A stakeholder is any individual, group, or organization that has an interest in or can be affected by the activities and outcomes of a project, business, or decision. Stakeholders can be internal or external to the organization.
- Internal stakeholders are individuals or groups within the organization such as employees, managers, and owners. They are directly involved in the business operations and decision-making process.
- External stakeholders are individuals or groups outside the organization that have a vested interest in the business. These can include customers, suppliers, investors, government agencies, competitors, and the community.
The interests and needs of stakeholders often vary, and managing these interests and their potential conflicts is an essential part of successful project management and corporate governance. The concept of stakeholder management involves identifying stakeholders, understanding their needs and expectations, and incorporating them into decision-making processes.