An Insight Of “Stakeholder”

While the term “Stakeholder” is commonly used in most of the projects, not everyone fully understands its in-depth meaning. In this article, let’s gain useful information about Stakeholder Analysis for good.

WHO ARE STAKEHOLDERS?

Put simply, stakeholders can be an individual, a group of people or an organization, who directly affects the project and are towards the project’s success.

Stakeholders are people with these roles below:
• Participate in the development of the project
• Manage the development of the project
• Be directly or indirectly related to the rules and regulations of the project operation
• Be the owner of the project (Customer)
• Be affected by project development

Regardless of the size of the project, there are always stakeholders. Therefore, project managers are responsible for identifying, analyzing stakeholders and cooperating with them.

HOW TO CLASSIFY STAKEHOLDERS?

Depending on the nature of each project, there are different types of stakeholders, which are told apart in these categories:
• Key Stakeholders: They directly influence the project’s success or failure. They can be shareholders, investors, customers, suppliers, workers working on the project, etc.
• Secondary Stakeholder: They are individuals or organizations outside the project, indirectly affected by the project operation. They can be the Government, associations, communities, pressure groups, etc.

In order to ensure the success of a project, the sooner the stakeholders are identified, the higher the working efficiency is, especially at the project’s creation stage. Besides, their building comments for every stage in the progress will strengthen the project.

WHY DO STAKEHOLDERS HOLD THE PROJECT’S TRIUMPH?

Having strong stakeholders means that you have a strong resource, or those are well-positioned to maintain a commitment to the project, fight for the proper operation and achieve the desired goal.

The project becomes challenging to reach its goal if you do it by yourself since there are many obstacles and challenges during the process. Thus, you better call for cooperation from stakeholders and their buy-in to gain success more conveniently.

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