moon Landing
- 4 Skills Managers Will Need to Learn in the Next Decade
- Why Every Company Needs a Culture of Collaboration
- What Can We Learn from Project Failure? 5 Lessons from Project Management Experts