The stakeholders are very important in project management. Different projects need different stakeholders thus the project stakeholder management is employed. It includes all the processes that are needed to identify the people, groups, and organizations that can impact or can be affected by the project. It also involves analyzing the expectations of stakeholders and their impact on the project itself. Moreover, it also involves developing managing strategies to engage the stakeholders effectively when it comes to making project decisions and executions.
This particular process in project management also focuses on how to establish continuous communication with the stakeholders in order to understand their expectations and needs. It also deals with managing the conflicts and fostering engagement of the stakeholders during the entire project lifecycle.
The project stakeholder management includes different types of project management processes which include Identify Stakeholders, Plan Stakeholder Management, Manage Stakeholder Engagement and Control Stakeholder Engagement.
The project manager can use all these processes so that he or she can accurately identify and manage the stakeholders using appropriate methods to ensure the success of the entire project.
This term is defined in the 5th edition of the PMBOK.