Introduction

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.

Different Stakeholders

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.

Stakeholder management

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.

Stakeholder Map

A stakeholder map is a supportive  document  in order to identify  each and every  stakeholder. This   will ease the stakeholder management process. Recognizing   stakeholders  according to the influence or  impact they can make on the project  will also be helpful in the  management of stakeholders.

Stakeholder Agreement

It is primarily focused at getting to know  each other  and engagement is the opportunity to  discuss and  agree  to a set of values and principles. It is necessary that  all stakeholders  to   abide by them. Stakeholder agreement is a document of consensus  between and among  stakeholders.