Stakeholder Management - Revision history

Tkokotas at 12:34, 20 December 2018

2018-12-20T12:34:57Z

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			''Developed by Anna Maria Greve''


	'''Summary'''		'''Summary'''

Tkokotas at 21:07, 24 October 2018

2018-10-24T21:07:36Z

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	~~[[Category:Stakeholders]] [[Category:Stakeholder Involvement]]~~ [[Category:Project Management]] [[Category:Stakeholder Analysis]][[Category:Conflict Management]]		[[Category:Project Management]] [[Category:Stakeholder Analysis]][[Category:Conflict Management]]

Tkokotas at 17:16, 23 October 2018

2018-10-23T17:16:45Z

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	[[Category:Stakeholders]] [[Category:Stakeholder Involvement]] [[Category:Project Management]] [[Category:Stakeholder Analysis]] [[Category:~~Stakeholder Theory]] [[Category:Conflicts~~]]		[[Category:Stakeholders]] [[Category:Stakeholder Involvement]] [[Category:Project Management]] [[Category:Stakeholder Analysis]][[Category:Conflict Management]]

AnnaGreve: /* Power, legitimacy, and urgency classification */

2014-12-01T21:46:48Z

Power, legitimacy, and urgency classification

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	:* The attributes are socially constructed - not objective		:* The attributes are socially constructed - not objective
	:* Stakeholders do not always know that they are in possession of one or more attributes		:* Stakeholders do not always know that they are in possession of one or more attributes
	~~However, there~~ are some suggested limitations to this model following empirical work. Mitchell ''et al.'' <ref name="Mitch"/> suggests that the attributes are binary, however when looking further in to the characteristics of each attribute, ~~doubt arises~~ as to whether it be ~~accurate to only measure them in~~ binary ~~terms~~ <ref name="Ref1"/>. These limitations are somewhat related to following classification method, where specific categories have been made for each of the combinations.		There are some suggested limitations to this model following empirical work<ref name="Ref2"/>. Mitchell ''et al.'' <ref name="Mitch"/> suggests that the attributes are binary, however when looking further in to the characteristics of each attribute, questions start to arise as to whether it these maybe could be more that binary attributes <ref name="Ref1"/>. These limitations are somewhat related to following classification method, where specific categories have been made for each of the combinations.

	===Detailed stakeholder classification===		===Detailed stakeholder classification===

AnnaGreve: /* What are stakeholders and why are they important? */

2014-12-01T21:43:51Z

What are stakeholders and why are they important?

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	The <span class="plainlinks">[http://en.wikipedia.org/wiki/A_Guide_to_the_Project_Management_Body_of_Knowledge PMBOK]</span> Guide's 4th edition had stakeholder identification and management of stakeholder expectations in the communication management knowledge area. However with the 5th edition the <span class="plainlinks">[http://en.wikipedia.org/wiki/Project_Management_Institute Project Management Institute]</span> (PMI) has recognised the importance of stakeholder management and given it its own knowledge area - Project Stakeholder Management. <ref name="PMI"/>		The <span class="plainlinks">[http://en.wikipedia.org/wiki/A_Guide_to_the_Project_Management_Body_of_Knowledge PMBOK]</span> Guide's 4th edition had stakeholder identification and management of stakeholder expectations in the communication management knowledge area. However with the 5th edition the <span class="plainlinks">[http://en.wikipedia.org/wiki/Project_Management_Institute Project Management Institute]</span> (PMI) has recognised the importance of stakeholder management and given it its own knowledge area - Project Stakeholder Management. <ref name="PMI"/>

			This really underlines the importance of creating awareness of the importance of integrating stakeholders in all types of projects.

	==Identifying and classifying stakeholders==		==Identifying and classifying stakeholders==

AnnaGreve: /* What are stakeholders and why are they important? */

2014-12-01T21:41:34Z

What are stakeholders and why are they important?

