What is meant by the term "stakeholder" in project management?

In project management, the term "stakeholder" refers to any individual or organization that is impacted by the outcomes of a project, positively or negatively. This encompasses a broad range of participants, including clients, team members, sponsors, vendors, and even the community at large. Stakeholders have varying degrees of influence and interest in the project, which means understanding their needs, expectations, and concerns is crucial for project success.

Identifying stakeholders early in the project allows for better communication and engagement strategies, ensuring that key contributors are involved in the decision-making processes, and potential conflicts are managed effectively. This helps in aligning the project objectives with stakeholder expectations and enhances the likelihood of project acceptance upon completion.