Stakeholder Analysis and Management: A Comprehensive Overview

This essay provides a comprehensive overview of stakeholder analysis and management within organizations. It defines stakeholders, both primary and secondary, and explains the importance of stakeholder analysis for strategic development and conflict resolution. The essay outlines the steps involved in conducting stakeholder mapping, including identifying stakeholders, planning efforts, prioritizing stakeholders based on their interests, and developing strategies for action. It further discusses the stakeholder management plan, emphasizing its role in tracking changes and maintaining a balanced approach to performance elements. The essay also explores various stakeholder management strategies aimed at improving communication, increasing organizational efficiency, and maintaining a competitive advantage. It references several studies to support the discussion on effective stakeholder engagement and risk mitigation, highlighting the challenges in managing diverse stakeholder groups and shaping project direction.

Running head: STAKEHOLDER ANALYSIS AND MANAGEMENT
Stakeholder analysis and management.
Name of the Student
Name of the University
Author’s Note

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STAKEHOLDER ANALYSIS AND MANAGEMENT
Stakeholder
A stakeholder is a group with an interest in the operation of a company in the market.
These include external and internal employees and departments. The stakeholders re the major
assets of an organization. At strategic level, company can organization their stakeholder analysis
for identifying efficiency. However, at operational level, manager is responsible for organizing
stakeholder analysis in their organization (Eskerod and Jepsen 2016). Primary stakeholder
include employees, investors, customers and suppliers. Secondary stakeholders include
government, legal authorities, media, social groups and commercial landlords including partners
and competitors. Stakeholders varies with the enormous pressure of the organization in the
market for its growth and development.
Why Stakeholder Analysis
Stakeholder analysis refers to strategic design of the enterprise for its development in the
market. It helps in developing relationships with other stakeholders in the organization. The
analysis helps in identifying stakeholders and their roles in the organization. It also helps in
identifying the conflicts among stakeholders related to any project or operation in the
organization. The capacity of different stakeholders is identified by the stakeholder analysis
(Pomeroy et al. 2016). It helps in deciding the participation level of the stakeholders in the
development of the company. It takes singe perspective of an enterprise for particular demand of
a customer. IT helps in targeting customers and demands in the market.

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STAKEHOLDER ANALYSIS AND MANAGEMENT
Steps for conducting stakeholder mapping
Determining stakeholders: This step include determining the stakeholders in the
organization. Stakeholders help in maintaining the development and growth of the comoany in
the market.
Planning the effort: It include developing a benefit and selective criteria for planning the
effort made by an enterprise to resolve the problems. It also helps in defining the scope of
strategic activities to be made (Mok, Shen and Yang 2015).
Prioritizing stakeholders: This step include mapping the interest of the stakeholders in
the organization based on their potential. The high interests of the stakeholders needs to be
prioritized.
Develop strategies for action: This step include developing strategies for implementing
into actions and prioritize them accordingly.
Stakeholder management plan
Stakeholder management plan help in maintaining strategies in order to effectively
engage stakeholders in the business. It refers to keeping track of the changes in the requirements
including amount of changes by whom. It helps in creating a track record of changes in the
requirements (Yang, Chan and Scheffran 2018). It is a strategic diagram, which allows a
balanced approach to elements of performance of an enterprise. The stakeholder have to be
emerged in the project by the management of the company as they are not ready to evolve in the
work. Various research activities and studies are performed for identifying the potential solutions
to the risks and problems faced by an enterprise.

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STAKEHOLDER ANALYSIS AND MANAGEMENT
Stakeholder management strategies
Stakeholder management strategies are the process of developing proper management
strategies for effectively engage stakeholders in managing the project. Therefore, it helps in
increasing the efficiency of organizational activities. It improves the process communication
among hierarchy level of the company and maintain the competitive advantage in the market.
The stakeholder analysis help in maintaining various management strategies developed by the
stakeholders in order to maintain growth of the organization in the market (Mok and Shen 2016).
Groups can be difficult for managing effectively as they may be affected by change in a project,
but feel powerless to shape its direction in any way.

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STAKEHOLDER ANALYSIS AND MANAGEMENT
References
Eskerod, P. and Jepsen, A.L., 2016. Project stakeholder management. Routledge.
Mok, K.Y., Shen, G.Q. and Yang, J., 2015. Stakeholder management studies in mega
construction projects: A review and future directions. International Journal of Project
Management, 33(2), pp.446-457.
Mok, M.K. and Shen, G.Q., 2016. A network-theory based model for stakeholder analysis in
major construction projects. Procedia Engineering, 164, pp.292-298.
Pomeroy, R., Parks, J., Courtney, K. and Mattich, N., 2016. Improving marine fisheries
management in Southeast Asia: Results of a regional fisheries stakeholder analysis. Marine
Policy, 65, pp.20-29.
Yang, L.E., Chan, F.K.S. and Scheffran, J., 2018. Climate change, water management and
stakeholder analysis in the Dongjiang River basin in South China. International Journal of
Water Resources Development, 34(2), pp.166-191.

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STAKEHOLDER ANALYSIS AND MANAGEMENT