They do not care for political squabbles, rivalries, plots, and intrigue. What do stakeholders want above all else? All stakeholders should be considered essential to a business, but not all have equal priority. Pavel works for a successful pharmaceutical company. A stakeholder is a person, group, or organization that can affect or be affected an organisation. QUESTION. Stakeholders in healthcare can include but are not limited to, patients, caregivers, doctors, nurses, unions, employees, employers, government, insurance companies, communities and pharmaceutical firms. The ideas of corporate social responsibility and stakeholder strategy are particularly prevalent in _____. 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. However, others may wish they were more engaged. a. fairness b. transparency. brittanyl489. What do stakeholders want above all else? Learn about the key differences between shareholders and . 3 Defining and Prioritizing Stakeholders. 31 terms. 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. 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 . fair treatment. 67. fair treatment Other sets by this creator. brittanyl489. 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. New ideas and change are welcomed. . zachlilly. Which of the following are critical aspects of maintaining good relationships between a firm and its stakeholders? You should be guided by their fears and their wishes. Transparency can help all those included in your business environment maintain the same course for success. This is how you get buy-in and avoid hearing weeks or months later: This isn't what we asked for. 3.4 Corporate Social Responsibility (CSR) Key Terms. What do stakeholders want above all else? companies and industries that did not conform to business ethics. Some stakeholders (like the executive leads) may need a more formal type of communication, but less . If nothing else, being proactive about managing stakeholders encourages a more positive company culture. Key Takeaways. 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). Users are the stakeholder-type of people who will use the products of your project or programme. Under the shared value creation framework, which of the following strategic actions would fail to connect economic and societal needs? Related questions. 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. 67. Create a map with 4 blocks of stakeholders according to their priorities. They are the beneficiaries of the outputs. fair treatment. The shared value creation framework encourages managers to focus on which of the following needs? Limiting needless revisions and pointless back-and-forth communication means you waste less time that could be spent on important work. Let's look at each of those in a bit more detail. Your internal stakeholders will want to see a burn report - hours forecasted vs. hours spent, and likely to be spent in the near future. These stakeholders include customers, clients, employees, shareholders, communities, the environment, the government, and the media (traditional and social), among others. Strategic Management Chapter 10. 22 terms. End of preview. Introduction. Similarly, stakeholder management reduces friction. They want to live, study and work in environments free of crime and violence. They want jobs and opportunities to better themselves. Users as Stakeholders. High-profile accounting scandals and the global financial crisis are examples of _____. (Check all that apply.) The board of directors is elected by the shareholders to govern the management team . Which of the following are critical aspects of maintaining good relationships between a firm and its stakeholders? The terms shareholder and stakeholder are sometimes used interchangeably, but they're actually quite different. It becomes their effort, and they'll do their best to make it work. a. fairness b. transparency. A feeling of responsibility is developed within the good. Many shareholders . Work turned in under these conditions tends to be sloppy, ill-tested . Pavel works for a successful pharmaceutical company. Keep the stakeholders involved. Strategic Management Chapter 1. fair treatment. They can be owners, shareholders, employees . andrew ross sorkin For as long as I covered the world of business, every. What do stakeholders want above all else? 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. A feeling of responsibility is developed within the good. a. fair treatment. 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. 22 terms. a. fair treatment. Related questions. a. fairness b. transparency. What do stakeholders want above all else? So, as a software project manager, you should really focus on the stakeholders. Stakeholders in tourism development Project managers are notorious for overpromising on a project and under-delivering even when they know they are being overly optimistic. An individual or group that has shares in the business or is affected by the activities of the business. Compassion: Attitude is everything. 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 . answer choices. 1. Let's enumerate. Strategic Management Chapter 2. Strategic Management: Midterm - Prof Lopez. If nothing else, being proactive about managing stakeholders encourages a more positive company culture. Sets found in the same folder. 3.1 Adopting a Stakeholder Orientation. Under the shared value creation framework, which of the following strategic actions would fail to connect economic and societal needs? This is how you guarantee that everyone is on the same page. 38 terms. 36 terms. A person with the main role of holding stakes for a business. End of preview. 4 Companies issue. Leads by example; encourages participation; group decision- making, delegates authority. All stakeholders can have a say in the development of an effort that may seriously affect them. zachlilly. Want to read all 6 pages? 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. Let's look at each of those in a bit more detail. Users as Stakeholders. fair treatment Other sets by this creator. PFP Final Exam. 119 terms . Want to read all 6 pages? economic social. New ideas and change are welcomed. 36 terms. fair treatment. Strategic Management Chapter 10. 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' QUESTION. economic social. companies and industries that did not conform to business ethics. Again, project tracking can be of great help here, as it allows you to keep everyone in the loop while saving your time. Go through your notes after each stakeholder meeting. The shared value creation framework encourages managers to focus on which of the following needs? Summary. Is the only responsibility of business to maximize profits, as Milton Friedman famously argued in 1970? A statement signed by almost 200 C.E.O.s, including JPMorgan's Jamie Dimon, says companies should focus on all stakeholders. What do stakeholders want above all else? Remember, for every lot according to their priorities; you will choose the right way to communicate with them. Corporate governance is a system of _____. The ideas of corporate social responsibility and stakeholder strategy are particularly prevalent in _____. What do stakeholders want above all else? Summary. For a. 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 . a. fairness b. transparency. PFP Final Exam. What the South African people want above all else is to see their quality of life improved. This mistake is more common than many project managers are willing to admit. 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. September 6, 2013. 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. An individual or group that has active interest in a business or is affected by the activities of the business. Prospective investors need information to assess the company's potential for success and profitability. Depending on the stakeholder and project type, some of your stakeholders will naturally be more engaged. zachlilly. Sets found in the same folder. Corporate governance is a system of _____. What do stakeholders want above all else? Productivity and quality are generally high. Funds that pools the savings of many individuals and invests this money in a variety of stocks,bonds,and other financial assets Strategic Management Chapter 2. It's fair to everyone. They prioritize financial performance over all else. fair treatment. 31 terms. 3.3 Ethical Decision-Making and Prioritizing Stakeholders. Assessment Questions. High-profile accounting scandals and the global financial crisis are examples of _____. a. fair treatment. Fair treatment. 119 terms . Users are the stakeholder-type of people who will use the products of your project or programme. They are the beneficiaries of the outputs. 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 What do stakeholders want above all else? fair treatment. Defining The Stakeholders A stakeholder is a person with something at stake through the operation, growth or existence of a business. Your stakeholders will want to know your understanding or interpretation of their requirements. 38 terms. Productivity and quality are generally high. It can be virtually anyone, as long as that person . This list of stakeholders covers users, governance, influencers, and providers which all together go by the acronym UPIG. What do stakeholders want above all else? A stakeholder's role within an organization may be obvious or. 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. checks and balances . 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 Despite several years of unprecedented growth, the company wants to boost profits . We have completed over 130 multistakeholder projects at local, national, and international levels. Limiting needless revisions and pointless back-and-forth communication means you waste less time that could be spent on important work. . Similarly, stakeholder management reduces friction. a. fair treatment. hold, sell, or buy more. Mistake #2: Being unrealistic with your key stakeholders. They prioritize financial performance over all else. 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.