Knowing Who They Are
Project or company stakeholders may be individuals, a group of people, or an organization that can be affected by the action plan. For instance, a new business venture requires resources such as funds, equipment, trading stocks, infrastructure, technical support, effective business plan, and initial operational expenses. Funds for meeting these requirements are obtained by attracting stakeholders. Stakeholders include lending institutions, banks, bondholders, project sponsors, partners, investors, and venture capital firms.
Project stakeholders are more like project sponsors who do not have any internal project commitments, but they do affect the project externally. They have an interest in furthering the project and they expect to benefit upon successful completion of the project. A project stakeholder is anyone who has an interest in the project. Project stakeholders have a huge impact on the overall performance of a particular project. from its inception to the end level of project execution. Their interests may completely affect the whole system of project management and can lead to improper project execution or delayed project completion. Examples of project stakeholders may also include the customer, the project manager, the project team, and the project testers.