International Journal of Finance, Insurance and Risk Management ISSN: 2672-832Χ

Role of Stakeholders in Project Success: Theoretical Background and Approach

Rajeev Dwivedi, Pradeep Dwivedi
International Journal of Finance, Insurance and Risk Management, Volume 11, Issue 1, 38-49, 2021
DOI: 10.35808/ijfirm/248

Abstract:

Purpose: The main aim of the article is to elaborate the role of stakeholders in key areas of project management. Design/Methodology/Approach: Literature review of theories related to project management, analysis, and synthesis. Findings: The role of stakeholders in a successful project becomes important and crucial. Stakeholders' active participation in the project ensures the sustainability, success, and performance of the project. It is crucial and very substantial for a project manager to acquire stakeholder management skills that will demonstrate and address the communication requirements of the stakeholders. Practical Implications: Stakeholders are the ones who can affect the project and can be affected by the project. Originality value: Adequate participation of stakeholders in the project not only ensures the probabilities of project success but also minimizes the jeopardy associated with the projects. Therefore, it becomes important to address the role of the stakeholders in different key stages of the project that includes scope management, work breakdown structure, schedule management, and requirement analysis.


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