Importance Of Project Stakeholders

1497 Words 6 Pages
Abstract
In order for one to identify a stakeholder you have to know who and what a stakeholder is. According to the website for managing project communications, "a stakeholder is any person or organization that is actively involved in a project, or whose interests may be affected positively or negatively by execution of a project." The most critical step in the early life of a project, is to identify all of the organizations and people who may have any type of affect or input in the project, and all those who may be impacted by the project. Stakeholders can be internal or external to the organization. Primarily in most projects the stakeholder will be the public. Probably the biggest challenge for the project manager will be to
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Therefore, project managers should tailor formal processes to support the various projects they manage.
Stakeholder
During the entire process, it is key that the project manager fully understands that it is responsible for documenting all of the relevant information for stakeholders, as it relates to their impact on the project. The best thing that the project manager can do is to ensure that all information and documentation includes the stakeholder’s interests, involvement, expectations, importance, influence, and impact on the project’s execution as well as any specific communications requirements. (Project Management Institute 2013). Even though some stakeholders may not require any communication, it is still important for the stakeholders to be identified early on in the process. Another important aspect of stakeholder identification is properly assessing ones level of commitment to the project by using a scale to rate level of interest. It is also important to encompass various tools and techniques. 'Tools such as a rating scale, an influence diagram, or a chart form to identify the level of power, influence, interest, or impact that the stakeholder may have on the
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Knowing that this is a new process in the PMBOK, after doing research I have noticed that this is not a new process in project management. It is also a process that is often overlooked with sometimes disastrous results. I agree 100% in adding this to the PMBOK. This process can easily prevent a projects failure. It can be a big savor on time and money if in the beginning all stakeholders are identified and constantly updated on the project. If the stakeholders demands are not met or clear communication is not implemented then ultimately time and money are wasted. Project management exist so that the stakeholders demands can be met in the most efficient way and identifying stakeholders. Once you have identified the stakeholder you must then formulate a plan with them to execute. In regards to stakeholder engagement, I think that it’s an excellent idea to put it in the PMBOK. Their engagement is an excellent way to ensure that there is accountability in the process and provides more opportunity to further align business practices with societal needs and expectations. This is how we create a higher long-term shareholder value. Stakeholder engagement is intended to help the practitioners fully realize the benefits of stakeholder engagement in their organization, to compete in an increasingly complex and ever-changing business environment, while at the same time bringing about systemic change towards

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