The Challenges Of A Executive Decision Process

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.

The first key group of stakeholders are the employees. These include both managers and regular employees at all levels of the organization. The managers are in charge of overseeing certain departments within the corporation. Managers must also work to implement the company strategy and work towards accomplishing the company’s

Firstly the organization needs to identify and analyze the interests of various stakeholders. Ones the identified and analyzed an understanding of their interest is taken into consideration. The interest are not always meant to hinder the prosperity of the organizations others are meant to make business run smoothly without major problems hence all the interest considered and filtered. Stakeholders are analysed and then the most affected will be decided through a forum of dialogue on how to go about the problem can be discussed. Another way hat stakeholders can be brought at board to be part of solution is through use of brainstorming session. In this case all the involved stakeholders are tasked to come up with as many possible solution as their can for a particular problem without judging on their feasibility. Once on paper, the ideas now needs to be scrutinized, assessed, combined or expanded until they become workable solutions to their problem. Organizations can as well employ a strategy in solving particular problems involving a stakeholder. In this case due to specificity of the problem the stakeholders can look for the possible way to address them including weighting the pros and cons of various available alternatives and choosing the most favorable one which will serve them the

The stakeholder theory made popular by Ed Freeman (1984) does seem to represent a major advance over the classical view (Freeman, 1984). It might seem inappropriate to refer to the stakeholder position as neoclassical. Bowie (1991: 56-66) has defined stakeholders as a group whose existence was necessary for the survival of the firm--stockholders, employees, customers, suppliers, the local community, and managers themselves.

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 have a significant influence on the aims of an organisation. They are the people who are affected by or interested in the business. In some organisations the shareholders are stakeholders, and at times have some of the decision power. In trade organisations, customers are also considered stakeholders; therefore their needs are part of the organisation’s overall objectives.

Stakeholders are individuals or groups that partake, or assert, possession, privileges, or benefits in a, organization and its accomplishments, previously currently, and in the upcoming (Barrett, 2001). These requested privileges or benefits are the result of communications with, or activities reserved by the organization, and they must be lawful or ethical, separate or combined Stakeholders with comparable benefits, entitlements, or privileges can be categorized as fitting into the similar collection: personnel, investors, and clients (Barrett, 2001). The better the impact these groups have on client’s lives and the extra community assets with which they are assigned, and it becomes vital that they are responsible (Barrett, 2001).

Managing the vast portfolio of stakeholder demands is one of the most important jobs of the CEO. All leaders must prioritize how they will address the different stakeholder needs. For Robert Nardelli of Home Depot, the 2011 Annual Report provides some

In general ,the stakeholder approach may be more conducive to balancing a wide variety of corporate interests and thereby discouraging impropriety.Executives and boards should take the perceptions of both shareholders and stakeholders into account when formulating strategy and enunciate their stance in all organizational communications. Only within that kind of clearly delineated context, can managers be expected to make appropriate decisions. Indeed, some of the most successful businesses are those which have embraced stakeholder values for example Bodyshop. However, we see that generally, shareholder value

Every stakeholder have their own process and roles, it can affects or can be affects by organization’s action. All stakeholders have own satisfied and unsatisfied (appendix 2).

“Stakeholders (or interest groups) are tangible, visible and approachable groups or institutions which have a direct influence on the functioning of an organisation.”

Stakeholders are people or groups with interest in an organization that can affect or be affected by the organization itself, its objectives, or its policies (BusinessDictionary, 2015). Each stakeholder brings their own perspective to the table based on their relationship with the organization (e.g. internal or external role), their level of experience, and their area of expertise about the subject matter they are involved with. At a high level, the list of stakeholders for any organization could include people or groups such as: customers, employees, government agencies, suppliers, unions, community resources, shareholders, and business owners. For the purpose of this assignment, I will discuss and review stakeholders relative to the

The focus of my term paper is the decision making process used by today's top-level managers. Top-level managers, such as Chief Executive Officers (CEOs), Chief Operations Officers (COOs), and Chief Financial Officers (CFOs), must make critical decisions on a daily basis. Their choices and the resulting outcomes affect the company, the employees, and the stakeholders. Due to the high importance of their decisions, the process they use to reach them merits a close examination.

Decision-making is very vital in the study of administration. Decision-making is the act of deciding the best choice or alternative that brings success or advantage to a situation that will ensure maximum benefits and least risk. Probability can be applied to decision-making in public administration because it is possible to estimate the probability of occurrence of specific events. A part of decision-making in relationship to public administration has to do with goals. The probability of you meeting those goals depends on decision-making. For example a restaurant owner has received more revenue on Thursdays than on any other day And less Revenue on Saturdays than any other day. The owner has looked at everything that could have influenced his sales. The owner realized that the only things that were different on Thursdays than any other day was the chief special and the drink special. According to the receipts of the last four Thursdays the probability that a customer orders a drink special is 60%. The probability that a customer orders the chief special is 50%. The probability of them ordering both is 42%. This shows the restaurant owner that Thursdays drink special should be considered on both Thursdays and Saturdays.

The (word) stakeholder means any person with an interest in business, someone who can contribute to the company grows and success or who benefits from its success. The various stakeholders in business have differing role and their level of involvement in the enterprise varies