Project Governance, Stakeholders and Project Sponsors

Stakeholders

Stakeholders are people or bodies:

Who are actively involved in the project
Who have an interest in the project or change
Whose interests may be positively or negatively influenced by the performance or completion of the project
Stand to lose or gain from the project

Stakeholders Definition: "An individual, group, or organisation who may affect, or be affected by, or perceive itself to be affected by, a decision, activity or outcome of a project"

The definitions shown above in italics are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fifth Edition, Project Management Institute Inc., 2013 ©2007 – Body Temple

In A Large Project

The Project Sponsor

The person or group that:

provides the financial resources, in cash or in kind, for the project.
champions the project
plays a significant role in the development of the initial scope and charter

They have:

Power
Authority
Stakeholder Interfaces
Influence
Budget

Governance

Strategic leadership:

Establishing the strategic direction(s)
Designing and implementing organisational policies
Structuring systems, processes and procedures for consistent application
Setting up the required culture (desired behaviours and norms)
Communicating purpose, goals, expectations and actions (strategic planning ->Business Plan)
Using these systems, processes and procedures, the project can contribute to Business Value