Stakeholder management is the process of identifying, analyzing, and engaging with individuals or groups who have an interest in a project or organization. These individuals, known as stakeholders, can include employees, customers, suppliers, and investors. Effective stakeholder management ensures that their needs and expectations are understood and addressed, which can lead to better project outcomes and stronger relationships. By actively communicating and involving stakeholders in decision-making, organizations can build trust and foster collaboration. This approach not only helps in minimizing conflicts but also enhances the overall success of projects, as stakeholders feel valued and invested in the process.