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12. What is Stakeholder Management?
A stakeholder is anyone who is impacted by the delivery of a project. For example, customers, executives, managers, 3rd parties and suppliers, they sit within and beyond the organisation. Project managers need to be aware of them and their interests as failure to recognise influential stakeholders is likely to damage an organisation. Project managers must balance the interests of the stakeholders against the interests of a project adding to the complexity of the role. For example, the more stakeholders the longer it may take to reach an agreed decision.
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