Stakeholders have the power to impose their will on a plan to implement an organizational structure and to bring fresh ideas that could be advantageous to the business. A stakeholder may also acquire control of organizational divisions like human resources in an effort to micromanage the business.
Stakeholder:
- Anyone whose interests are impacted by the success or failure of a project or business venture is considered a stakeholder. Stakeholders can be inside or outside the company funding the project, and they all have a vested stake in the project's success.
- A stakeholder's primary duty is to contribute their knowledge and perspective to a project in order to help the business realize its strategic objectives. Additionally, they can offer the resources and supplies needed.
- Investors, employees, customers, suppliers, communities, governments, or trade groups are examples of typical stakeholders.
- An entity's stakeholders may be internal or external to the business.
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