Explain the difference in the role of resources and stakeholders in a project. Why do you need to identify both?

Response: Projects often require various resources. According to Aston (2024), a resource is any type of asset that aids in completing a task. The most common resources include services, labor, equipment, materials, money, time, and space (Aston, 2024). Identifying the resources required for a project's successful completion is essential. Furthermore, the resources must be effectively managed. Aston (2024) asserts that before beginning any work, it is crucial to accurately assess the resources necessary to successfully complete a project plan and deliverables so the correct budgeting and allocations can be made. A project's most common stakeholder groups include employees, customers, suppliers, investors, local communities, and governmental entities (Johnivan, 2023). Breaking it down even further involves identifying the primary stakeholders, such as the project managers, project team members, customers, external suppliers, and business partners (Johnivan, 2023). Secondary stakeholders include media agencies, labor and trade unions, and advocacy groups (Johnivan, 2023). Internal stakeholders include executive management, the human resources department, finance and accounting teams, and organizational board members (Johnivan, 2023). External stakeholders include governmental and regulatory entities, local and community-based organizations, current and prospective clients, and suppliers and vendors (Johnivan, 2023). It is important to identify the stakeholders that will help push your project forward and those who may hinder it. Johnivan (2023) asserts that a key component of a successful project is understanding the different types of stakeholders, their responsibilities, and the level of influence they will have. The RACI matrix can assist in tracking project responsibilities and assigning roles to stakeholders.

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