What is a stakeholder?

A stakeholder is defined as anyone who is involved in a project or has any interest in the project’s outcome. Stakeholders can be individuals, groups or organizations that are affected by the outcome of the project.

Managing stakeholder expectations is a key skill that a project manager must possess in order to complete a project successfully. Depending on the size and scope of a project, you may have to deal with a large number of stakeholders. 

As a project manager, stakeholder management may be the one of the most challenging components to the successful delivery of a project. Not only do you need to understand stakeholders needs and expectations, but you also need to communicate effectively with them.

Types of Stakeholders

Project Manager: The project manager is accountable for the project’s success. He is the leader and an integrator who brings together all the resources to bring about results.

Project Management Team Members: Members of project team who work on the project on a daily basis and are directly involved in all project management activities under the project manager.

Project Sponsor: The project sponsor is responsible for providing financial resources and for approving the project chart.

Program Manager: The program manager is responsible for a set of projects which are related to one another. The program manager will manage these projects in a coordinated way at a higher level to achieve combined benefits.

Portfolio Manager: A portfolio manager is responsible for managing a portfolio, which  is a group of projects or programs within the same organization. These projects or programs do not need to be related to one another.