What does the term 'stakeholder' refer to in construction projects?

In construction projects, the term 'stakeholder' refers to anyone with an interest in or who is affected by the project's outcome. This broad definition includes a wide range of participants such as project owners, contractors, subcontractors, suppliers, employees, local communities, regulators, and even end-users of the constructed facility. By acknowledging all these individuals and groups as stakeholders, project managers and teams can ensure better communication, cooperation, and consideration of various perspectives and needs throughout the project lifecycle. This approach is essential for the successful completion of the project, as understanding the interests and concerns of all stakeholders can lead to more effective planning and execution, ultimately enhancing project outcomes.