Why do we need Stakeholder Analysis?

Stakeholders are all those who have a stake in a project, so analyzing different kind of stakeholders is very critical to project success. This includes individuals, organizations and professional bodies. When we say stake: these stakeholders can influence, impact or can be affected by the project. Stakeholders can have a positive or negative effect on the program or project or vice-versa, the project can have a beneficial or detrimental effect on the stakeholders. They can be part of the organization working on the program or project, customer organization or outside of these organizations, example Government, Regulatory body, Trades, etc.