Bsbwor501 Internal Assessment

Firstly Stakeholder is an individual or a group who has an interest in the success of a business I delivering high results and maintaining the viability of the business’s products and services.There are internal and external

Stakeholders are the people who matter to a system. Stakeholder power analysis is a tool which helps understanding of how people affect policies and institutions, and how policies and institutions affect people. It is particularly useful in identifying the winners and losers and in highlighting the challenges that need to be faced to change behaviour, develop capabilities and tackle inequalities.

John Kew and John Stredwick mention that Jonhson et all 2011 defines a stakeholder as “those individuals or groups who depend on the organisation to fulfil their own goals and on who in turn the organisation depends.”

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.

A stakeholder is someone who someone who benefits or is burdened by a corporation, or someone who the corporation benefits or is burdened by. (Steiner). Stakeholders are represented by two main groups; primary and secondary

Legitimacy theory and stakeholder holder management theory are both system-oriented theory. The System based perspective entail that entity is assumed to be influenced by and in turn to have influence upon the society. They both entail usage of accounting disclosures as a strategy to management relationship with the society or other parties. (Gray, Owen &Adams 1996)

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.”

Especially, it should be determined that how these stakeholders are influencing the objectives and development of an organization.

These same internal and external stakeholders can also be classified as primary/secondary stakeholders and direct/indirect stakeholders. “Primary stakeholders have a major interest in the success of the project because they

In 2014, Yang, Rebecca; Yaowu, Wang; Xiao-Hua Jin, published a scholarly journal that discussed the behavior, attributes and decision-making strategies of a stakeholder in different kinds of projects. There has been limited research conducted on the behavior, attributes and decision-making strategies of a stakeholder; however this article gives you some helpful tools to use as a project manager. Questions remain unanswered about the relationship between stakeholder’s behavior, attributes and the decision-making strategies. According to Yang; Yaowu; Xiao-Hua, (2014), “Once the project manager has identified all stakeholders, their attributes (power, urgency, and

Figure 1 shows a basic framework that can be used to manage stakeholders based on interest and influence. In the figure, the ‘power’ on the Y axis can also be referred to as ‘Influence’ and the ‘Interest’ on the X axis can be referred to as ‘Availability’. [5]

Therefore a stakeholder can be thought of as some who both influences and is influenced by an organization.

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