Strategic management and stakeholder expectations essay
- The Stakeholder Perspective in Strategic Management from Part III - Stakeholder Theory in the Business Disciplines Published online by Cambridge University Press: 01The main purpose of this article is to analyze what are the theories or different approaches that emphasize stakeholders and: how to manage expectations of stakeholders . We discuss why stakeholder expectations matter, how we can better manage them, and two examples of projects that require stakeholder expectation management; This article introduces some thoughts on the topic of stakeholder management and provides process flow and tools for conducting a stakeholder analysis and creating the strategy for managing the interests. Work on using governance to resolve potential conflicts between senior managers and shareholders has developed largely independently of governance. , 1 Understanding the importance of stakeholder expectations. Two tips for managing stakeholder expectations. a Recognize your stakeholders. b. In principle, management in zone II focused on operational management, but during the short diachronic phases the elements of strategic management were added. During the fluctuations, the existing structures were demolished and new elements were designed so that the company again fit the changed circumstances. Mitchell et al. have noted that working with a significant number of stakeholders 'can be mind-bogglingly complex for managers' p. 857. Among many stakeholder management researchers, Freeman has identified the following dimensions of power and interest: 1 Strategic input: Stakeholders provide valuable insight, expertise, and guidance. They help define and refine the strategic objectives of the project or organization. In this way they ensure coordination with the intended goals. 2 Resource allocation: Stakeholders actively participate in resource allocation. The role of stakeholder management also extends to shaping project and product strategies. In today's business environment, where customer-centric and community-oriented approaches are paramount, understanding and aligning with stakeholder expectations becomes crucial to the success of any project or product. Keeping stakeholders engaged and satisfied is critical to the success of projects and project managers. Those who have failed know the pitfalls. This document provides an overview of stakeholder management and provides some practical tips to improve communication and relations with stakeholders. It covers the following areas: Strategic management is the management of an organization's resources to achieve its goals and objectives. Strategic management involves setting objectives and analyzing the competitive environment. Stakeholders are the people or groups who have an interest, claim or interest in the organization. Therefore, stakeholders usually focus on the organization's performance and ensure that it remains at an acceptable level. Stakeholders do not play any role in the management of the organization, but they do influence the organization. The project's activities must therefore create values for many different and even conflicting expectations. That is, the stakeholders' concerns and requirements must be integrated with the project goal and the organization's strategy. Stakeholder management strategies and practices during a project course. Project. Management. J. 45 5, 2014. Summary. Purpose This article has to