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For the smooth functioning of businesses, there should be proper control over the stakeholders of a company. Different stakeholders have different interests in companies. Students on multiple occasions have to write assignments on theories and principles of stakeholder management.

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What is Stakeholder Management?

Stakeholder Management is a major component to execute a given project or program successfully. A stakeholder might be a person, an organization, a group of people. 


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Stakeholder management includes establishing a cooperative and healthy relationship with stakeholders considering the objectives and expectations. It is a well-planned strategy by an organization to execute a project without hindrances.

It includes identifying stakeholders, understanding their expectations and needs and implementing different jobs for engaging them. A stakeholder management process shall be the means via which you can coordinate your communications and assess the quality and status of your relations with different stakeholders.

Importance of Stakeholder Management

An important part to run a successful project is developing and maintaining good relations with the communities that shall be affected and stakeholders. If you invest time to identify and prioritize stakeholders and assess their interests you will get a basis from where to create a stakeholder engagement strategy. Understanding your stakeholders along with a sound engagement plan can help to develop and maintain a relationship with people mitigate risks, eliminate delays, and align business goals.

These days there is increased legislation for privacy protection and the right to information. Therefore a project or an organization must have a Stakeholder Management plan in place. The risks related to not taking any controlled and systematic approach towards stakeholder management are increasing with community expectations.

Companies that have understood the importance of sustaining and developing relations with communities and stakeholders are enjoying the advantages of improved risk management, better outcomes, and enhanced stakeholder support.

Stakeholder management brings in a lot of business intelligence. Once you understand the stakeholder interests and concerns can result in ideas for products and services, which shall address the needs of stakeholders and help companies to minimize costs and increase value. The benefits are discussed in our Stakeholder Management case study writing help.

A Stakeholder Management Plan

Stakeholder Management Plan outlines proper management strategies for engaging stakeholders effectively throughout the life of a project depending on their interests, needs, and impact on the success of a project. The plan should be clear and strategic regarding whom and why you are associating with. This will not just save money and time but can manage expectations and gather trust. 


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Some questions should be asked before developing this plan and these questions are mentioned in our Stakeholder Management homework assignment help online:

  • The strategic reasons to consult with stakeholders
  • The priority issues
  • Who shall be consulted?
  • The effective methods to communicate with stakeholders
  • Who shall be responsible within a company and for what activities?
  • Whether there are chances to make sure the key messages are constant?
  • How shall the results be tracked, captured, disseminated, and reported?

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