Stakeholder: the party which can or can be effected by the actions of the organisation as a whole. In 1963, by the stanford research insitute, defined as
"those groups without whose support the organisation would cease to exit"
In an organisation stakeholders plays an important role regardless of their roles and responsibilites within the organisation or oustside the organisation. Because these individuals have different intrest in the business. the interest of these different groups can be understood, managed and levereged to get desired results.
The very first in managing stakeholder is to identifiy who your stakeholders are. Secondly a complete workout is required in to assess their powers, influence and in interest. Success of any business depends on the ability that how well we can manage the expectations of stakehodlers. According to the situation which is given in the question is that
Identifying the stakeholder is the first and mian are. Every person or a group of person whtere atrtificiall or real who are effect or can be effected by the organizations work, who have influence or power over it, or have an intrest in progrees or in decline.These different positions of stakholder will some time create differences between them.
There are number of groups listed below who might be stakeholders in organisational scenario:
After identifiying stakeholders they must be put in to process to identify their priorities. Some of these have high powers and some of these have high interest, others may not care. They should be catogoraze by theor power and intrest.
For example, directors and senior executives have high power and great influence over the organizations work. But on the other hand junior staff and small shareholders may have high interest, but are unlikely to have power over it
Some of these positions listed below for better understanding
High Power with High Interest: great efforts are needed to satisfy this group because of their close involvement with work.
High Power with Less Interest: To keep this group satisfy need to put enough work, but not so much that they become bored with extra information and work.
Low power with high Interest: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
Low Power with Less Interest: these people do need excessive information but still need to monitor.
After classification now there is a need to know more about the key stakeholders. What powers they have, how they react to project, how they get information how best to engage them in the project and what is the best way to communicate with them.
The very first question arise is "what is the power of stakeholders?".
Powerful stakeholders are both relevant and important. The individual Customer, the finance department, the CEO, and information system department are the most powerful stakeholders. These stakeholders are relevant to most organizations. They can significantly affect or be affected buy a discontinuity in the information system. Because of their deceion making they need continue and updated information about the project and the conitinues operation.
The power of a stakeholder is derived from the way that stakeholder affects or is affected by an discontinuity in Information System. These differences lead to their different bases power. Understanding these bases of power cab help increase those stakeholders sataisfaction by determining and managing each stakeholders expectaiotns. It will help a business continuity planners develop a coherent overall strategy for IS continuti while at the same time responding to the particular need of each stakeholder.
Mitchell, R.K., B.R. Agle and D.J Wood. (1997. Towards a theory of stakeholder in identification and salience: Defining the Principle of whi and what realy counts. In: Academy of Management
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