Quick Answer: Which Of The Following Best Describes The Role Of A Stakeholder?

What is the role of a stakeholder?

Stakeholders are individuals or companies with a vested interest in the outcome of their specific projects.

Stakeholders have legal decision-making rights and may control project scheduling and budgetary issues..

What is a main stakeholder?

A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.

How do you identify stakeholders?

Put simply, if someone has any interest or is affected by your project, they are your stakeholder. Examples include the project manager, project sponsor, higher management, and team members.

How do you classify stakeholders?

Unlike others, this model uses three parameters to classify stakeholders: power, urgency, and legitimacy. Here, stakeholders’ attributes can be core, dominant, dangerous, dependent, latent, discretionary, or demanding.

Which stakeholders are most important?

Shareholders/owners are the most important stakeholders as they control the business. If they are unhappy than they can sack its directors or managers, or even sell the business to someone else. No business can ignore its customers. If it can’t sell its products, it won’t make a profit and will go bankrupt.

Who are stakeholders in Scrum?

In Scrum, a stakeholder is anyone with a vested interest in the product who is not part of the Scrum Team. As Product Owner, you can think of stakeholders as anyone with an interest in or an influence on the product. These are the people who’ll help you discover, develop, release, support and promote the product.

What are examples of stakeholders?

Stakeholders can affect or be affected by the organization’s actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.

Why are stakeholders so important?

Importance means the priority given to satisfying stakeholders’ needs and interests from being involved in the design of the project and in the project itself in order for it to be successful. … Secondly, influence and power of a stakeholder can affect the success or failure of an initiative.

What is another word for stakeholder?

Synonyms forcollaborator.colleague.partner.shareholder.associate.contributor.participant.team member.

What do we mean by stakeholders and their interests?

What do we mean by stakeholders and their interests? Stakeholders are those who may be affected by or have an effect on an effort. … Secondary stakeholders are people or groups that are indirectly affected, either positively or negatively, by an effort or the actions of an agency, institution, or organization.

How do you identify stakeholders in project management?

Let’s explore the three steps of Stakeholder Analysis in more detail:Identify Your Stakeholders. Start by brainstorming who your stakeholders are. … Prioritize Your Stakeholders. You may now have a list of people and organizations that are affected by your work. … Understand Your Key Stakeholders.

What is the definition of stakeholders quizlet?

Stakeholders are any individual or groups of individuals who have direct interest/concern in a business because the actions of the business will affect them directly. … Individuals or groups that work within in the business. External stakeholders.

What is the role of the stakeholder in project management?

The stakeholder is anyone who can positively or negatively influence the project, including the customers or users, the project manager and team, the project’s sponsor, program and portfolio managers, the PMO functional managers within the organization, and external sellers that provide services or materials for the …

What’s the best explanation of a stakeholder in a business?

A stakeholder of a business is any person or organization that is affected by the business or affects the business. A stake is a vital interest held by someone either inside or outside the business and can include ownership interests, legal obligations and moral rights. The concept of a stakeholder is very broad.

Which person is a stakeholder for a business quizlet?

Stakeholder = any person or organisation with a direct interest in the activities and performance of a business. Shareholder = owners of the business and as a result are entitled to have a share in the profits. You just studied 7 terms!

What is the main principle of 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. The theory argues that a firm should create value for all stakeholders, not just shareholders.

Who is the most important stakeholder in a project?

Project StakeholdersTop Management. Top management may include the president of the company, vice-presidents, directors, division managers, the corporate operating committee, and others. … The Project Team. … Your Manager. … Peers. … Resource Managers. … Internal Customers. … External customer. … Government.More items…