If you have been involved in a project or working in an organization, then you must have definitely come up with the term “Stakeholder/s”. Stakeholder is a general term (not restricted) and may apply across Local Business, Institutions, Organizations and others where people either influence or get influenced by the actions of the performing body.
Who is a Stakeholder?
Acording to the PMBOK, a stakeholder is anybody who has a particular interest, opinion making authority or who influences the work in either a positive or negative way. A stakeholder can either be a person, business affiliates, involved parties, group or organization.
Let’s see who the stakeholders in a class are where a teacher teaches its students
Students: Direct recipients of what the teachers teach and get influenced.
Teachers: Influenced by student marks and feedback. If they teach well, more students join.
School: The schools get influenced too. The better the students, the better is the name of the school
Parents: Parents get influenced in how their children study
All stakeholders are not equal. They may have different thoughts, requirements, expectations and opinion about a work. It is always important to understand your stakeholders expectations well, so that it benefits both your projects and organization in the long run.
Classification of Stakeholders
Stakeholders are classified in the way in which they influence the entity as:
Stakeholders play a vital role in the success and failure of a project. It is essential to identify all the key stakeholders prior to beginning work so that you understand their influence on the work, their expectations and authority in the work. When it comes to stakeholder management, setting the expectations and right communication is the key to the success of a project.
A stakeholder should clearly understand the goals of the project work and its purpose and should work towards achieving the goals.
A project manager in a project plays a critical role in identifying the right stakeholders for a project and most importantly stakeholder management by communicating the expectations of the project, frequent interactions in understanding stakeholder’s pain points, opinions, changes in expectations and then smartly leveraging their expectations without impacting the project.