Define the term stakeholder and discuss the major groups of stakeholders.

Answer:  Stakeholders are defined as all individuals or groups who have an active stake in the project and can potentially impact, either positively or negatively, its development. Internal and external are the broad categories of stakeholder groups. 

• Internal stakeholders include top management, project team members, and other functional managers, among others. 
• External stakeholder groups include clients, competitors, suppliers, and intervention groups.