Characteristics of Stakeholders in Project Management | Prince2 Exam Answer

Characteristics of Stakeholders

Question

Which are characteristics of stakeholders? 1

They are often affected by the project 2

They agree with every project objective 3

They are only/always external to the corporate organization 4

They typically interact with the project.

Answers

Explanations

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A. B. C. D.

D.

https://www.prince2.com/blog/how-to-identify-stakeholders/

The correct answer is D. 1 and 4.

Stakeholders are individuals or groups who have an interest or a stake in the outcome of a project. They can be internal or external to the organization and can include customers, employees, suppliers, shareholders, regulators, and the community. Stakeholders are a critical part of project management, and managing their needs and expectations is essential to the success of a project.

The characteristics of stakeholders include:

  1. They are often affected by the project: Stakeholders are those who are impacted by the project in some way, either positively or negatively. They may be affected by changes in the project scope, schedule, or budget, or by the final outcome of the project.

  2. They do not necessarily agree with every project objective: While stakeholders may share some common interests with the project, they may also have conflicting interests or different objectives. It is the project manager's responsibility to identify and manage these competing interests to ensure that the project meets its goals and objectives.

  3. They are not always external to the corporate organization: Stakeholders can be internal or external to the organization. Internal stakeholders are those who work within the organization, such as employees, managers, and executives. External stakeholders are those who are outside the organization, such as customers, suppliers, and regulators.

  4. They typically interact with the project: Stakeholders are actively involved in the project, either directly or indirectly. They may provide input on project requirements, review project deliverables, or participate in project meetings. Effective communication and engagement with stakeholders is crucial to ensuring that their needs and expectations are met.

In summary, stakeholders are individuals or groups who have an interest or a stake in the outcome of a project. They are often affected by the project, may have different objectives, can be internal or external to the organization, and typically interact with the project. Effective stakeholder management is critical to the success of a project.