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Power of Stakeholders

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(@noahyoussef)
Posts: 69
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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.

 
Posted : 25/02/2024 4:41 pm
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