A "stakeholder" is defined as anyone who has a vested interest or will participate in the setup, development or management of a project, or the details within a project. Identifying stakeholders in a project is important so participation along the project path can be coordinated with those who hold authority or responsibility in those areas. It is imperative to identify stakeholders and clarify their roles and responsibilities before a project has been started. Failure to establish stakeholders in advance creates risk, confusion and could impact the completion of the project. All stakeholders are required to attend all project meetings unless specifically outlined otherwise in the project plan. In the event a stakeholder can not make a meeting as scheduled, a stand in should be assigned.
Here is a link to a brief resource that also explains Stakeholdership https://www.youtube.com/watch?v=v5kmJNwGreU