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  • Essay / FINANCIAL MANAGEMENT - 1058

    What do you mean by the expression “stakeholder analysis”? Try a stakeholder analysis of an organization with which you are closely associated.IntroductionStakeholder analysis is important for the successful implementation of strategic projects and/or activities within any organization. It makes it possible to analyze 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 business entity, including those within the organization and outside. These include the boss, senior management, customers, suppliers, government, your colleagues, the team and others. All of these people are important in the implementation and success of the strategy. The stakeholder analysis tool allows you to: -• Identify the people or groups and institutions that will influence your initiative. • Anticipate the type of influence, positive or negative, that these groups will have on your initiative • Develop strategies to gain the most effective support for your initiative and reduce any barriers to successful implementation of your program. Here are the steps that can be followed when using stakeholder analysis: IDENTIFY STAKEHOLDERS It is necessary to think about all the people who are to be affected by the project or strategy, those who have influence or power over it or who have an interest in its success or failure. Stakeholders of Delta Company include:- Ministries (Zimra, RBZ, Ministry of Industry, Trade and Commerce, Ministry of Sports and Culture) Municipal authorities Standards Association Customers Employees Management  Union National Employment Council Directors and shareholders Suppliers The community and the public My family and my extended family &...... middle of paper ......nbsp; Who else might be influenced by their opinions? Do these people become full stakeholders? Speaking directly to stakeholders will answer most of these key questions. For IT projects, meeting key stakeholders in a forum to review the project's progress is key to its success. Therefore, a well-written project plan will ensure sufficient stakeholder representation during regular project review meetings. Identify stakeholders who may attempt to stop or slow down the successful implementation of the project. CONCLUSIONIn any project, it is important to do a stakeholder analysis in order to be able to identify the stakeholders and prioritize them by power and their interest in the success of the strategy or project. Once you have identified them, it is necessary to fully understand what motivates them in this project and what could be done to gain their much-needed support, thereby reducing the barriers to successful implementation. Carrots may need to be dangled to gain buy-in from key stakeholders. Incentives and rewards go a long way in motivating other stakeholders to achieve results-oriented efforts..