Essay on FINANCIAL MANAGEMENT

The success of a project can ultimately depend on your ability to develop the support of, and manage the expectations of, key people. The successful management of stakeholders can have a substantial and immediate impact – satisfied stakeholders can greatly improve the progress and relevance of a project and ultimately contribute significantly to its success. Undertaking a stakeholder analysis can be an important first step in managing the human and social capital resources in your project.

Stakeholders are the people who matter to a system. Stakeholder power analysis is a tool which helps understanding of how people affect policies and institutions, and how policies and institutions affect people. It is particularly useful in identifying the winners and losers and in highlighting the challenges that need to be faced to change behaviour, develop capabilities and tackle inequalities.

A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business. There are two different types of stakeholders; internal and external. Internal stakeholders are groups within the business e.g owner/workers and employees. External stakeholders are local and national communities and governments, these are groups outside of the business.

Stakeholder theory looks at the relationships between an organization and others in its internal and external environment. It also looks at how these relationships affect how the organization conducts its activities. You can think of a stakeholder as a person or organization that can affect or be affected by your organization. Stakeholders can come from inside or outside of the

Each stakeholder has a different criterion of responsiveness, because they have a different interest in the organization. Most organizations are similarly influenced by a variety of stakeholder groups. Investors, shareholders, employees, customers and suppliers are considered primary stakeholders, without whom the organization cannot survive. Other important stakeholders are the community, which have become increasing important in recent year.

Stakeholders include any person or groups who are directly or indirectly influenced by the project, and also those who are interested in a project or have ability to influence the outcomes of the project that can be either positive or negative. For E-tickit.com major stakeholders and their roles and work descriptions are listed

In the IT and business field, the stakeholders can be many different people. Talks of tech have a great definition of stakeholders stating that: "Any person who has interests in an existing or

Stakeholder’s analysis is the way to identify the key factors whose influence will have a greater impact that helps to plan the support to get success. There are the benefits of stakeholder’s analysis such as; it helps to improve the

The Project Management Institute states the stakeholders are individuals a group or an organization that have a vested interest or role a particular project and may also be impacted by the project (Morphy, 2017). The project stakeholders for the Winsome Manufacturing are divided into distinctly defined groups by departments. These departments can consist of design, production / manufacturing, sales purchasing and marketing (Morphy, 2017). The stakeholder’s responsibilities are to follow the instructions assigned by the department managers in order to complete the company’s goals for the manufacturing of the new storage bins (Morphy, 2017). For example, Senior management that are stakeholders provide different

Stakeholder analysis is the process of identifying the individuals or groups that are likely to affect or be affected by a proposed action, and sorting them according to their impact on the action and the impact the action will have on them. Stakeholder analysis is a key part of

These same internal and external stakeholders can also be classified as primary/secondary stakeholders and direct/indirect stakeholders. “Primary stakeholders have a major interest in the success of the project because they

One of the key factors contributing to a projects success is identifying the correct key stakeholders early in the project process and engaging with them to draw on their knowledge.There are different types of stakeholders in projects and evaluating their characteristics and managing their interrelationships appropriately have a strong impact on the project success. (Celar S; Turic M; Vickovic L (2010)).

The primary audience of this document consists of the project team and the stakeholders of the project. It serves as a communication device and guides future project planning, project execution and control.

Stakeholders are an integral part of a project. They are the end-users or clients, the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of your completed project. Stakeholders are any individual, group or business with a vested interest (a stake) in the success of an organization is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. It is extremely important to involve stakeholders in all phases of your project for two reasons: Firstly, experience shows that their involvement in the project significantly increases your chances of success by building in a

Initial list of stakeholders will be very long that are affected by organisation’s work. Some of these have power of block or advance or some of them are interested in what organisation do. One method you can use to give position them on matrix and which indicating relevant affect and importance.