Stakeholder Management as an Effective Tool for Project Success

Abstract

This theoretical paper will examine subject literature and will try to analyze how stakeholder management can increase the project success. The article provides background to the topic of stakeholders from the first usage of the term in 1963, supplemented by an analysis of project stakeholder management strategies. The article will provide the reader with insight to how one can increase the success factor of the project with the usage of appropriate stakeholder management tools. This article contributes to the body of literature by detailing about how project stakeholder management influences projects and their success. It is prepared as a response to an increasing role of projects, the influence of different stakeholders on the execution of projects and their own evaluation of project success factors. By analyzing the literature of the concepts and empirical research from 1980s till now, this article will provide the potential project agents (project managers, project teams, etc.) with a better understanding of the role of stakeholders in conducting successful projects. The literature reveals that effective stakeholder management is a critical success factor of projects as they should satisfy the needs of different groups of people in each part of the their lifecycle. The conducted analysis is a foundation for the future research about effective project stakeholder management and a base for additional research.