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Stakeholder management (also project stakeholder management) is the managing of stakeholders of a project, programme, or activity. A stakeholder is any individual, group or organization that can affect, be affected by, or perceive itself to be affected by a programme.
In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
Project stakeholders are persons or entities who have an interest in a specific project. According to the Project Management Institute (PMI), the term project stakeholder refers to "an individual, group, or organization , who may affect, be affected by, or perceive itself to be affected by a decision , activity , or outcome of a project ...
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stakeholders, roles and responsibilities (i.e. who will take part in it) resource, financial and quality plans (i.e. how it will be achieved) work breakdown structure and schedule (i.e. when it will be achieved) TORs could include: [3] success factors, risks and constraints.
In management, a stakeholder approach is the practice that managers formulate and implement processes that satisfy stakeholders' needs to ensure long-term success. [1] According to the degree of participation of the different groups, the company can take advantage of market imperfections to create valuable opportunities.
Internal stakeholders can be considered the first line of action when it comes to implementing decisions in a company, due to the fact that they have direct influence on its organizational resources. [2] The classification of internal stakeholders can be divided into three categories: shareholders, managerial employees, and employees ...
The definition of corporate responsibilities through a classification of stakeholders to consider has been criticized as creating a false dichotomy between the "shareholder model" and the "stakeholder model", [2] or a false analogy of the obligations towards shareholders and other interested parties. [3]