Principles And Strategies For Managing Stakeholders

I believe every child is capable of achieving their dreams only if (not limited to) there are supportive stakeholders present in early years of live. Because stakeholders (for instance therapist, phycologist, special child care worker/teacher and counsellor) are the external personnel support that devotes their roles in making transitional changes in children’s lives especially in early interventions. From my perspective, I surmise that an individual child is superior in playing their character than anybody. Though they need more care and support but on the bright side they can construct amazing things that others may not be able to do.

To produce a set of recommendations in a written document about how McDonalds PLC, can reduce its carbon footprint through the management of key stakeholder relationships.

From the beginning of time, creating value for stakeholders have been the main frame for success and advancement; from the hunter age to warrior age, craftsman age to explorer age… and on until now. For every management philosophy in the business world that regards maximization of the interests of its all stakeholders (shareholders, customers, financiers, employees and the community) as its highest objective. Its objective is to maximize this value by following policies: that can minimize the cost and waste while improving the quality of its product, enhance the skills and satisfaction of its employees, and contribute to the development of the community from which it draws its resources and sustenance. Compare with shareholder value approach.

The benefits extend beyond these three areas too. The specific provisions you agree to will impact the bottom line of your business over time. Well drafted contracts are a key factor that determines survival and profitability in the construction industry. Such contracts lays the foundation for a healthy working relationship and a profitable job by defining key terms and issues including the scope of work to be performed, the

Relationships: From the perspective of human relationships, a business as a complex series of specific relationships that must be executed properly if a firm is to be successful. These relationships progress from ones between workers, to relationships between firms, to those between firms and customers. For relationships to be executed well they must be among moral and competent individuals with the knowledge and good character, names, if you will, to fulfill them correctly. For success, whether in personal or business life, is ultimately the result of competent people applying knowledge. Managers in various responsible positions must possess knowledge: knowledge of the customer; knowledge of the skills, competencies and innovations required to fulfill customers’ met and unmet needs; and the ability to apply appropriate knowledge effectively, which

Exploration of the Manager’s Responsibility and the Role of Stakeholders Most scholarship on corporate governance in the last two decades has focused on the relationships between shareholders and managers. Some people think :“ A manager’s responsibility should be to the shareholders alone”, but in my opinion manager have the responsibility to all of the stakeholders, which a group with a direct interest in the way on organization is performing and action it takes, include the firm’s employees, shareholders, customers, suppliers and local community. In a company managing for value, the company’s goal is to deliver value to shareholders. This does not imply that the company is managed for value to

Stakeholders are an important factor to any business, because their actions can determine certain business outcomes. Target states that “Engaging with our stakeholders and listening to their ideas, concerns and perspectives is vital to the success of our business. Going forward, we (Target) will continue to shape our approach to stakeholder engagement to be more collaborative and partnership-oriented to identify opportunities, focusing on improving how we incorporate stakeholder viewpoints into business decisions.” (Stakeholder Engagement, n.d.). Target has identified a total of six different stakeholders. The first type of stakeholder Target identifies is guests. A guest is person that shops in their brick and mortar locations and online at Target.com. Target currently engages with its guests through receipt-to-online surveys, input from the Guest Relations team, who responds directly to guest inquires, face to face interactions every day in stores and also through focus groups. The second stakeholder is team members. Team members include Target’s current, prospective and even retired employees in any store, distribution center, global sourcing offices and headquarters locations. Engagement with team members takes place through confidential surveys, internal communications, an Integrity hotline and Diversity Business Council meetings. Another type of stakeholder is a policy influencer, which can be at National, state and local elected and appointed officials and trade

management in the 1980 's. What follows is a brief summary of these building blocks of

