Five types of stakeholders are:
1-Individuals and groups performing the works which are represented in the PM and the project team. PM is the owner of the PMP, responsible for managing the project, delivering the products, directing and leading the project team, dealing with the sponsor, and protecting the baselines of the project from uncontrolled changes. Project team members are responsible for producing the expected products / deliverables while maintaining the project baselines (cost, time, quality and benefits).They help PM in identifying risks, changes and issues since they are involved in the day to day works. For example, design team in a project identified an issue related to possible conflict with other utilities and they informed the project manager to coordinate with relevant stakeholders to avoid delays and additional costs.
2-Individuals and groups affected by the work which may be represented by supporting groups who are encouraging the project since it will bring them benefits and pressure groups who may be standing against and opposing the project since it may affect them negatively. It is important to identify these groups, assess their interest and power on the project, and working on managing their expectations and positively influencing them for the benefit of the project. For example, group of developers are opposing the construction of a nearby new labour housing project.
3-Owners are the sponsoring organisations for which the works will be carried and they are usually represented in the projects by the steering group and the Sponsor. Steering group are responsible for the authorisation of the BC which is developed by the Sponsor. Sponsoring organisations are conducting gate reviews at the end of the concept and definition phases to decide the viability of the project. Sponsoring organisations usually follow governance approach in managing their projects and programs. For example, an international organisation decided to introduce new web based communication system to enable its employees all over the world to communicate and share information efficiently.
4-Shareholders and customers are stakeholders who will determine the beneficiary success of the project, financially and non-financially. They will assist the Sponsor and the users (by the end of the project) in ensuring that the anticipated benefits of the project are being realised. For example, a project for a new IT system in a bank will prove its beneficiary success if number of customers using the on-line services increase against the number of customers visiting the bank.
5-Statutory and regulatory bodies may be represented in the Users and the governmental authorities. They are stakeholders who provides the requirements, specifications, guidelines and regulations which should be followed along the project. PM should not ignore any of them and should consider all their requirements. That is important since they are usually of high power, and their influence will vary according to their interest in the project. For example, all infrastructure utilities in the project should be located in the service corridors determined by the Town Planning Department.