Stakeholder theory

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    Anonymous User37Anonymous User37
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    The term ‘stakeholder’ is used as a “general term to describe individuals, groups, or organizations that have an interest in the project and can mobilize resources to affect its outcome in some way (Smith, L. W. (2000))”. Customers, employees and investors are all examples of stakeholders within a business. Stakeholders can have different opinions from one another, for a successful project all stakeholders and their views should be considered. “Forgetting to meet the needs of just one influential and powerful stakeholder at a critical time can possibly ruin a project (Smith, L. W. (2000))”

     

    The stakeholder analysis is used to “understand the needs and expectations of major interests inside and outside the project environment (Smith, L. W. (2000))” . The stakeholder analysis can be used to understand factors such as interrelationships. It is important to strategically plan a project as forecasting the risk of the project before it occurs can reduce the negative impact it may have.

     

    How to do a stakeholder approach;

     

    List project stakeholders- these are the people who have an interest in the business or project

    Identify the interest of all stakeholders and how impactful they are – ask questions such as

    What are your expectations of this project?

     

    How does the successful completion of the project benefit you?

     

    Are there any stakeholders that may conflict with your interest?

     

    Which stakeholders do you believe are in conflict with your interests?

     

    3. Identify the most important and influential stakeholders – the higher the influence the more power the stakeholder and their decisions would have, this can negatively or positively affect the project

     

    4. Identify the risks and the aims of the project – understand the risks by playing what-if scenarios

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