Stakeholder expectations

Stakeholders can be defined as all entities that are impacted through a business running its operations and conducting other activities related to its existence. The impact can be direct in the case of the business's customers and suppliers or indirect in the case of the communities in which the business chooses to place its locations. Businesses must consider the needs and expectations of its stakeholders, though it need not consider them to be of equal importance. Certain stakeholders such as owners and investors are more important than others.

Stakeholder expectations

A stakeholder is a group or individual, who has Stakeholder expectations interest in what the organisation does, or an expectation of the organisation. It is important that an organisation understands the needs of the different stakeholders. Assessing the expectations of stakeholders enables an organisation to gauge whether its objectives will provide the means of satisfying the demands of the various stakeholders.

Stakeholder expectations

Classification of stakeholders Stakeholders can be broadly categorised into three groups: Internal stakeholders Internal stakeholders are intimately connected to the organisation, Stakeholder expectations their objectives are likely to have a strong influence on how it is run.

Connected stakeholders Connected stakeholders can be viewed as having a contractual relationship with the organisation. The objective of satisfying shareholders is taken as the prime objective which the management of the organisation will need to fulfil, however, customer and financiers objectives must be met if the company is to succeed.

External stakeholders External stakeholders include the government, local authority etc.

Stakeholder management - Wikipedia

Some of the typical conflicts are shown below; One problem with analysing stakeholders is that they tend to belong to more than one group and will change their groupings depending on the issue in hand, e. Your FeedbackWe value your feedback on the topics or anything else you have found on our site, so we can make it even better.

Give Feedback Resolving conflict There are a number of ways of resolving stakeholder conflict, including the following: Cyert and March Cyert and March suggest four ways to resolve conflicting stakeholder objectives.

Satisficing involves negotiations between key stakeholders to arrive at an acceptable compromise. Sequential attention is when management focus on stakeholder needs in turn. For example, a local community may object to a new factory being built on a site that will cause pollution, noise and extra traffic.

Stakeholder Maps | BAwiki

The firm concerned may continue to build the factory but try to appease the community by also building local sports facilities. Exercise of power is when a deadlock is resolved by a senior figure forcing through a decision simply based on the power they possess.

Mendelow Mendelow developed a matrix to help managers classify stakeholders according to their power and interest with recommendtaion show to mange different groups.

Mission statements The mission statement is a statement in writing that should describe the basic purpose of an organisation, that is, what it is trying to accomplish.

It outlines the broad direction that an organisation will follow and summarises the reasoning and values that underlie that organisation. As such it should help to resolve some conflicts by communicating priorities to stakeholders. Corporate Governance One perspective on governance is that it is essentially about ensuring that directors do not put their own interests before those of the shareholders they are supposed to be representing.

Corporate ethics One way of viewing ethical dilemmas is as stakeholder conflicts - for example, pollution concerns could be expressed as the conflict between trying to make more money for shareholders e.

Guidance on ethics and drives to improve corporate social responsibility will help resolve such ethical conflicts. Corporate ethics is discussed in more detail here. Dublin, Edinburgh, Lisbon, London Rating:With over Marshall Goldsmith Stakeholder Centered Coaching certified executive coaches in our global network, we know how to take leadership to the next level and guarantee results.

What is it? Stakeholder maps are visual diagrams that depict the relationship of stakeholders to the solution and to one another. There are many forms of stakeholder map, depending on the issues being examined and the creators preferences. Six Sigma Training, developed in , is a business development strategy developed by former handset giant Motorola to reach forecasted financial targets through quality management and statistical methods. Page 1 of 8 Stakeholder Analysis and Stakeholder Mapping What is stakeholder analysis? Stakeholder analysis is the . By Stanley E. Portny. The Scope Statement is an essential element of any project.

Project managers use the Scope Statement as a written confirmation of the results your project will produce and the constraints and assumptions under which you will work.

If the stakeholders’ expectations are properly set and managed, the project will be considered successful even though there may be some small performance issues. This post suggests a five step process to better manage stakeholder expectations.

8 Tips for Managing Stakeholder Expectations