An individual or Group which has direct or indirect stake in a project that can affect or affected by the actions, objectives and decisions of the Project can be identified as Stakeholders. Accordingly Creditors, Customers, Directors, Employees, Owners or Shareholders, Suppliers, Trade unions, Government and its Agencies are all included under the expression of Stakeholders. Stakeholder can be anyone who has interest in the project or will be affected by its dealings. Project Managers have to realize the values and issues that stakeholders have in order to involve everyone in the project. The sooner these issues are addressed positively the better it is for the smooth functioning and progress of the Project.Stakeholders are not equal and various stakeholders are entitled to different considerations. As an example company’s customers who comprise part of the stakeholders are entitled to fair trading deals but they are not entitled to the same consideration as the Project employees.To put it into its context, stakeholder management is vital in order to achieve objectives of any Project. Creating positive relationships with stakeholders and proper management is a most unique feature which has pivotal importance in contemporary business environment.