Stakeholders Management Process and Its Effect on The Company
Assignment Help 11th Nov 2021
The Stakeholders are the integral part of an organisation. They are the ones involved in getting the project from start to finish. Thus, stakeholder management, invovles good communication with them so that the organisation can understand their needs as they are the people who have the most impact on the organization. Stakeholders can have a positive or negative effect on the project. For Stakeholder Management assignment help on this topic, students can feel free to hire academic help from Coursework writing experts like BookMyEssay. Stakeholder management is critical for the successful completion of the project undertaken by the company.
What are Stakeholders?
A stakeholder can be a person, group or organisation who are impacted or can impact successful completion of any project. They are interested in all the decisions and activities involving the organization.
Employees or workers
Students learning business management during graduation and post graduation study about the ins and outs of stakeholder management. In any type of business, stakeholders firm an integral part and their involvement is needed to run the company. Thus, the students are taught the ways to handle all types of situations related to stakeholders. For good grades in assignments based on stakeholder they can take assignment writing help from BookMyEssay.
What is Stakeholder Management?
The process by which you improve and monitor your relationship with the stakeholders refers to stakeholder management. Communicating with stakeholders in the right way will establish a connection with them and prevent them from leaving the organization. We mean to create a positive relationship with stakeholders by meeting their expectations. By proactive communication, an organisation can meet the needs of stakeholders and thus build a good relation with them.
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Over time, organisation might understand which stakeholder is more important and stakeholder has more demands to meet. The organization should be proactive in interviewing the stakeholders, not all but the important ones. The information obtained from should be crossed with experts. The stakeholders impact can be positive or negative. The organization need to vet the information obtained from stakeholders and then make decisions.
In the current times of right to information and protection of interests, an organisation should have clearly defined stakeholder management plan and policies.
Points on Which Stakeholder Management Depends
Complexity of the project
Amount of support required to complete the project
Time allocated to communicate about the project to Stakeholders
Stakeholder Management Process
The 4 step stakeholder management process is :
Identification - Who are Your Stakeholders?
Anyone, it can be individual, group or organisation, who affects or is affected by strategies and policies of the company. They can be internal or external. They can have positive and negative agenda towards the company. Stakeholder Management assignment help for students who lack knowledge on this topic is readily available online with BookMyEssay.
Stakeholder Analysis - Who is Important?
The two basic points to analyse the stakeholders is by their power and interest. Their are stakeholders who want the project/company to succeed and their are, who want it to fail. The more powerful the stakeholder, the more big player it is. Low power low interest stakeholders are of lesser importance. This further specifies as to whom the company needs to spend it's energy on, which stakholder needs more managing. Thus, catogorizing stakeholders and developing plans and policies based on the interests and effect of the stakeholders on your business is called stakeholder analysis.
Stakeholder Planning - How to Manage Stakeholders?
Find out win-win strategies with the stakeholders
Depending on the stakeholder goals and requirements, develop a communication and reporting plan.
Stakeholder Engagement - How Will You Engage With Your Stakeholder?
It is the process of involving the most interested, powerful and relevant stakeholders in the business for the purpose of achieving goals. The most powerful ones need to be engaged using one to one meetings, workshops, extensive consultations etc. For those Stakeholders with low influence and high interest in the business are engaged using one way plans like newsletter and webpages.
Following the above mentioned steps, you need to pull them together for a good stakeholder management plan.