FAQs
A formal definition of a stakeholder is: “individuals and organizations who are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or successful project completion” (Project Management Institute (PMI®), 1996).
What is a stakeholder in simple terms? ›
A stakeholder is a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project.
What is an example of a stakeholder? ›
What is a Stakeholder? In business, a stakeholder is any individual, group, or party that has an interest in an organization and the outcomes of its actions. Common examples of stakeholders include employees, customers, shareholders, suppliers, communities, and governments.
What are the four types of stakeholders in a project? ›
The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers. However, with the increasing attention on corporate social responsibility, the concept has been extended to include communities, governments, and trade associations.
What best defines a stakeholder? ›
The international standard providing guidance on social responsibility, called ISO 26000, defines a stakeholder as an "individual or group that has an interest in any decision or activity of an organization."
Who is a stakeholder in a project? ›
According to the Project Management Institute, project stakeholders are defined as: “Individuals and organizations who are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or successful project completion.”
What best describes a stakeholder? ›
Expert-Verified Answer
A project stakeholder is someone who has an interest in or is affected by the project. This can include team members, the project manager, and individuals who work in areas impacted by the project.
What is the role of the stakeholders? ›
The role of stakeholders. Good corporate governance helps… to ensure that corporations take into account the interests of a wide range of constituencies, as well as of the communities within which they operate, and that their boards are accountable to the company and the shareholders.
Is a stakeholder a person or entity? ›
What is a Stakeholder? A stakeholder is any person or entity who holds equity in your company. This includes all founders, investors, and employees.
What are the 4 P's of stakeholders? ›
Introducing the Key Stakeholders: Patients, Providers, Payors, and Policymakers (the Four P's) – Connecting Health Information Systems for Better Health.
Investors and employees rank among the company's stakeholders. Stakeholders encompass all individuals or groups who have a vested interest in the performance of the business.
Which best defines stakeholders? ›
The best definition of stakeholders is option C: anyone directly or indirectly affected by the organization. Stakeholders include a wide range of individuals, groups, and organizations who have an interest or are impacted by the actions and outcomes of the organization.
What is stakeholder in simple words? ›
A stakeholder is either an individual, group or organization that's impacted by the outcome of a project or a business venture. Stakeholders have an interest in the success of the project and can be within or outside the organization that's sponsoring the project.
Who is the most powerful stakeholder? ›
One of the most important stakeholders of a business is the customer. Customers buy the products the company provides and help make the company successful. They also contribute to the success of the business in other ways. For example, they can provide feedback that can improve a company's product or service.
Who are stakeholders in short? ›
A stakeholder is either an individual, group or organization that's impacted by the outcome of a project or a business venture. Stakeholders have an interest in the success of the project and can be within or outside the organization that's sponsoring the project.
What is the main idea of stakeholders? ›
About the Stakeholder Theory
Stakeholder Theory is a view of capitalism that stresses the interconnected relationships between a business and its customers, suppliers, employees, investors, communities and others who have a stake in the organization.
What is another word for stakeholder? ›
collaborator, colleague, partner, shareholder. Strong matches. associate, contributor, participant. Weak matches. ally, team member.
What is the purpose of a stakeholder? ›
The primary role of stakeholders is to define business goals and develop plans that help them achieve those goals. In addition, these stakeholders periodically review business operations and strategies to find more efficient methods. They also access employee performance to ensure they align with growth objectives.
