The person or group who provides the financial resources for the project.
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A stakeholder is an individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Stakeholders are either directly involved in the project or have interests that may be affected by the project’s outcome. It normally includes the members of a project team: project managers, project sponsors, executives, customers, or users. It’s beneficial and advisable to know about good stakeholder management skills and communicate constantly with stakeholders in order to collaborate on the project because after all, they are also affected by the product. If a project is small in size, the number of stakeholders can be small. However, if it is large and expanded to a large area, one may have a huge number of stakeholders, including communities or the general public. Also, all stakeholders are not alike. They have different expectations and needs. One must treat every stakeholder uniquely according to their needs or else the stakeholders might feel left out which can put the project in danger. Different stakeholders often have opposing expectations that might create clashes within the project. Stakeholders may also interfere in the project, its deliverables, and the project team to fulfill their strategic business objectives or other requirements. Project GovernanceProject governance is the alignment of the project with stakeholders’ needs or objectives. It is critical for achieving organizational goals. enabling organizations to manage projects consistently and exploit the benefits of a project. It also provides a framework that helps the project manager and sponsors to make decisions that suit both stakeholder needs and organizational objectives or deal with situations where they may not be aligned. Type of Project StakeholdersProject stakeholders can be classified into two types:
Internal StakeholdersAs the name suggests, these are the people involved in a project from within. They include:
External StakeholdersThese stakeholders are not directly involved but are engaged from outside and are affected by the project outcome.
Why Are Stakeholders Important for a Project?
Examples of Project Stakeholders in a Project
Roles of a StakeholderStakeholders are important to an organization because they consist of everyone in the organization that you need to deliver the required services to. If the people in charge are clear regarding who are the stakeholders of their IT services, they will be able to effectively define roles, responsibilities of supporting organizations, process, and the management of interfaces between different roles and processes. The main roles played by the stakeholders, that highlight their importance are:
ConclusionStakeholders are people who get affected by your project or have any kind of interest in it. They can be internal, external, positive, negative, high power, low power, etc. However, to complete your project successfully you have to manage all these stakeholders and fulfill their prospects. If you fail to do so, your project may get jeopardized. To avoid any shortcomings in your projects, enroll in the PMP certification training program to gain the best project management skills, and to manage projects successfully. Know more about project management best practices through Invensis Learning’s Project Management certification training on PMP, CAPM, PRINCE2, Project Management Fundamentals, etc. Who is the person or group who provides the financial resources for the project project manager project stakeholders executive sponsor communication plan?- Sponsor (or client or owner): the individual, group or organisation that provides the financial resources, in cash or in kind, for the project.
What are the responsibilities of a project champion quizlet?a project champion is an individual who has the authority to use resources within or outside an organization for completion of a given project. A project champion is chosen by the management so as to ensure supervision of a specific project right from its initiation phase to its execution phase.
What is an internal department that oversees all organizational projects?Project management office is an internal department that oversees all organizational projects.
Which phase establishes a high level plan of the intended project and determines project goals?Project planning, feasibility study: Establishes a high-level view of the intended project and determines its goals.
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