In industry, finances control everything and the stakeholders are the primary means by which a project is funded. Thus, stakeholders hold a significant amount of power. If stakeholders want a project to be completed in a specific manner or on a specific timeline, they will tell the project team this and it will have to be followed. This can lead to conflict, especially when trying to balance keeping the stakeholders happy and completing the project in the best way possible. Because stakeholders have a financial interest in the company, they may try to push for projects to be completed in a faster amount of time. This can lead to mistakes and lower-quality projects. This is why it is important that a project manager is able to be an effective line of communication between stakeholders and team members.

Stakeholders have very high influence when it comes to shaping a project because projects are done through requirements, funding, and approvals which are all things that stakeholders hold control over. With this power, they are able to define objectives such as goals and success criteria while also maintaining resource control. They have the ability to expand or restrict the budget of a project and delay or cancel sections of a project as well. Overall, stakeholders can make or break a project as poor stakeholder engagement can unfortunately lead a project to ruin with bad decision making. If stakeholders are engaged and want a project to succeed, they can help in making that a reality.

Stakeholders have a lot of impact on a successful project. Stakeholders are a broad term as it is as it includes investors, the client, and those directly impacted by the project. Stakeholders have the power to set deadlines and ask for project specifications. As the investor in the project, they strive for your project's success but also set its expectations. Not delivering on the expectations of the stakeholders can be the difference between a successful project and one that could potentially fail. To ensure that the project is on the right track, attempt to communicate with stakeholders regularly. Reach out to them early and set clear expectations. When problems arise, document them in detail and bring them to the stakeholders. Encourage open discussions on where the project is headed and any changes that may be employed. By involving the stakeholders early and frequently, the project's timeline, scope, and expectations become far more fleshed out. This allows the team to have a clear focus and gives stakeholders more peace of mind. That said, what is the best way to handle timeline disagreements with stakeholders? What mode is best used for this communication? 

@ms2678 I agree with your point that sponsors and stakeholders have a major influence on a project’s outcome. Your example of prioritizing speed over doing things properly is a good illustration of how their decisions can have long-term consequences. Saving time in the short term can definitely lead to higher costs later if important steps are skipped.

I think this also highlights the importance of the project manager pushing back when needed. While stakeholders have a lot of power, the project team usually has a better understanding of the technical risks and long-term impacts. There needs to be a balance where stakeholder goals are met, but not at the expense of the project’s overall success.

Do you think project managers should push back more in situations like this, or is it ultimately the stakeholder’s decision no matter what?

The success of a medical device project depends on stakeholder involvement, among other factors, as their contributions to design, quality, and safety are valuable. Their industry experience and connections allow easier implementation when the product hits the market. However, when stakeholders are not sufficiently committed to the project, it becomes a leading indicator that the project's performance will not be up to par. This project risk can be mitigated by determining the root cause and applying corrective or preventive actions. One example is to establish frequent communication and involve them in the process by listening to and applying their feedback. They can be part of checking prototypes, with their concerns recorded and resolved. It is also helpful to categorize the stakeholders by their roles and capabilities to maintain accurate expectations. On the other hand, stakeholders may be overly involved with the organization and have too much power. But this issue was more common before laws and guidelines were established for limiting the distribution of payments, gifts, or travel by organizations to people, such as physicians. 

I agree with you that both team members and stakeholders are important in making sure a project meets its objectives. However, I believe that stakeholders generally have a lot of power when it comes to the end result of the project. Stakeholders often define the objective, fund the project, and establish the expectations. If stakeholders are misaligned with one another or continue to modify their expectations during a project's execution, it becomes increasingly challenging for the project team to remain on schedule and meet the defined objectives. That said, I do not believe stakeholders should have total authority over all aspects of a project, as an excessive level of input from stakeholders will ultimately create a management environment of micro-managing and impede the ability for the project team to execute effectively. There is a need for a balance between stakeholders establishing direction and providing feedback regarding project progression while allowing the project team to handle execution responsibilities. What do you feel is most likely to cause a project failure poor team performance or conflicting or unclear stakeholder expectations?