NOTE:Reply to Discussion Question is based on Stakeholder Theory
Approach not Stakeholder or Stakeholder Approach but the full concept is
Stakeholder Theory Approach.
Students are required to post their primary response (200 word minimum) Students will respond to at least 1 other postings (150 words minimum each).
Read and respond to at least one (1) of your classmates’ posts. In your response to your classmates, consider comparing your articles to those of your classmates. Research from academic articles must be included in your responses to classmates post.
Below are additional suggestions on the way to respond to your classmates’ discussions:
· Ask a probing question, substantiated with additional background information, evidence or research.
· Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
· Offer and support an alternative perspective using readings from the classroom or from your own research.
· Validate an idea with your own experience and additional research.
· Make a suggestion based on additional evidence drawn from readings or after synthesizing multiple postings.
· Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.
Response to post 1:
In organizations, there are different positions and responsibilities who will carry out so that it can help in smooth running of operations. This way only operations will be done on time. Employees, customers, stakeholders and executives are responsible for running of an organization and if any one of them is not working properly others can take over and ensure that they are working properly. In this paper we will discuss about stakeholder approach and important role they play in the running of organization. Generally there are CEOs, executives who make plans and give tasks to employees to complete them. This way everyone will work collectively and efficiently and achieve results. When they do not work properly, stakeholders will oversee and make sure that everyone is working. They also take part in managing all operations planned by top level management and whether employees are also working effectively (Fontaine et al., 2006).
Previously stakeholders remained silent even when they had stocks in the company but now they are taking part effectively in managing activities. So stakeholders are group of people who have authority over every aspect and ensure survival of the company. For example, when CEO and executives are facing problems in running, stakeholders will take part effectively and resolve these problems. Now a days stakeholders are common in private and public organizations and procedures and policies will be beneficial to them. There are many experts who gave their own definition in explaining stakeholder, for instance, Friedman states that stakeholders have high authority and they contain customer, contributors, vendors, suppliers, employees and shareholders. They all have responsibility in ensuring that operation will be completed. They also involve in developing strategic decisions which is beneficial to organizations. From my perspective, stakeholder is best approach in organizations since they will assist in survival and management of the company.
Response to post 2:
When it comes to understanding the process of stakeholder approach for the stakeholder theory it is important to understand who are the stakeholders with which the companies dealing with. the stakeholder approach required the understanding of the interest of stakeholder which is why it is essential to know whether the interest of company is similar to the interest of stakeholder if there are classes or differences between the interest of both the parties then providing any approach for the success of company will be of no use as there are the similarities between the stakeholder interest and the company interest towards the project.
a stakeholder is a person or a group of individual of an organization who is impacted by the results of the project can be positive as well as negative whatever the result is the stakeholders are the people or the group of people we can say individuals also are influenced by the results and are impacted (Landau, 2017).
Usually, stakeholders have a deep interest in the success of the project because if the project is going to be a success then it is beneficial for the company as well as for the stakeholders. Understanding stakeholder project requires understanding the interest of the stakeholders If a company is successful in understanding the interest of any stakeholder it is easy to use the stakeholder approach in the project processes which will beneficial for the profit earning of any project. Stakeholder project is a strategic and business management aspect of every commercial company which is why a stakeholder approach is a practice that every superior in the project operation formulates to implement the processes that satisfied stakeholders. The stakeholder approach can be a long-term process as well as the short-term process the complete interval of time depends upon the project and the interest of stakeholders in the project (lawteacher.net, 2018).