ipl-logo

Elements Of Stakeholder Management Approach

894 Words4 Pages
bulb-icon

Recommended: Stakeholder management

Introduction

“Stakeholder management is critical to the success of every project in every organization I have ever worked with. By engaging the right people in the right way in your project, you can make a big difference to its success... and to your career."-Rachel Thompson

A stakeholder can be a person or a group, or an organization that may be affected, or have any kind interest in the project or in project’s outcome either directly or indirectly.
Stakeholder management helps in differentiating the project with the others, it ensure that your project is successful and progressive throughout. In stakeholder management the opinion of the most powerful stakeholder is vital for taking any decision.
Stakeholder management approach helps in …show more content…

By anticipating the reaction of the various stakeholder at every stage and building plan according to it win’s the support of stakeholders.
(Cited from Rachel Thompson. Winning support for your projects.)

The three key elements for stakeholder management are the following:

Leadership: The best organization work with clear set of priorities and shared vision targeted to achieve goal, and articulate this directly by top management or via their sub ordinates.
Staff: A good stakeholder is build up over by many days of interaction and staffing, the strength of staff determines the strength of project, staff at all level need to be credible, consistent and share their organization objectives.
Communication: Organization need to communicate their objectives in well-defined internally and externally, two way conversation and taking feedback from each stakeholder is essential to understand them.

(Cited from Ipsos Mori (2009,November 3).Understanding your …show more content…

Effective communication with each and every stakeholder at an early stage and later frequent interaction is necessary for the success of the project. By anticipating the reaction of the various stakeholder at every stage and building plan according to it win’s the support of stakeholders.
(Cited from Rachel Thompson. Winning support for your projects.)

The three key elements for stakeholder management are the following:

Leadership: The best organization work with clear set of priorities and shared vision targeted to achieve goal, and articulate this directly by top management or via their sub ordinates.
Staff: A good stakeholder is build up over by many days of interaction and staffing, the strength of staff determines the strength of project, staff at all level need to be credible, consistent and share their organization objectives.
Communication: Organization need to communicate their objectives in well-defined internally and externally, two way conversation and taking feedback from each stakeholder is essential to understand them.

(Cited from Ipsos Mori (2009,November 3).Understanding your

Show More
Related
1016 Words | 5 Pages

A stakeholder is someone who has interest or concern for an organisation or business. Stakeholders can be affected by policies, aims and objectives. An example of stakeholders would be employees and the government. Stakeholders can be individuals, groups and organisations. Owners of a business would be concerned about profit the business or organisation makes.

Read More
3141 Words | 13 Pages

Stanmore Gazette Newspaper Series Title: Business Watch By: Dilpesh Patel Date: Friday 26th September 2014 Article Title: Article 1: An investigation into organisations located in London from different sectors. In this article I will be describing the purpose and ownership of my two chosen organisation, which are Sainsbury’s and Oxfam.

Read More
4459 Words | 18 Pages

Introduction It is important to understand the organization has a shared vision and must work together (although process and programs may be different) to achieve a common goal. For example, in an educational organization the goal may be to produce college and career ready students. The organization will expect stakeholders to foster academic excellence with rigor. Another way to meet this goal is to develop trade skills using programs and processes within the organization. A third focus may be intense professional development for stakeholders to also reach the goal.

Read More
503 Words | 3 Pages

Collaboration is very important when it comes to the strategies of an organization you can start by with the audience, externally collaboration, and internally

Read More
498 Words | 2 Pages

A successful dissemination has three goals awareness, understanding, and action and specific strategies are used to reach targeted audience (Myers & Barnes, 2004). Awareness brings attention to the study or new practice to the maximum number of stakeholders. Understanding provides a rationale or purpose of the study or new practice and action demonstrates how the study was implemented and provides an evaluation report. Selecting one or more of these goals that are appropriate for the target audience will increase the likelihood that the new practice will be accepted by key stakeholders as well as influence and increase the motivation of other healthcare organizations to implement the practice (Agency for Healthcare Research and Quality [AHRQ], 2012). This paper provides a summary of strategies to disseminate the trial results of using alcohol disinfectant caps (ADCs) to prevent central line-associated bloodstream infections (CLABSIs) to key stakeholders over a 2-month period followed by dissemination to the greater nursing collective.

