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One of our first Project Management artifacts is the stakeholder matrix. What could be some consequences for skipping this step or not making it complete

One of our first Project Management artifacts is the stakeholder matrix. What could be some consequences for skipping this step or not making it complete or accurate. Can this artifact change over the life of the project or is it set in stone? Is this something that can be applicable to informal projects such as those that take place at home? If so, give an example

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