What are benefits of mendelows stakeholder theory?
Answers
Stakeholder analysis (in conflict resolution, business administration, environmental health sciences decision making,[1] Industrial ecology, and project management) is the process of assessing a system and potential changes to it as they relate to relevant and interested parties (stakeholders). This information is used to assess how the interests of those stakeholders should be addressed in a project plan, policy, program, or other action.[2] Stakeholder analysis is a key part of stakeholder management. A stakeholder analysis of an issue consists of weighing and balancing all of the competing demands on a firm by each of those who have a claim on it, in order to arrive at the firm's obligation in a particular case. A stakeholder analysis does not preclude the interests of the stakeholders overriding the interests of the other stakeholders affected, but it ensures that all affected will be considered.[3]
Stakeholder analysis is frequently used during the preparation phase of a project to assess the attitudes of the stakeholders regarding the potential changes. Stakeholder analysis can be done once or on a regular basis to track changes in stakeholder attitudes over time.
Stakeholder types
Types of stakeholders include:[4]
Primary stakeholders: those ultimately most affected, either positively or negatively by an organization's actions
Secondary stakeholders: the "intermediaries," that is, persons or organizations who are indirectly affected by an organization's actions
Tertiary stakeholders: those who will be impacted the least
Other types of stakeholders:
Key stakeholders: those with significant influence upon or importance within an organization; can also belong to the other groups
Stakeholder mapping
A Power-Interest matrix showing strategies to use based on the quadrant the stakeholders is categorised in.
The following list identifies some of the best known and most commonly used methods for stakeholder mapping:
Cameron et al. defined a process for ranking stakeholders based on needs and the relative importance of stakeholders to others in the network.[5]
Fletcher et al. defined a process for mapping stakeholder expectations based on value hierarchies and key performance indicators.[6]
Mitchell et al. proposed a classification of stakeholders based on power to influence, the legitimacy of each stakeholder's relationship with the organization, and the urgency of the stakeholder's claim on the organization. The results of this classification may assess the fundamental question of "which groups are stakeholders deserving or requiring manager's attention, and which are not?" This is salience - "the degree to which managers give priority to competing stakeholder claims."[7]
Savage et al. offer a way to classify stakeholders according to potential for threat and potential for cooperation.[8]
Turner et al. have developed a process of identification, assessment of awareness, support, and influence, leading to strategies for communicating and assessing stakeholder satisfaction, and determining who is aware or ignorant and whether their attitude is supportive or opposing.[9]
Mapping techniques include the following analysis techniques being used by aid agencies, governments, or consultant groups:
Lynda Bourne's Stakeholder Circle, "a five-step methodology that provides a flexible approach to understanding and managing the relationships within and around the activity",[10] involves identification, prioritization, visualization, engagement, and monitoring of stakeholder aspects
Mendelow's power-interest grid, which considers stakeholder "power and expectations (and therefore their likely interest) ... to determine the potential influence of stakeholder groups"[11]
Murray-Webster and Simon's three-dimensional grid mapping power, interest, and attitude, for better "stimulating thought and informing the project or program manager in a truly meaningful way"[12]
Imperial College London's influence-interest grid, "plotting stakeholders on a graph in terms of their influence over the project and their interest in the project"[13]
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