A stakeholder is a person that is affected by the organization’s project outcome or the one who has the possibility of affecting a project’s outcome. Stakeholders shape projects in their early stages are ensuring that resources are available to contribute to the success of the project as well as provide insight concerning the possible reaction to a project outcome that facilitates project changes when required to win organizational support (Mori, n.d.). The advantages of stakeholder involvement in the planning process comprise a reduction in distrust of the project process and outcome, as well as an increase in the commitment to the project objectives and processes and heightened credibility of the outcome of the project. All these functions serve to make the resource valuable and establishing a competitive advantage for the organization.
The stakeholders are required to come up with innovations and support invention that will speed up the production process of a project hence adding value to the resource and establishing a competitive advantage to ensure that the resources do not face competition from other organization using the same resources (Mori, n.d.). It is also the role of stakeholders to cut down the cost of production of resources, and this will make the organization more competitive in the market.
Mori, N. Roles Of Stakeholders In Strategic Decision-Making Of Microfinance Organizations. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.1535970
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