A stakeholder is a person, group, or organization that can affect or be affected an organisation. Our starting point is that shareholders care about more than just money. Defining The Stakeholders A stakeholder is a person with something at stake through the operation, growth or existence of a business. Again, project tracking can be of great help here, as it allows you to keep everyone in the loop while saving your time. Keep the stakeholders involved. Project managers are notorious for overpromising on a project and under-delivering even when they know they are being overly optimistic. answer choices A person with the main role of holding stakes for a business An individual or group that has active interest in a business or is affected by the activities of the business An individual or group that has shares in the business or is affected by the activities of the business A person who enjoys being around the business Question 6 A feeling of responsibility is developed within the good. A stakeholder is anyone who has a "stake" in the success of a business - a person who can be affected by, or affect, the operations of a business. QUESTION. 67. All stakeholders can have a say in the development of an effort that may seriously affect them. a. fair treatment. High-profile accounting scandals and the global financial crisis are examples of _____. All stakeholders should be considered essential to a business, but not all have equal priority. An individual or group that has active interest in a business or is affected by the activities of the business. Strategic Management: Midterm - Prof Lopez. Productivity and quality are generally high. Work turned in under these conditions tends to be sloppy, ill-tested . Limiting needless revisions and pointless back-and-forth communication means you waste less time that could be spent on important work. Users are the stakeholder-type of people who will use the products of your project or programme. 119 terms . So, as a software project manager, you should really focus on the stakeholders. 1. zachlilly. Users as Stakeholders. We have completed over 130 multistakeholder projects at local, national, and international levels. It becomes their effort, and they'll do their best to make it work. What do stakeholders want above all else? Pavel works for a successful pharmaceutical company. Leads by example; encourages participation; group decision- making, delegates authority. Under the shared value creation framework, which of the following strategic actions would fail to connect economic and societal needs? 3.3 Ethical Decision-Making and Prioritizing Stakeholders. Strategic Management Chapter 2. They want to live, study and work in environments free of crime and violence. Some stakeholders (like the executive leads) may need a more formal type of communication, but less . 3.1 Adopting a Stakeholder Orientation. Similarly, stakeholder management reduces friction. What do stakeholders want above all else? However, others may wish they were more engaged. Introduction. Despite several years of unprecedented growth, the company wants to boost profits . This is how you guarantee that everyone is on the same page. hold, sell, or buy more. Your stakeholders will want to know your understanding or interpretation of their requirements. An individual or group that has shares in the business or is affected by the activities of the business. Stakeholders and the Software Project Manager's Problem. Create a map with 4 blocks of stakeholders according to their priorities. zachlilly. Strategic Management Chapter 1. They want jobs and opportunities to better themselves. fair treatment. What do stakeholders want above all else? Leads by example; encourages participation; group decision- making, delegates authority. They want better basic services. Shareholders' interests are protected by several parties both within and outside the corporation. Related questions. This mistake is more common than many project managers are willing to admit. Return on equity, or ROE, is a common profitability ratio used by many investors to calculate a company's ability to generate income from shareholders' equity or investments. Sets found in the same folder. Primary stakeholders are the people or groups that stand to be directly affected, either positively or negatively, by an effort or the actions of an agency, institution, or organization. Your internal stakeholders will want to see a burn report - hours forecasted vs. hours spent, and likely to be spent in the near future. 36 terms. zachlilly. Stakeholders in healthcare can include but are not limited to, patients, caregivers, doctors, nurses, unions, employees, employers, government, insurance companies, communities and pharmaceutical firms. 3 Defining and Prioritizing Stakeholders. Limiting needless revisions and pointless back-and-forth communication means you waste less time that could be spent on important work. It can be virtually anyone, as long as that person . Related questions. Strategic Management: Midterm - Prof Lopez. End of preview. What do stakeholders want above all else? fair treatment. Stakeholders in tourism development New ideas and change are welcomed. In the recent history of management ideas, few have had a more profound or pernicious effect than the one that says corporations should be run in a manner that . What do stakeholders want above all else? fair treatment Other sets by this creator. 31 terms. You might do a weekly high-level report for the clients via a personal email from the project manager. Compassion: Attitude is everything. Corporate governance is a system of _____. companies and industries that did not conform to business ethics. A new study by Expert Market, a B2B customer acquisition company, looked at average revenue per employee and found that, for the top 100 companies by revenue per employee, the average employee . Users as Stakeholders. The ideas of corporate social responsibility and stakeholder strategy are particularly prevalent in _____. Improving relationships. a. fairness b. transparency. Pavel works for a successful pharmaceutical company. a. fairness b. transparency. They are the beneficiaries of the outputs. A feeling of responsibility is developed within the good. These stakeholders include customers, clients, employees, shareholders, communities, the environment, the government, and the media (traditional and social), among others. Productivity and quality are generally high. Strategic Management Chapter 2. brittanyl489. 38 terms. A stakeholder's role within an organization may be obvious or. zachlilly. The shared value creation framework encourages managers to focus on which of the following needs? They prioritize financial performance over all else. A stakeholder is an individual, or group of people, that all share a common interest in a project or organisation, and share an interest in its . The stakeholders an organization serves ought to be its customers, employees, society, the environment as well as those who deserve a just or fair share of the profits (the shareholders). 