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Stakeholder analysis in conflict resolution, business administration, environmental health sciences decision making, [1] industrial ecology, public administration, and project management is the process of assessing a system and potential changes to it as they relate to relevant and interested parties known as stakeholders.
In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]
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In management, a stakeholder approach is the practice that managers formulate and implement processes that satisfy stakeholders' needs to ensure long-term success. [1] According to the degree of participation of the different groups, the company can take advantage of market imperfections to create valuable opportunities.
In 1984, Edward Freeman’s book Strategic Management: A Stakeholder Approach was published. It brought to existence a complete body of knowledge surrounding the ethical management of stakeholders. [6] Soon thereafter, computers were used to facilitate the organizations' engagement with communities and stakeholder analysis.
Before requirements can be analyzed, modeled, or specified they must be gathered through an elicitation process. Requirements elicitation is a part of the requirements engineering process, usually followed by analysis and specification of the requirements. Commonly used elicitation processes are the stakeholder meetings or interviews. [2]
The practitioners in stakeholder engagement are often businesses, non-governmental organizations (NGOs), labor organizations, trade and industry organizations, governments, and financial institutions. In a regional planning example in England, a line graph analysis of the relationship between these stakeholders over two decades has been ...