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Stakeholder (corporate) In a corporation, a stakeholder is a member of "groups without whose support the organization would cease to exist", [1] as defined in the first usage of the word in a 1963 internal memorandum at the Stanford Research Institute. The theory was later developed and championed by R. Edward Freeman in the 1980s.
Stakeholder management is a process and control that must be planned and guided by underlying principles. Stakeholder management within businesses, organizations, or projects prepares a strategy using information (or intelligence) gathered during the following common processes.
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] It addresses morals and values in managing an organization, such as those related to corporate social responsibility ...
Stakeholder theory, in contrast, is the idea that stakeholders should have priority and that the relationship between stakeholders and the company is more complex and nuanced.
Stakeholder analysis is a key part of stakeholder management. A stakeholder analysis of an issue consists of weighing and balancing all of the competing demands on a firm by each of those who have a claim on it, in order to arrive at the firm's obligation in a particular case. A stakeholder analysis does not preclude the interests of the ...
Stakeholder approach. 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.
Project stakeholders are persons or entities who have an interest in a given project.According to the Project Management Institute (PMI), the term project stakeholder refers to "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio. [1]:
These actors can be: customers, suppliers, unions, the government, pressure groups, and the general public can all be considered external stakeholders. [3] The demands put forth by these actors motivate the organization to accomplish their values and goals that were established when the organization was created.