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	Stakeholder management was first observed in Scandinavian management <ref name="Scandi">''Scandinavian Cooperative Advantage: The Theory and Practice of Stakeholder Engagement in Scandinavia, Robert Strand and R. Edward Freeman, 2013, Springer'' </ref> where they started differentiating between shareholder theory and stakeholder theory. The major differences between these two terminologies is that a shareholder owns a share in the organisation typically through stocks, thereby giving shareholder theory a more egoistic perspective since each shareholder seeks to maximise their own profit. On the other hand, a stakeholder has interests in the organisation's overall performance for other reasons than the stock value.		Stakeholder management was first observed in Scandinavian management <ref name="Scandi">''Scandinavian Cooperative Advantage: The Theory and Practice of Stakeholder Engagement in Scandinavia, Robert Strand and R. Edward Freeman, 2013, Springer'' </ref> where they started differentiating between shareholder theory and stakeholder theory. The major differences between these two terminologies is that a shareholder owns a share in the organisation typically through stocks, thereby giving shareholder theory a more egoistic perspective since each shareholder seeks to maximise their own profit. On the other hand, a stakeholder has interests in the organisation's overall performance for other reasons than the stock value.

	Freeman, who is particularly well-known for his work on stakeholder theory originally published in his book <ref name="REF 84">''Strategic Management: A stakeholder approach, R. Edward Freeman, 1984, Pitman, Boston, isbn=0-273-01913-9''</ref>, has defined that stakeholders with similar interests or rights will move towards forming a group<ref name="Ref1"> ''A model for stakeholder classification and stakeholder relationships, E. Mainardes, H. Alves, M.Raposo, 2012'' </ref>. The model that followed this definition is a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders. Freeman also defines a stakeholder with the following sentence ‘‘a stakeholder in an organisation is any group or individual who can affect or is affected by the achievement of the organisation’s objectives’’.		Freeman, who is particularly well-known for his work on stakeholder theory originally published in his book <ref name="REF 84">''Strategic Management: A stakeholder approach, R. Edward Freeman, 1984, Pitman, Boston, isbn=0-273-01913-9''</ref>, has defined that stakeholders with similar interests or rights will move towards forming a group<ref name="Ref1"> ''A model for stakeholder classification and stakeholder relationships, E. Mainardes, H. Alves, M.Raposo, 2012'' </ref>. The model that followed this definition is a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders. Freeman also defines a stakeholder with the following sentence ''‘‘a stakeholder in an organisation is any group or individual who can affect or is affected by the achievement of the organisation’s objectives’’''.
	Over the years more focus has been given to developing corporate social responsibility, in which understanding stakeholders plays an important role. This contributes to the growing focus on stakeholder management <ref name="CSR">''The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders, Carroll, A. B. (1991), Business Horizons, 34(4), 39–48'' </ref>.		Over the years more focus has been given to developing corporate social responsibility, in which understanding stakeholders plays an important role. This contributes to the growing focus on stakeholder management <ref name="CSR">''The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders, Carroll, A. B. (1991), Business Horizons, 34(4), 39–48'' </ref>.

AnnaGreve: /* What are stakeholders and why are they important? */

2014-12-01T21:40:54Z

What are stakeholders and why are they important?

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	== What are stakeholders and why are they important? ==		== What are stakeholders and why are they important? ==

