Wednesday, October 2, 2019
FINANCIAL MANAGEMENT Essay -- essays research papers
What do you understand by the phrase â€Å"stakeholder analysis†? Attempt a stakeholder analysis of an organisation that you are closely associated with. Introduction Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy. The tool stakeholder analysis is used to: - †¢Ã‚     Identify people or groups and institutions that will influence your initiative †¢Ã‚     Anticipate the kind of influence, positive or negative, these groups will have on your initiative †¢Ã‚     Develop strategies to get the most effective support possible for your initiative and reduce any obstacles to successful implementation of your program. The following are steps that may be followed in using stakeholder analysis: INDENTFY THE STAKEHOLDERS There is need to think of all people who are to be affected by the project or strategy, those who have influence or power over it or have an interest in its successful or unsuccessful conclusion. Stake holders for Delta corporation include:-      Government departments( Zimra, RBZ, Min of industry trade and commerce, ministry of sports and culture)      Municipal authorities      Standards association      Customers      Employees      Management      Trade union      National employment council      Directors and shareholders      Suppliers      The community and the public      My family and extended family  &... ...nbsp;  Who else might be influenced by their opinions? Do these people become stakeholders in their own right? Talking directly to the stakeholders will help answer most of these key questions. For IT projects meeting the key stakeholders in a forum to review progress on the project is key to its success. Therefore a well drawn up project plan will ensure that there is enough representation of the stakeholders at the regular project review meetings. Identify those stakeholders that may try to bring to a halt or slowdown the successful implementation of the project. CONCLUSION In any project it is important to do a stakeholder analysis in order to be able to identify the stakeholders and prioritise them by power and their interest to the success of the strategy or project. Once you identify them there is need to fully understand what motivates them in this project and what might be done to get their much needed support, thereby reducing obstacles to successful implementation. There maybe need to dangle carrots in order to get buy in from key stake holders. Incentives and rewards goes a long way in motivating other stakeholders to get results oriented effort.
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