Stakeholder in Project Management for Degree Students

Stakeholder

1. Stakeholders' Roles and Responsibilities

2. What is a Stakeholder? A stakeholder is anyone whose interests are directly or indirectly affected by the project’s outcome. They can be internal (e.g., team members, managers) or external (e.g., customers, suppliers, government)​​. Example: For the Qatar World Cup , stakeholders include FIFA, the government, construction companies, local businesses, and the international fanbase​

3. Stakeholder: Anyone impacted by the project’s performance, including customers, employees, and society. Shareholder: Specifically owns shares in the company and is mainly concerned with financial returns. Example: Tesla's shareholders are concerned with profit, while stakeholders such as environmental activists focus on the company’s sustainability efforts Stakeholder vs Shareholder

4. External Stakeholders: Suppliers: Provide essential materials or services. Customers: The end-users or clients for whom the project is developed. Government Agencies: Enforce regulations and standards​​. Example: In building the Elizabeth Line in London, external stakeholders included transport regulators, commuters, and the city’s government​ Types of Stakeholders Internal Stakeholders: Project Sponsors: Provide resources and promote the project. Project Team Members: Responsible for executing project tasks. Managers: Oversee and support the project process.

5. Stakeholder Roles & Responsibilities Project Manager: Manages day-to-day operations, communicates with stakeholders, and ensures the project stays on track. Example: In large infrastructure projects like the Qatar World Cup stadiums, the project manager handles everything from construction details to coordination with sponsors and government agencies Project Sponsor: Ensures resources are available, promotes the project, and defends it from external pressures​. Example: In Apple's product launches , the project sponsor (usually a senior executive) guides the development team and ensures the product meets market demands.

6. Stakeholder Management Key Steps: Identify Stakeholders: Determine who will be affected by the project. Understand Roles and Interests: What are their concerns, and how can they impact the project? Manage Relationships: Keep stakeholders informed, involved, and satisfied​. Example: In Google’s Smart City initiative , the management team had to address concerns from citizens (data privacy), regulators (compliance), and investors (profitability).

7. Stakeholder Responsibilities Steering Group/Board: Oversees project funding, approves scope changes, sets priorities. Example: In the construction of LaGuardia Airport’s renovation, the steering committee ensured that the project stayed on track with funding and timelines​. Government Agencies: Ensure that the project complies with regulations, grants permits. Example: For public works projects, government bodies ensure adherence to legal standards like zoning laws or environmental regulations. Customers: Define the project’s scope and assess its success. Example: In software development projects, customers (clients) specify their requirements and assess whether the final product meets their needs

8. Stakeholder Management Process Key Steps in Stakeholder Management: Identification: Identify all stakeholders and their roles. Analysis: Determine their influence and interest in the project. Engagement: Develop a plan to engage stakeholders effectively. Real-World Example: BlackPink World Tour (London): Internal stakeholders: Event organizers, band members, marketing team. External stakeholders: Ticket holders, local government (for venue permits), sponsors. Managing these stakeholders ensures the tour runs smoothly

9. Managing External Stakeholders External Stakeholders: Groups outside the project team but whose interests are affected by the project. Example ( Dubailand Project): External stakeholders include investors, government agencies, local communities, and potential customers. Each has different expectations and impacts on the project's success​. Stakeholder Engagement Strategy: Communication: Regular updates on project progress. Negotiation: Resolve conflicts of interest among external stakeholders.

10. Conclusion and Key Takeaways Key Takeaways: Stakeholders play a critical role in the success of any project. Effective stakeholder management involves identifying, analyzing, and engaging stakeholders at every project stage. Use real-world examples like infrastructure projects, software development, and large-scale events to relate stakeholder theory to practical scenarios