During the late twentieth century, different ideas became popular about how best to manage a firm. The first theory which emerged was Stockholder theory, which encouraged managers to act as agents for the company’s legal owners: it’s stockholders. This theory held that it was the function of a firm to act in the best interests of its owners by focusing on maximizing profits. Ensuring that the stockholders’ investments paid off was the fiduciary duty of the managers of this firm. However, some managers did not feel this style of management was best for their firms. There were other kinds of value that a firm could want to maximize, not just profits. A new theory emerged, called Stakeholder Theory, which completely altered how managers did business. Stakeholders were those who affect or are affected by a firm, and they fall into two categories: market stakeholders, who exchange money like employees or customers and nonmarket, like the environment. It can be challenging for managers to decide which stakeholders to prioritize, but a firm which uses Stakeholder Theory can effectively earn profits as well as generate a positive value to the community and environment in which it resides.

Stakeholders are the group or number of people who are directly or indirectly related to a particular business. Stakeholders can be directors, customers, employees, government, agencies, owners, suppliers, unions and the community from which the business draws its resources (Campbell, 2002). However, stakeholders are a crucial part for the success of business. If an organisation knows it’s stakeholder, then it can determine where, there is prospect for business and also by analysing stakeholders, business can set its operational activities (Graham, 2005).

The term "stakeholder" according to Freeman, Harrison, Wicks, Parmar, and De Colle (2010) first made an appearance in management literature sometimes in 1963. In the words of the authors, "the term was meant to generalize the notion of stockholder as the only group to whom management need be responsive" (Freeman et al., 2010, p.31). At the time, stakeholders as Freeman et al. (2010) point out were regarded as "those groups without whose support the organization would cease to exist" (p.31). With that in mind, those who featured in the list of stakeholders were those who owned a company's stock, employees, an entity's business clients, those who financed a company, and the society. A firm's survival was at that time seen to be dependent on this group. While shareholders came in handy in the provision of equity, the relevance of lenders could not be overstated when it came to the provision of funds for growth and expansion. On the other hand, employees were needed to perform the various functions necessary for the successful operation of the firm. Without customers, firms understood that they could not access the revenue they needed to continue being in operation. Lastly, with regard to society, it was understood that businesses did not operate in a vacuum. They were part and parcel of the community in which they operated in.

There are multiple factors that influence the type(s) of contract(s) utilized/selected within a project. Some of these factors include: the level of uncertainty related to the scope of work, the amount of project risk willing to be assumed, importance of meeting schedule milestone dates, and the need for projected costs, among others (Darnall & Preston, 2013). Whatever the driving factors are in the selection process, once established, the type of contract selected can have a significant influence on the decision making process related to the trade-off of the triple constraints of cost, time, and performance (Kerzner, 2013). This paper will briefly explain five common types of contracts focusing primarily on how each type can affect project constraint trade-off.

Contract is a major part in procurement management. Types of contract required for all the relevant elements related to the project:

A contract is a legal document that tends to create an extended relationship between a buyer and seller of an output, in which they specifically tend to restrict the buyer and seller to exchange at terms indicated in a legal document. Also, contracts are also another way to purchase inputs. Moreover, contract length is mainly depends on the output where it may be short, or lengthy and complicated. Also, contracts clearly need to indicate the set of tasks that each contracting party expects the other to perform. Along with specifying the set of tasks, they also have stated some of the solutions to the problems in the event where if the buyer or the seller are not able to perform the tasks or able to fulfill its requirement properly. In addition, if the contract is not done the way a firm want it, then the injured party may happen to go to court to enforce the contract. By obtaining input with contracts, the purchasing firm appreciates the reimbursements of specializing in the things in what it does best because there are other firms who actually only produces the inputs the purchasing firm needs. A contract allows the acquiring firm a greater ability to buy ‘nonstandard’ inputs for which there might not be enough suppliers. In addition, these strategies of obtaining inputs are most likely to work very well because they are relatively easy to write a contract that completely give full details about the characteristics of the inputs needs in a document. In the future, it can be

Relationship-building: Having good relationships – trust, mutual respect, understanding – are intangibles that develop and evolve over time, based on individual and collective experiences and interactions. For this reason, we have to engage with stakeholders at a much as early as possible.