Stakeholder Management
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The purpose of identifying and classifying stakeholders is to make the identification of stakeholder concerns easier and consequently making issue solving a smoother task. The prioritisation of the stakeholders is a key outcome of a stakeholder analysis, as it will allow the project manager to acquire the knowledge necessary to get the maximum advantage of the stakeholders’ contribution to the project. Stakeholder management was first observed in Scandinavian management [Ref (1)] and they started differentiating between shareholder theory and stakeholder theory. | The purpose of identifying and classifying stakeholders is to make the identification of stakeholder concerns easier and consequently making issue solving a smoother task. The prioritisation of the stakeholders is a key outcome of a stakeholder analysis, as it will allow the project manager to acquire the knowledge necessary to get the maximum advantage of the stakeholders’ contribution to the project. Stakeholder management was first observed in Scandinavian management [Ref (1)] and they started differentiating between shareholder theory and stakeholder theory. | ||
| − | Freeman [REF 2] <ref>[''http://www.emeraldinsight.com.globalproxy.cvt.dk/doi/pdfplus/10.1108/00251741211279648''] '' | + | Freeman [REF 2] <ref>[''http://www.emeraldinsight.com.globalproxy.cvt.dk/doi/pdfplus/10.1108/00251741211279648''] ''<ref name="Ref1">, E. Mainardes, H. Alves, M.Raposo, 2012'' </ref> has defined that stakeholders with similar interests or rights will move towards forming a group. The model that followed this definition was then a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders. |
(Insert picture here) | (Insert picture here) | ||
=== Assumptions === | === Assumptions === | ||
| − | There are some core assumption to stakeholder theory, presented by both, Jones and Wicks, Savage et al., and Phillips et al. These are as follows: | + | There are some core assumption to stakeholder theory, presented by both, Jones and Wicks, Savage et al., and Phillips et al. These are as follows <ref name="Ref1">: |
* Organizations engage in relationships with many groups that either influence or are influenced by them, stakeholders in accordance with the Freeman (1984) terminology. | * Organizations engage in relationships with many groups that either influence or are influenced by them, stakeholders in accordance with the Freeman (1984) terminology. | ||
* The theory focuses on these relationships in terms of processes and results for the company and the stakeholder. | * The theory focuses on these relationships in terms of processes and results for the company and the stakeholder. | ||
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**Stakeholder management web | **Stakeholder management web | ||
| − | Stakeholder salience | + | Stakeholder salience <ref name="Ref1"> is a model which includes stakeholder powers of negotiation, their relational legitimacy and the urgency in attending to stakeholder requirements. It is a dynamic model, displaying three main advantages: |
* It is political in the sence that it considers the organisation as the result of conflicting and unequal interests | * It is political in the sence that it considers the organisation as the result of conflicting and unequal interests | ||
* It is orperationally practical because i qualifies the stakeholders | * It is orperationally practical because i qualifies the stakeholders | ||
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== Conclusion == | == Conclusion == | ||
| − | + | This classification of stakeholder importance is not in itself enough. It is necessary to understand relationships so as to engage in actions able to meet stakeholder demands on the organisation. Managing the relationships with each stakeholder should furthermore pay attention to how these are guided by organisational actions and initiatives established with the purpose of creating, building and strengthening the organisation’s bonds with each respective stakeholder <ref name="Ref1">. | |
==References== | ==References== | ||
Revision as of 15:06, 24 November 2014
Abstract
In any case it is important to identify all the key stakeholders and define which interest they have in the project and how important they are for the completion of the project. A plan for handling and communication with the different stakeholders can then be created, when the stakeholder analysis has been performed. When managing stakeholders, both internal and external, it is important to always find solutions that are mutually beneficial. The growing focus on stakeholder analysis is a clear reflection of the general tendency to recognise how stakeholders can influence decision-making processes. This article will attempt to create an overview of the different tools associated with managing different types of stakeholders. Furthermore, the article will look into the limitations of existing methods for stakeholder analysis and management. Here it will look into the areas in need of further development such as stakeholder involvement. Lastly it will summarise the discussion and make a conclusion on the current state of the existing tools for managing stakeholders.
Introduction
The purpose of identifying and classifying stakeholders is to make the identification of stakeholder concerns easier and consequently making issue solving a smoother task. The prioritisation of the stakeholders is a key outcome of a stakeholder analysis, as it will allow the project manager to acquire the knowledge necessary to get the maximum advantage of the stakeholders’ contribution to the project. Stakeholder management was first observed in Scandinavian management [Ref (1)] and they started differentiating between shareholder theory and stakeholder theory. Freeman [REF 2] Cite error: Closing </ref> missing for <ref> tag has defined that stakeholders with similar interests or rights will move towards forming a group. The model that followed this definition was then a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders.
(Insert picture here)
Assumptions
There are some core assumption to stakeholder theory, presented by both, Jones and Wicks, Savage et al., and Phillips et al. These are as follows Cite error: Closing </ref> missing for <ref> tag
