Stakeholder prioritization involves determining which stakeh

Stakeholder prioritization involves determining which stakeholders will receive the largest consideration during planning. For a frame of reference, create a fictitious project and describe how would you prioritize stakeholders? What information would each group of stakeholders require?

Solution

stakeholders are the people who directly or indirectly contribute their services towards the organization. their contribution helps the firms to survive in the market and to reach its goals. the stakeholders to a firm includes:

shareholders/owners: the people who provided capital and establishes business. these people concern about fiancial inputs and profitability of the firm. they looks for the firm\'s wealth maximization.

board of directors/ top management: these people frame different strategies towards running of the firm. those may be called as strategic decisions. these decisions influece the firm as a whole and these people are key people in the survival of the firm. even legally they are answerable persons to the firm\'s actions.

employees: these people contribute their knowledge, time and efforts towards the firm. they execute the strategies planned by the top level management. these are full time workers and consider the departmental activities, and works to achieve the goals.

customers: these people encourages the firm by purchasing their products and services.

government/ society: they supports the firms by providing licencing and security.

these are different kind of stakeholders who contributes a firm.