The international standard providing guidance on social responsibility, called ISO 26000, defines a stakeholder as an "individual or group that has an interest in any decision or activity of an organization." Show
Stakeholders may include suppliers, internal staff, members, customers (including shareholders, investors, and consumers), regulators, and local and regional communities. Additionally, stakeholders may include purchasers, clients, owners, and non-governmental organizations (NGOs). In order to identify who a stakeholder might be, ISO 26000 clause 5.3.2 suggests that an organization should ask the following questions:
The answer to any one of these questions may determine if an individual or group is a stakeholder. Stakeholder impact is the primary consideration of social responsibility. All stakeholder interests should be considered and balanced for an organization to be socially responsible. The concept of the stakeholder may be very easy for the quality professional to understand. The same considerations that are made with customers and suppliers for quality assurance are expanded to employees, the local community, and other potential stakeholders when approaching social responsibility. Stakeholder analysis is defined as a tool organizations can use to clearly identify key stakeholders for a project or other activity, understand where stakeholders stand, and develop cooperation between the stakeholders and the project team. The main objective is to ensure successful outcomes for the project or the changes to come. Types of stakeholders include:
Stakeholder analysis is frequently used during the preparation phase of a project and is an excellent way to assess the attitudes of stakeholders towards changes or critical actions. It can be done once or on a regular basis to track changes in stakeholder attitudes over time. The stakeholder analysis is generally considered a highly confidential document because it often contains sensitive information. Benefits of Creating a Stakeholder Analysis
How to Make a Stakeholder Analysis Matrix
Table 1 shows a matrix identifying key stakeholders and their levels of importance or influence. Table 2 shows an example of detailed stakeholder analysis that includes confidential information. Table 1. Stakeholder Identification Table 2. Stakeholder Analysis Matrix Consider those most affected to create lasting changeStakeholder buy-in is essential in any successful project, including lean and Six Sigma efforts. A leading cause of project failure, however, is not focusing on the stakeholders who have the greatest influence over implementation and sustainability. Effective management requires three things throughout the project life cycle:
Stakeholder management begins by identifying individuals and groups the project affects. To identify a comprehensive list of stakeholders, evaluate individuals or groups who contribute to, or receive value from, the project. Be sure to assess stakeholders for their influence, the extent to which they are affected, and their attitudes toward the project. Tip: Because stakeholders’ perspectives, involvement, and ability to influence the project may change, the team should identify stakeholders in the project design phase, and also periodically throughout the project. At each new phase, revisit the original stakeholder analysis, which will help guide tactical decisions for engaging key stakeholders. To assess each stakeholder group, apply numerical ratings or simply rate each as high, medium, or low for stakeholder influence and involvement. Use these ratings to plot each stakeholder on a 2×2 matrix for analysis. For attitudes, identify whether the stakeholders are supporters (+), neutral (0) or detractors (–), or use a green, yellow, and red coding. This will allow for stakeholder segmentation for communication and risk planning. Stakeholder ratings will help form an effective communication plan, which identifies different information needs for each group. For example, the stakeholders in the upper right-hand quadrant of each step in Figure 1 will have the most at stake in the project and possess the most power to influence the project’s outcome. Therefore, the project team should seek to create buy-in through targeted communication. Stakeholder analysis will help those responsible for project success to identify project advocates—supporters (positive attitude score) with high influence and stake in the project. Enlist the help of advocates to influence groups that may be neutral or negative toward the project. Influential and interested advocates will provide important allies to drive project success. You can also search articles, case studies, and publications for stakeholder resources. BooksStakeholder-Driven Strategic Planning in Education Excelling on a Digital Transformation Journey ArticlesStakeholder Management 101 (Quality Progress) A leading cause of project failure is inattention to those stakeholders who have the greatest influence over implementation and sustainability. Effective management requires proactive and on-going stakeholder engagement—including identification, communication and risk planning, and active collaboration—throughout the project life-cycle. Making Stakeholders a Strategic Asset (Quality Progress) Quality models indicate that managing stakeholders to enhance their value generation capability can be a winning strategy. The first step toward this aim is to limit the stakeholder role to those who cooperate to achieve organizational goals. Who is a person or group that has an interest or concern in an organization?A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.
What is a person or group that has an interest or concern in an organization quizlet?A stakeholder is a person or group that has an interest or concern in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change. Who are the top three most important stakeholders in a business?
Who are the stakeholders of an organization?A stakeholder is either an individual, group or organization that's impacted by the outcome of a project or a business venture. Stakeholders have an interest in the success of the project and can be within or outside the organization that's sponsoring the project.
What is the term given to the groups individuals and organizations?Organizational Stakeholders: those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance.
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