Business management and different stakeholders

Stakeholder analysis involves three key steps: Identify the relevant information for each stakeholder: Identify the potential impact or support of each stakeholder:

Business management and different stakeholders

In the age of social media activism and online media, effective stakeholder management is more important than ever. The influence of stakeholders on your project can be immense, and if not managed correctly, could lead to project delays, resource drain, political intervention or project termination.

Worldcom partners at Phillips Group argue that effective identification, understanding and management of your stakeholders, their triggers and their expectations will improve your ability to reduce risk, tailor mitigation measures and deliver a successful project.

Phillips Group identifies five specific strategies that will aid in stakeholder management: Stakeholder mapping Early in the project, conduct a thorough stakeholder analysis to identify your stakeholders.

Identify and examine key factors including proximity to your project, demographics, interest in the project, needs and concerns, expectations of your project and any previous public statements.


Also important is gaining an understanding of your internal stakeholders, such as immediate staff, suppliers and contractors, broader companies or alliances and shareholders.

Mapping your internal stakeholders will allow you to investigate whether you have the right resources and whether your team will function effectively. Influence is key Understanding levels of influence will allow you to predict how a particular stakeholder may interact directly with your project team or with others.

Business management and different stakeholders

The range of possible influence is broad, from positive sentiment and support through to activism and engagement of other community members against your project.

To measure the possible influence of your stakeholders, identify their level on a scale ranking from high, medium to low: Identify the triggers Stakeholders will react in different ways to different project actions, however by identifying triggers and mitigation measures, you can avoid preventable complaints.

Often, it is when stakeholders experience changes to their environment or expectations of a business and its behaviour that may cause a reaction. Correlate your stakeholder list with potential known triggers, such as loud or dusty construction works, visual amenity impacts or disruptions to their normal patterns.

Estimate the impact that these reactions may have to your project or strategies and identify whether targeted communication, mitigation or an alternative solution is required. Want to learn the other stakeholder management strategies from Phillips Group?

The Role of Stakeholders in Your Business -

Read their 5 strategies for effective stakeholder management blog post. Receive more Worldcom insights:9 Examples of Stakeholders posted by John Spacey, March 06, updated on August 14, A stakeholder is a person or organization that has an interest or concern in your business.

The following are common examples.

Business management and different stakeholders

Investors The common types of management control. Associate Degree Programs Overview. With an Associate of Applied Business in Business Management, you will be in a position to supervise others, decide the daily priorities of your office, delegate projects and coordinate teams to meet the goals of your organization.

Stakeholder Management is essentially stakeholder relationship management as it is the relationship and not the actual stakeholder groups that are managed. Stakeholders can be divided into inside stakeholders and outside stakeholders. Rajkumar, S. (). Art of communication in project management.

Paper presented at PMI® Research Conference: Defining the Future of Project Management, Washington, DC.

Use 'business management' in a Sentence

May 31,  · The Seventh Debt Management Facility (DMF) Stakeholders’ Forum: "Managing a Diverse Debt Portfolio in a Volatile Global Environment" took place on May , , in Lusaka, Forum facilitated a discussion of issues in public debt management in a changing global environment as well as challenges faced by developing countries.

Stakeholders are different groups of people that have an interest in the operations of a business. Shareholders are a prominent stakeholder group .

Difference Between Shareholders and Stakeholders (with Comparison Chart) - Key Differences