FINANCIAL MANAGEMENT Essay -- essays research papers

What do you understand by the phrase stakeholder synopsis? Attempt a stakeholder abridgment of an organisation that you are closely associated with.IntroductionStakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their force, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These involve the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy. The tool stakeholder analysis is used to -Identify people or groups and institutions that impart influence your initiativeAnticipate the kind of influence, positive or negative, these groups will have on your initiativeDevelop strategies to get the most useful support possible for your initiative and reduce any obstacles to successful implementation of your program.The following are steps that may be followed in using stakeholder analysisINDENTFY THE STAKEHOLDERSThere is need to think of all people who are to be affected by the project or strategy, those who have influence or power over it or have an interest in its successful or unsuccessful conclusion. Stake holders for Delta corporation include- &61692Government departments( Zimra, RBZ, Min of industry concern and commerce, ministry of sports and culture)&61692Municipal authorities&61692Standards association&61692Customers&61692Employees&61692Management&61692Trade union&61692National employment council&61692Directors and shareholders&61692Suppliers&61692The community and the public&61692My family and extended family&61692&... ...nbspWho else might be influenced by their opinions? Do these people become stakeholders in their own right?Talking directly to the stakeholders will help answer most of these key questions. For IT projects meeting the key stakeholders in a forum to review progress on the project is key to its success. Therefore a well drawn up project plan will ensure that there is enough representation of the stakeholders at the regular project review meetings.Identify those stakeholders that may try to bring to a halt or slowdown the successful implementation of the project.CONCLUSIONIn any project it is important to do a stakeholder analysis in order to be equal to(p) to identify the stakeholders and prioritise them by power and their interest to the success of the strategy or project. Once you identify them there is need to fully understand what motivates them in this project and what might be done to get their much needed support, thereby reducing obstacles to successful implementation. There maybe need to dangle carrots in order to get buy in from key stake holders. Incentives and rewards goes a long way in motivating other stakeholders t o get results oriented effort.