Person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization's actions, objectives, and policies. Key stakeholders in a business organization include creditors, customers, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which thebusiness draws its resources. Although stake-holding is usually self-legitimizing (those who judge themselves to be stakeholders are de facto so), all stakeholders are not equal and different stakeholders are entitled to different considerations. For example, a firm's customers are entitled to fair trading practices but they are not entitled to the same consideration as the firm's employees. See alsocorporate governance.
Stakeholders are an integral part of a project.They are the end-users or clients, the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of your completed project.
It is extremely important to involve stakeholders in all phases of your project for two reasons:Firstly, experience shows that their involvement in the project significantly increases your chances of success by building in a self-correcting feedback loop; Secondly, involving them in your project builds confidence in your product and will greatly ease its acceptance in your target audience.
There are different types of stakeholders and each type should be handled differently:
ExecutiveExecutive stakeholders are the guys who pay the bills. Typically they are managers or directors who are involved with commercial objectives for the project.They should restrict themselves to commercial considerations and be actively discouraged from being involved in technical design, their experience and skills are vastly different to that of 'typical' end-users.
These are the guys that aregoing to use your product.No one knows more about what the product is supposed to do when it hits their desks than they do. No one! Including you! You may think you know better but if you don't listen to them you're kidding yourself.
Sometimes you need input from experts in other fields. People like graphic designers, support reps, sales or sometime lawyers and accountants.
1. one who holds money bet by others and pays it to the winner
2. a person or group having a stake, or interest, in the success of an enterprise, business, movement, etc.
Webster's New World College Dictionary Copyright © 2010 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.
noun1. One who holds the bets in a game or contest.
2. One who has a share or an interest, as in an enterprise.
Any individual, group or business with a vested interest (a stake) in the success of an organization is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. In general, astakeholder can be one of two types: internal (from within an organization) or external (outside of an organization). Examples of a stakeholder are an owner, manager, shareholder, investor, employee, customer, partner and/or supplier, among others. A stakeholder may contribute directly or indirectly to an organization's business activities. Other than traditional business, a stakeholder may alsobe concerned with the outcome of a specific project, effort or activity, such as a community development project or the delivery of local health services. A stakeholder usually stands to gain or lose depending on the decisions taken or policies implemented
Legal Definition for Stakeholder
A disinterested party who is entrusted to withhold contested money or property while the arguments are...