	Stakeholders are organisations and persons ~~(customers, sponsors, public, the organisation)~~ actively involved in ~~the~~ project or affected by ~~the~~ project at some stage during execution or completion. The purpose of identifying and classifying stakeholders is to ~~make~~ the ~~identification~~ of stakeholder concerns easier ~~and consequently making issue~~ solving ~~a smoother task~~. The prioritisation of the stakeholders is a key outcome of a stakeholder analysis, ~~as it will allow~~ the project manager to ~~acquire~~ the knowledge ~~necessary~~ to ~~get the maximum advantage~~ of the stakeholders’ contribution to the project. Stakeholder management was first observed in Scandinavian management <ref name="Scandi">''Scandinavian Cooperative Advantage: The Theory and Practice of Stakeholder Engagement in Scandinavia, Robert Strand and R. Edward Freeman, 2013, Springer'' </ref> where they started differentiating between shareholder theory and stakeholder theory. The major differences between these two terminologies is that a shareholder owns a share in the organisation typically through stocks, ~~whereas~~ a stakeholder has interests in the organisation's overall performance for other reasons than the stock value.		Stakeholders are organisations and persons who are actively involved in a project or affected by a project at some stage during its execution or completion. The purpose of identifying and classifying stakeholders is to simplify the process of identifying stakeholder concerns and thereby obtaining an easier tool for solving issues. The prioritisation of the stakeholders is a key outcome of a stakeholder analysis, allowing the project manager to gain the necessary knowledge in order to be able to integrate all of the stakeholders’ contribution to the project in the best possible way.
			Stakeholder management was first observed in Scandinavian management <ref name="Scandi">''Scandinavian Cooperative Advantage: The Theory and Practice of Stakeholder Engagement in Scandinavia, Robert Strand and R. Edward Freeman, 2013, Springer'' </ref> where they started differentiating between shareholder theory and stakeholder theory. The major differences between these two terminologies is that a shareholder owns a share in the organisation typically through stocks, thereby giving shareholder theory a more egoistic perspective since each shareholder seeks to maximise their own profit. On the other hand, a stakeholder has interests in the organisation's overall performance for other reasons than the stock value.

	Freeman, who is particularly well-known for his work on stakeholder theory originally published in his book <ref name="REF 84">''Strategic Management: A stakeholder approach, R. Edward Freeman, 1984, Pitman, Boston, isbn=0-273-01913-9''</ref>, has defined that stakeholders with similar interests or rights will move towards forming a group<ref name="Ref1"> ''A model for stakeholder classification and stakeholder relationships, E. Mainardes, H. Alves, M.Raposo, 2012'' </ref>. The model that followed this definition is a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders. Freeman also defines a stakeholder with the following sentence ‘‘a stakeholder in an organisation is any group or individual who can affect or is affected by the achievement of the organisation’s objectives’’.		Freeman, who is particularly well-known for his work on stakeholder theory originally published in his book <ref name="REF 84">''Strategic Management: A stakeholder approach, R. Edward Freeman, 1984, Pitman, Boston, isbn=0-273-01913-9''</ref>, has defined that stakeholders with similar interests or rights will move towards forming a group<ref name="Ref1"> ''A model for stakeholder classification and stakeholder relationships, E. Mainardes, H. Alves, M.Raposo, 2012'' </ref>. The model that followed this definition is a stakeholder map, placing the company at the centre interacting with its surrounding stakeholders. Freeman also defines a stakeholder with the following sentence ‘‘a stakeholder in an organisation is any group or individual who can affect or is affected by the achievement of the organisation’s objectives’’.

AnnaGreve: /* Power, legitimacy, and urgency classification */

2014-12-01T21:31:07Z

Power, legitimacy, and urgency classification

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	:* It is dynamic because it considers changes in interests over social space and time		:* It is dynamic because it considers changes in interests over social space and time

	Furthermore, the stakeholder salience model proposed by Mitchell ''et al.'' <ref name="Mitch">''“Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts”, R. Mitchell, B. Agle, and D. Wood, 1997, Academy of Management Review, Vol. 22 No. 4, pp. 853-8.''</ref> <ref name="Ref2"> suggests that strategic behaviour is subject to various groups located in the surrounding environment with organisational strategies needing to meet the needs of these groups in accordance with their respective importance. This is defined by the three aforementioned factors varying in accordance with the situation. The proposed model is therefore dynamic for the following three reasons:		Furthermore, the stakeholder salience model proposed by Mitchell ''et al.'' <ref name="Mitch">''“Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts”, R. Mitchell, B. Agle, and D. Wood, 1997, Academy of Management Review, Vol. 22 No. 4, pp. 853-8.''</ref> <ref name="Ref2"/> suggests that strategic behaviour is subject to various groups located in the surrounding environment with organisational strategies needing to meet the needs of these groups in accordance with their respective importance. This is defined by the three aforementioned factors varying in accordance with the situation. The proposed model is therefore dynamic for the following three reasons:
	:* The three attributes are variables - neither static nor stationary		:* The three attributes are variables - neither static nor stationary
	:* The attributes are socially constructed - not objective		:* The attributes are socially constructed - not objective

