The paper 'Stakeholders’ Definition " is a great example of business coursework. Stakeholders’ definition cannot be ascertained because there are numerous different kinds of stakeholders. The typology of the stakeholders depends on the type of project or the enterprise undertaken. Nonetheless, a stakeholder can be defined as a person or a group of people who decides or gains a profit from an efficacious result. These can be people or individuals who have capitalized their ideas, money, and time in a project. Actually, this is a very thin definition and it is essential to comprehend that a stakeholder plays a very significant role in any given organization or projects.
This is because some of them are very interested in the succession of the project while others have a great influence (Friedman & Willy, 2006). For this reason, it is so essential for the leaders or managers of the project to take notice of them and to try and accommodate them. Additionally, the project leader should be able to read the mentality of each stakeholder in order to find the best way to incorporate their needs, expectation, and requirements.
However, the project manager must be watchful and vigilant for some stakeholders can be positive or negative. For this reason, I undertake to explore the different definitions and typologies of stakeholders, meaning of accountability to stakeholders', and the reason as to why governments must consult 'stakeholders'. Additionally, in relation to an issue of particular importance to an organization with which I am familiar, I will discuss the different stakeholder relationships. (Friedman & Willy, 2006). To begin with, stakeholders are individuals, group of people or any organization which might be affected, or interested in an outcome of a project in a direct or indirect way.
Stakeholders can be categorized into two namely, internal and external. Firstly, internal stakeholders are those ones who are internal to the organization. They comprise of, sponsors, portfolio manager, management, the project team, internal customers, functional manager, operational manager, and administrative managers among others. Secondly, External stakeholders are those who are external to the organization. They include the suppliers, sub-contractors, government, and the end-users of the project outcome, local communities, external clients, and media among others. These stakeholders come in different kinds and shapes for they have varying expectations and requirements which needs a constructive but practical kind of handling.
Therefore, for a project to be successful, it is advisable for the leaders to know their stakeholders. This means that they should fully understand and know the stakeholder's needs, expectations and also requirements. Failure to do that can cause so many difficulties to the project managers. These problems may comprise of, project delay, clogging of the cost or worse the termination of the project.
Hence, the project manager needs to familiarize with all stakeholders at the start of the project in order to come up with a strategy for the management of the stakeholders. This will aid him to manage them well and have a smooth running of his project (Friedman & Willy, 2006). For instance, there are some projects which require the general public to be stakeholders. In such cases, the project manager consults its leaders for a better understanding of their expectations and needs. Failure to do so might make the project manager encounter difficulties as the project advances.
These kinds of projects comprise of the building projects such as road, rail and dam construction among others. Additionally, the project manager should compile a list of the stakeholders’ information. This documentation must include their interest, involvement, requirement, expectation, influences they have, possible impact, requirements and the criterion of communication among others. This is because some of the stakeholders’ interest in the project varies tremendously and it is essential for the project manager to know the dominant and non- dominant ones.
Friedman, A. L., & Miles, S. (2006). Stakeholders: Theory and practice. Oxford: Oxford University Press.