Stakeholders definition
Stakeholders refer to any individual, group, or organization that has an interest or concern in a particular project. These entities can influence or be influenced by the project's outcome, making them integral to the project's success. Recognizing and managing stakeholder expectations is crucial because they directly or indirectly impact decisions, can provide the necessary support, and play a pivotal role in determining the project's direction and eventual outcome.
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Internal vs. external stakeholders
Before diving deep into the categorization, it's pivotal to acknowledge that stakeholders are commonly classified based on their association with the organization and the project: internal and external stakeholders.
Internal stakeholders are those who reside within the organization and are often directly involved in the project's daily operations. This group typically includes employees like project managers, team members, and upper management. Their input is vital since they influence the project's execution and, in turn, are affected by its results.
External stakeholders, on the other hand, do not belong to the organization but have a vested interest in the project's outcome. They can be clients, investors, suppliers, or even regulatory bodies. While they might not be involved in the day-to-day tasks of the project, their influence can be significant. For instance, a client's expectations or feedback might reshape the project's direction, while regulatory bodies can set mandatory guidelines the project must adhere to.
Understanding the unique roles and influence of both internal and external stakeholders is vital to successful agency project management. Utilizing a platform like Teamwork.com can significantly enhance stakeholder management, ensuring streamlined communication, transparency, and collaboration for all involved parties.
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