The Importance of Stakeholders in Various Projects: Analytical Study

Sultan M. AlQulaiti, Tawfiq R. Alzahrani

Abstract


This study addresses the importance of stakeholder management as a fundamental element in the success of various projects. It reviews the concept of stakeholders, identifies their significance, objectives, and management principles, as well as the challenges organizations face in this area. Descriptive and analytical methodologies were employed, analyzing data through multiple frameworks such as SWOT analysis. The findings indicate that failure to manage relationships with stakeholders can lead to negative consequences, such as a lack of trust and increased costs. The study also emphasizes the importance of continuous communication with stakeholders to enhance transparency and build confidence. The study's primary objectives include understanding the principles and effective practices for stakeholder management and raising awareness of their critical role in all project phases. The study provides practical recommendations for improving stakeholder management, including developing effective communication strategies, defining the expectations of each stakeholder group, and establishing appropriate mechanisms for addressing changes in project requirements.

This study contributes to enhancing both academic and practical understanding of the importance of stakeholder management, helping organizations improve their performance and increase the success chances of their projects in changing work environments.

https://doi.org/10.24897/acn.64.68.20255004

 


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