Stakeholder identification is a continuous process throughout the entire project life cycle. Identifying stakeholders, understanding their relative degree of influence on a project, and balancing their demands, needs, and expectations are critical to the success of the project. Failure to do so can lead to delays, cost increases, unexpected issues, and other negative consequences including project cancellation. An example is late recognition that the legal department is a significant stakeholder, which results in delays and increased expenses due to legal requirements that are required to be met before the project can be completed or the product scope is delivered.
- 2.2 Project Stakeholders and Governance
- from A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition
- Publisher: Project Management Institute
- Released: January 2013
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