stakeholder requirements in project management

There may be numerous external stakeholders as well as internal ones within a project. In order to perform successful stakeholder management, the project manager must classify and prioritize various needs and expectations. For example, regulatory bodies, neighbors, shareholders, funders are the stakeholders of a construction project. Stakeholder ManagementĪs discussed above, stakeholders can be anybody either internal or external to the organization. Therefore, maintaining good relationships which is a part of effective stakeholder management is a difficult and complex task because, a large number of people involved in a project with different levels of power, authority, and interests. Conversely, if the project has negative effects on their requirements, they might be negative and obstructive. When they benefit from the project, they will be positive and supportive. They will be affected by the project’s outcomes and/or they will influence the project in some way. Stakeholders can be anyone or organization who has a stake or a particular interest in a project which is undertaken by an organization. In this article, we will discover who the internal and external stakeholders are in project management. It is the project manager’s business to balance the stakeholder involvement and isolation in order to complete the project successfully.

However, if the stakeholder’s requirements are not addressed clearly or if they are not involved in the project, the project’s possibility of success will decrease.

When the stakeholders influence the project in order to meet their own requirements and expectations, this will create significant risks such as scope changes, an increase in complexity, costs, etc. Typically, projects are surrounded by people, organizations, internal and external shareholders who have a particular interest in the outcome of the project. Even if everything is clearly defined, all the deliverables are detailed, a project can never exist in isolation. Stakeholder Management in Project ManagementĪlmost all projects are subject to external influences.

Stakeholder requirements in project management