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Abstract

Recently, organizational challenges and the need to achieve sustainable
 development make it more important to engage with all the necessary and
 relevant participants of the economic and social processes.
 Furthermore, the imperatives of sustainable development reinforce the
 need to engage with stakeholders to realize specific organizational goals,
 as well as to meet broader social, environmental and economic changes.
 A company has many stakeholders, each with distinct types and levels of
 involvement, and often with diverse and sometimes conflicting interests
 and concerns. Like any other business function, stakeholder engagement
 needs to be managed. Stakeholder engagement has always been crucial
 to a company�s performance and recently has become an important tool
 to transfer responsibility to management practice and corporate strategy.
 The academic literature includes many attempts at classifying stakeholders
 using various criteria and definitions. The ambiguity and the vagueness
 of the stakeholder concept are discussed from the different scientific approaches.
 The criticisms of stakeholder theory have already been thoroughly
 analyzed and widely commented on in the scientific literature.
 The stakeholder model has been constantly expanding and now includes
 more than two dozen groups. However, over the years, the uncontrolled
 broadening of its scope and applications, the multiplication of the numerous
 stakeholder definitions, have created confusion. A strong need for clarification
 and a clear delimitation of the stakeholders was thus urgently needed.
 Moreover businesses should scale their stakeholder engagement strategies
 relative to the risks. The company should identify and map stakeholders in
 regard to all of its activities, products, services and projects
 There is no one-size-fits-all approach when it comes to stakeholder engagement.
 The type of relationship the private sector should try to develop with
 its stakeholders, and the resources and level of effort that it should invest,
 will differ according to the nature, location, and scale of the project; the
 phase of its development; and the interests of the stakeholders themselves.
 In this article the authors present a review of different methods and scientific
 approaches to the stakeholder engagement theory and make an attempt to
 establish the significance of stakeholder engagement tools and modes in
 the process of project management.