Why is Stakeholder Management Important?

Project stakeholders have an interest in the outcomes of your project. Some are more important to the life of the project, such as the sponsor, steering committee, or project team members. Others are no less important but are involved only in parts of the project, such as subject matter experts, cross-functional managers, and suppliers. But no matter their role, all your stakeholder’s matter, and managing stakeholders effectively can make a big difference to the success or failure of your project. After all, keeping shareholders happy and meeting their expectations will certainly reduce the risk of negative influences affecting your project.