Essay on FINANCIAL MANAGEMENT

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What do you understand by the phrase “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…show more content…
Once identified and won over, the key stakeholders will offer opinions which will help in the early stages of the project and ensure high quality contribution and completion of the project. Powerful stakeholders will help on getting the necessary resources, financial and non financial. Frequent communication with all stakeholders will ensure active support as and when needed. Project managers from the user community and from IT management. PRIORITISE YOUR STAKEHOLDERS As you identify your stakeholders there is realisation that some of these may have the power to block or advance, some may be interested in the project and some may not care about it. The Power/Interest Grid shown below may be used in the process of classifying the stakeholders in reference to their power and interest over the project. An example is of Delta Information technology project. Keep satisfied      CIO      Manage closely      Bus. Inf. Mgr Monitor      Technical specialist      Keep informed      Internal magazine editor It is important to rank the stakeholders in terms of their power and interest to the project as this will have an impact on the success of the project,

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