Read More
1043 Words | 5 Pages

The Stakeholder Salience Theory, created by Mitchell, Agle and Wood, are based upon the combination of the three relationship attributes to generate general types of stakeholders. These attributes include: Power; Legitimacy; Urgency. “Stakeholder salience” is defined as the degree to which managers give priority to competing stakeholder claims. Therefore if a stakeholder consist of all three attributes, he/she/it will be of most importance and will have more rights and privileges than a stakeholder that consists of only one of the three attributes. As seen in the picture on the right, you can differentiate between the different types of stakeholders, according to where they get placed given the attributes they consist of.

Read More
755 Words | 4 Pages

Stakeholder analysis Stakeholder are entity that will affect the organization actions, objectives and policies. There are two types of stakeholder which is internal stakeholder and external stakeholder. The McDonald’s stakeholders are customers, suppliers, employees, managers, government, local communities and pressure groups. Customers Customers are the external stakeholders of the company, no customer mean zero profit.

Read More
840 Words | 4 Pages

Obtain internal and external stakeholders’ commitment to the strategy and its implications Stakeholders are people who are invested in a company (time, money, employees). Internal stakeholders are directly connected to the company, like employees, owners and investors (Boundless, 2015). Employees: who have to be totally implicate in the company’s strategy, in the Ritz-Carlton this employee’s commitment start before to be selected for a job, the managers are looking for individuals with customer service talent and not skills. Since they are in contact with the guests, they are the image of the company, it highlight the importance of hiring a good team which will be in accordance with the company’s standards. Their goals are to make the budget objectives and to keep their post.

Read More
941 Words | 4 Pages

Introduction This case study explores the acquisition of the Body Shop, which is one of the largest franchise cosmetics companies in the world, by L’Oreal. The main concentration of the case study aims at investigating the impact on business ethics and corporate social responsibility by the concentricity of the Body Shop and L’Oreal and how the general attitude and buying behaviour is distorted in the course of this acquisition. L‘Oreal being the big conglomerate in the cosmetics industry acquired the Body Shop International which is comparably small but having iconic brand of environmental and socially responsible concerns, on 17 March 2006, through a covenant of $1.2 billion. The combination of two brands in a newly formed conglomerate implies a combination of values, principles and associations that might affect a company’s appeal. The verity that L 'Oreal 's acquisition of the Body Shop provides plenty of potential growth opportunities is undeniable; nevertheless the question of how well the acquisition sits in the group of the world 's largest cosmetics company is another matter.

Read More
730 Words | 3 Pages

Stakeholder define as a person, group or organization that has interest or concern in an organization. Some examples of key stakeholders are shareholders, employee, suppliers, customers and government. Not all stakeholders are equal. A company 's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company 's employees.

Read More
3165 Words | 13 Pages

(2011) also declare that an increase in the level of leadership of project managers can improve the relationships between project team members and therefore increase the likelihood of project success. Similarly, Fortune and White (2006) state that successful project outcomes depend greatly

Read More
1528 Words | 7 Pages

The first and foremost thing that has to be identified is the roles and the responsibilities of the Project and according to that the necessary management plan could be designed. Communication Management Communication is the way in which the opinions and the ideas of each of the individuals are expressed in one way. Communicating with each of the others mainly help in collecting ideas based on each of the factors that are being considered in the development of the project. For an instance, there are constant changes that take place based on each of the areas when a particular project is being developed. So in order to inform these changes, it is necessary to keep the stakeholders informed or the particular individual concerned based on the changes that are

Read More
1508 Words | 7 Pages

Successful companies such as Diageo affect more and more people as their success grows. The more people they affect leads to a bigger impact that their actions have especially over people that have influence over their projects such as their customers and suppliers (Mindtools, 2015). Stakeholder Analysis’ are used to ensure that all the key stakeholders are happy and supportive in order to help you succeed (Mindtools, 2015). There are three main steps in preparing a Stakeholder Analysis.

Read More
963 Words | 4 Pages

3. Stakeholders: Definition:A person, group or organisation that has interest or concern in an organisation. Stakeholders can affect or be affected by the organisation 's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Not all stakeholders are equal.

Read More
1999 Words | 8 Pages

Assignment 1. What are the standard assumptions you have about leadership/management The goal of any organization is not only to survive, but also to sustain its existence by improving performance. In order to meet the needs of the highly competitive markets, organizations must continually increase performance, as a result role of leadership is critically important for achieving the performance of organizations. The word “leadership” has been used in various meaning of human.

Read More

More about Elements Of Stakeholder Management Approach

Related Topics

Open Document