What are Stakeholders?

Stakeholders are the people or groups who have a stake or interest in something, like a project or a company. It goes beyond just owning a part; it’s about being affected by or affecting what’s happening.

1. In a project, stakeholders can be diverse, including employees, customers, suppliers, and even the community around them.
2. Unlike shareholders who mainly care about money, stakeholders have a broader view.
3. They might worry about how the project impacts the environment, and the community, or whether it follows ethical practices.
4. Their concerns are varied, covering more than just the financial side of things.

In the world of project management, it’s important to know the difference between shareholders and stakeholders. People sometimes use these terms interchangeably, but they mean different things. Shareholders, like investors, care mostly about money and owning a piece of the company. Stakeholders, on the other hand, include a wider range of folks like employees and customers. They’re concerned about more than just money – things like how the project affects people, the environment, and ethical standards. Understanding these distinctions helps make sure everyone’s needs are considered in managing a project.