Week 1: Stakeholders in Construction

Question 1

An interest or a share in an undertaking.

Answer 1

STAKE

Question 2

An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.

Answer 2

STAKEHOLDERS

Question 3

2 Types of Stakeholder

Answer 3

INTERNAL

EXTERNAL

Question 4

That is those who are members of the project coalition or who provide finance.

Answer 4

INTERNAL STAKEHOLDER

Question 5

That is those affected by the project in a significant way.

Answer 5

EXTERNAL STAKEHOLDER

Question 6

Another delineation of stakeholders

Answer 6

PRIMARY

SECONDARY

Question 7

Is one without whose continuing participation the corporation cannot survive as a going concern. Very critical.

Answer 7

PRIMARY STAKEHOLDER GROUP

Question 8

Are those influence or are influenced by the firm, but who are not essential to its survival. Less critical.

Answer 8

SECONDARY STAKEHOLDERS

Question 9

Three approaches for dealing with stakeholders.

Answer 9

STRATEGIC APPROACH

MULTIFIDUCIARY APPROACH

STAKEHOLDER SYNTHESIS APPROACH

Question 10

This approach allots shareholders’ profit a greater priority above the interests.

Answer 10

STRATEGIC APPROACH

Question 11

This assumes a fiduciary responsibility to stakeholders, allotting them equal stakes with shareholders.

Answer 11

MULTIFIDUCIARY APPROACH

Question 12

This approach assumes a moral but non- obligatory responsibility to stakeholders, e.g. dealing with them ethically.

Answer 12

STAKEHOLDER SYNTHESIS APPROACH