36 terms. This is how you get buy-in and avoid hearing weeks or months later: This isn't what we asked for. What do stakeholders want above all else? a. fair treatment. If nothing else, being proactive about managing stakeholders encourages a more positive company culture. a. fairness b. transparency. Despite several years of unprecedented growth, the company wants to boost profits . They are the beneficiaries of the outputs. Sets found in the same folder. fair treatment. PFP Final Exam. Mistake #2: Being unrealistic with your key stakeholders. What do stakeholders want above all else? What do stakeholders want above all else? Depending on the stakeholder and project type, some of your stakeholders will naturally be more engaged. checks and balances . You should be guided by their fears and their wishes. brittanyl489. September 6, 2013. Under the shared value creation framework, which of the following strategic actions would fail to connect economic and societal needs? New ideas and change are welcomed. checks and balances . 31 terms. 3. Which of the following are critical aspects of maintaining good relationships between a firm and its stakeholders? Corporate governance is a system of _____. What the South African people want above all else is to see their quality of life improved. fair treatment Other sets by this creator. According to Johnson, Scholes & Whittington (2006) stakeholders refer to individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends. Owners and investors Stockholders of corporations need financial information to help them make decisions on what to do with their investments (shares of stock), i.e. What do stakeholders want above all else? Want to read all 6 pages? They do not care for political squabbles, rivalries, plots, and intrigue. (Check all that apply.) A shareholder is someone who owns stock in your company, while a stakeholder is someone who is impacted by (or has a "stake" in) a project you're working on. Summary. andrew ross sorkin For as long as I covered the world of business, every. It gains buy-in and support for the effort from all stakeholders by making them an integral part of its development, planning, implementation, and evaluation. Let's look at each of those in a bit more detail. Is the only responsibility of business to maximize profits, as Milton Friedman famously argued in 1970? Prospective investors need information to assess the company's potential for success and profitability. fair treatment. This list of stakeholders covers users, governance, influencers, and providers which all together go by the acronym UPIG. a. fair treatment. QUESTION. Let's look at each of those in a bit more detail. Remember, for every lot according to their priorities; you will choose the right way to communicate with them. . Fair treatment. 67. Many shareholders . Let's enumerate. For a. Want to read all 6 pages? Summary. 22 terms. They can be owners, shareholders, employees . Strategic Management Chapter 1. Funds that pools the savings of many individuals and invests this money in a variety of stocks,bonds,and other financial assets The ideas of corporate social responsibility and stakeholder strategy are particularly prevalent in _____. Learn about the key differences between shareholders and . a. fair treatment. It's fair to everyone. . A stakeholder can be a project team member, an employee of the user organization, or a senior manager. economic social. fair treatment. Key Takeaways. 119 terms . By "consensus-building," I don't mean weak compromise; I mean stakeholders working hard to seek out win/wins for nature and all the different stakeholders and interests: looking for "both and" solutions and innovations. A person with the main role of holding stakes for a business. End of preview. The shared value creation framework encourages managers to focus on which of the following needs? What do stakeholders want above all else? a. fairness b. transparency. companies and industries that did not conform to business ethics. 22 terms. Fair treatment. They prioritize financial performance over all else. A person who enjoys being around the business. High-profile accounting scandals and the global financial crisis are examples of _____. 4 Companies issue. Similarly, stakeholder management reduces friction. This list of stakeholders covers users, governance, influencers, and providers which all together go by the acronym UPIG. They can be owners, shareholders, employees, bondholders of company issued debt (creditors), customers dependent on the business' success, or even suppliers or vendors of a product that depend on. PFP Final Exam. What do stakeholders want above all else? What do stakeholders want above all else? The board of directors is elected by the shareholders to govern the management team . answer choices. by teasing out specifically what is required and matching this with the available resources - time, money and person-power - the aim is to reduce the possibility of a project running out of steam for stakeholder engagement before it is concluded and to maximise the chances that the commitments made by researchers to stakeholders (the 'promise' 38 terms. Improving relationships. Assessment Questions. Go through your notes after each stakeholder meeting. In some cases, there are primary stakeholders on both sides of the equation: a regulation that benefits one group may have a negative effect on another. Which of the following are critical aspects of maintaining good relationships between a firm and its stakeholders? the processes for participation of all stakeholders are clearly stated and appropriate eg., there is a rationale for why some stakeholders are consulted while others are invited to become partners; stakeholders feel that their interests have been understood and taken into account; the multiple stakeholders involved are seen to be a balanced group A statement signed by almost 200 C.E.O.s, including JPMorgan's Jamie Dimon, says companies should focus on all stakeholders. Transparency can help all those included in your business environment maintain the same course for success. fair treatment. The terms shareholder and stakeholder are sometimes used interchangeably, but they're actually quite different. To observe stakeholder theory, those involved . And on the map, jot down the types of engagement and the types of communication you would want to use to inform or engage the stakeholder. 3.4 Corporate Social Responsibility (CSR) Key Terms. 3.2 Weighing Stakeholder Claims. The requirements gathering process, also known as requirements elicitation, is a project management basic practice that uncovers, verifies, documents, and manages the various needs and requirements. economic social. Users are the stakeholder-type of people who will use the products of your project or programme. Strategic Management Chapter 10. If nothing else, being proactive about managing stakeholders encourages a more positive company culture. (Check all that apply.) Strategic Management Chapter 10.