A biopharmaceutical drug discovery project was leveraged as a case study to illustrate a proposed simplified stakeholder management approach. The driving force underlying this chapter was the lack of effective stakeholder management in projects thought to be a contributing factor to the approximate 50% project failure rate. Existing stakeholder management techniques in the project management body of knowledge were based on stakeholder theory from the strategic management discipline. This encourages decision-makers to consider the non-related interests of stock shareholders, customers, employees, suppliers, and the local community—such as ethics and social good. Those stakeholders are not necessarily as relevant in projects. In a project, the key stakeholders are those affected by WBS activities and deliverables. Therefore, a new simplified stakeholder management model was proposed by interviewing a panel of experienced project managers to document stakeholder identification best practices. Machine learning, nonparametric Kruskal Wallis, and Chi-Square contingency analysis statistical techniques were applied to analyze the results. The empirical literature was reviewed to inform the development of two models, the first for stakeholder analysis and the second for stakeholder engagement. Power and impact were argued to be the two key factors driving stakeholder analysis. A stakeholder engagement model was developed to leverage the stakeholder analysis.