Stakeholder Management
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.
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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