AnnaGreve: /* Power, legitimacy, and urgency classification */

2014-12-01T21:30:53Z

Power, legitimacy, and urgency classification

← Older revision		Revision as of 21:30, 1 December 2014
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	:* It is dynamic because it considers changes in interests over social space and time		:* It is dynamic because it considers changes in interests over social space and time

	Furthermore, the stakeholder salience model proposed by Mitchell ''et al.'' <ref name="Mitch">''“Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts”, R. Mitchell, B. Agle, and D. Wood, 1997, Academy of Management Review, Vol. 22 No. 4, pp. 853-8.''</ref> suggests that strategic behaviour is subject to various groups located in the surrounding environment with organisational strategies needing to meet the needs of these groups in accordance with their respective importance. This is defined by the three aforementioned factors varying in accordance with the situation. The proposed model is therefore dynamic for the following three reasons:		Furthermore, the stakeholder salience model proposed by Mitchell ''et al.'' <ref name="Mitch">''“Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts”, R. Mitchell, B. Agle, and D. Wood, 1997, Academy of Management Review, Vol. 22 No. 4, pp. 853-8.''</ref> <ref name="Ref2"> suggests that strategic behaviour is subject to various groups located in the surrounding environment with organisational strategies needing to meet the needs of these groups in accordance with their respective importance. This is defined by the three aforementioned factors varying in accordance with the situation. The proposed model is therefore dynamic for the following three reasons:
	:* The three attributes are variables - neither static nor stationary		:* The three attributes are variables - neither static nor stationary
	:* The attributes are socially constructed - not objective		:* The attributes are socially constructed - not objective

AnnaGreve at 21:22, 1 December 2014

2014-12-01T21:22:41Z

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	'''Summary'''		'''Summary'''

	The ISO 21500 standard defines a stakeholder as ''"a person, group or organisation that has interests in, or can affect, be affected by, or perceive itself to be affected by, any aspect of the project"'' <ref name="Iso"/>. Consequently, in any project it is important to analyse and identify all the key stakeholders and define which interest they have in the project and how important they are for the completion of the project. When the stakeholder analysis has been performed a plan for handling and communicating with the different stakeholders can then be created. When managing stakeholders, both internal and external, it is important to ~~always find~~ solutions that are mutually beneficial. The growing focus on stakeholder analysis is a clear reflection of the general tendency to recognise how stakeholders can influence decision-making processes. This article contains an overview of the importance of managing different types of stakeholders in order to ensure a suitable stakeholder involvement.		The ISO 21500 standard defines a stakeholder as ''"a person, group or organisation that has interests in, or can affect, be affected by, or perceive itself to be affected by, any aspect of the project"'' <ref name="Iso"/>. Consequently, in any project it is important to analyse and identify all the key stakeholders and define which interest they have in the project and how important they are for the completion of the project. When the stakeholder analysis has been performed a plan for handling and communicating with the different stakeholders can then be created. When managing stakeholders, both internal and external, it is important to strive towards finding solutions that are mutually beneficial. The growing focus on stakeholder analysis is a clear reflection of the general tendency to recognise how stakeholders can influence decision-making processes. This article contains an overview of the importance of managing different types of stakeholders in order to ensure a suitable stakeholder involvement.

	== What are stakeholders and why are they important? ==		== What are stakeholders and why are they important? ==