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  To understand stakeholder management , first we will need to understand what a stakeholder is. To simply explain this, it is a person or a group of persons who has a certain interest in something particularly the matters of an organization. They can affect of get affected by the matters of the company. They can particularly be the investors or sponsors, employees, suppliers and customers however according to modern theories it can also include trade association, government and community. They are further divided into two categories i.e. internal stakeholders and external stakeholders. Internal Stakeholders: The people who are greatly affected by the outcome of the business are internal stakeholders. External Stakeholders: They are a little hard to identify because they do not have a direct link to the matters of the company or the outcomes of the business but they are somehow related to the operations of the business. If we take an example of the Government, it does have an influ...

Project Cost Management , as it is obvious from the term is the management of the cost that the company/organization/owner has to bear for the completion of a certain project. It involves the planning and budgeting of all the possible expenditure for the completion of a project or a business. Planning is needed before taking any step in a business because we cannot step into anything new without having an idea about the outcomes and what it will cost us because no one has an unlimited budget. Only a certain amount of finances from a company or a person can be spent on a project or a business. In the planning phase, costs are carefully assigned to the parts of the projects and then closely monitored if everything is going according to the plan or not. How successful was the planning and budgeting can be checked by comparing the planned cost and the cost that has actually incurred. By doing this, Cost Management of the future projects can be done more efficiently if any point was missed...