What is a key stakeholder in a project?
According to the Project Management Institute (PMI), the term project stakeholder refers to, "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project" (Project Management Institute, 2013).
Stakeholder analysis is a tool for clearly defining key stakeholders for a project or other activity, understanding where stakeholders stand, and developing cooperation between the stakeholders and the project team.
- The Power/Interest Grid, which is also known as the Power/Interest Matrix, is a simple tool that helps you categorize project stakeholders with increasing power and interest in the project. This tool helps you focus on the key stakeholders who can make or break your project.
- Yes, competitors are stakeholders. Obviously, customers, employees, managers, suppliers, government regulators and others can directly influence a business and its performance, meaning they're particularly important stakeholders.
- A key aspect of formulating corporate strategy is understanding key stakeholders. The objectives of an organisation will be governed by its key stakeholders. These key stakeholders be determined using stakeholder mapping. Mendelow's matrix is a popular method for performing stakeholder mapping.
Stakeholder analysis (also called stakeholder mapping) is an important step in designing a new program. Stakeholders include individuals, community leaders, groups and other organisations who will be impacted by the program, or who could influence the outcome. They can be internal or external.
- Stakeholder mapping is Step 2 in the BSR Five-Step Approach to Stakeholder Engagement. Mapping is an important step to understanding who your key stakeholders are, where they come from, and what they are looking for in relationship to your business.
- Stakeholder power is an important factor to consider whenever you are asked to write about the relationship between a business and its stakeholders. In the context of strategy, what is important is the power and influence that a stakeholder has over the business objectives.
- The major stakeholders in the healthcare system are patients, physicians, employers, insurance companies, pharmaceutical firms and government. Insurance companies sell health coverage plans directly to patients or indirectly through employer or governmental intermediaries.
Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
- A stakeholder may be actively involved in a project's work, affected by the project's outcome, or in a position to affect the project's success. Stakeholders can be an internal part of a project's organization, or external, such as customers, creditors, unions, or members of a community.
- What is the difference between a shareholder and a stakeholder? A shareholder owns part of a public company through shares of stock (hence the name), while a stakeholder has an interest in the performance of a company for reasons other than stock performance or appreciation.
- Management philosophy that regards maximization of the interests of its all stakeholders (customers, employees, shareholders, and the community) as its highest objective. Compare with shareholder value approach.
Updated: 2nd October 2019