Question

Discuss the importance of stakeholders for a project

Answer 1

All the projects have stakeholders; whether they are external or internal. The proper knowledge about all the stakeholders will leads to the success of the project, on the basis of the preference of the consumer, needs of them, preferring acceptable and its results. Important types of stake holders are internal stake holders and external stake holders. The internal stake holder is a sponsor, project team, management or portfolio management. External stake holders are external managers, end users, subcontractors, government, local communities or media.
Importance of stakeholders is;
Provide expertising; stake holders having well knowledge about the current situation. The gathering and documentation requirements by the stakeholder will avoid the major missing deliverables of the given project. Stakeholders will ensure the accuracy of the information which collected by the project managers.
Reducing and uncovering risk; if the participation of stake holders increased, there is a high chance for the reduction of risk. Uncovering the risk before arising the issues will ensure the success of the project.
Granting project acceptance; positive project conclusion can be attained through increasing the regularity and engage of the stake holder to the project. At end the project members been aware of the delivery expectations, risks and also the mitigation regarding the risks.