Week 3 - Stakeholder Mapping

Question 1

What is a stakeholder?

Answer 1

Any group or individual who can affect or is affected by the achievement of the Organization’s objectives

Question 2

Who counts as a Stakeholder?

Answer 2

1. A person or entity with something at risk
2. It is relational
3. A two-way relationship
4. The stake is situation-dependent and context-dependent

Question 3

What are Financial stakes?

Answer 3

Looking for a certain economic outcome

Question 4

What are legal stakes?

Answer 4

A contract is in place and must comply with X law

Question 5

What are rights stakes?

Answer 5

Human rights are dependent on this outcome

Question 6

What are moral stakes?

Answer 6

Personal and deep-seated beliefs are affected by this outcome

Question 7

What are interest stakes?

Answer 7

Based on personal connection, concern or interest.

Question 8

What are important attributes for stakeholders?

Answer 8

1. Power: What resources do they control?
2. Influence: what networks do they have?
3. Vulnerability: the degree to which they are affected?
4. Position: their sentiment towards the organization
5. Affiliation: who are they loyal to?

Question 9

First step in the Stakeholder Analysis Process

Answer 9

Identify the Stakeholders

Question 10

Second step in the stakeholder Analysis Process

Answer 10

Determine their stakes: the actual stake must be determined from the point of view of the stakeholder

Question 11

Third step in the stakeholder analysis process

Answer 11

Determine other relevant attributes ( some attributes may matter more than others)

Question 12

Last step in the Stakeholder analysis process

Answer 12

Prioritize the stake/stakeholder

Question 13

What are the 3 essential elements of the Stakeholder relationship?

Answer 13

Trust, communication, and understanding

Question 14

What is one approach to managing conflicting stakes?

Answer 14

1. Legitimacy: A clear entitlement to a desired outcome
2. Power
3. Urgency

Question 15

What is another approach to managing conflicting stakes?

Answer 15

1. Power/influence
2. Positive interest

Question 16

What is the last approach to managing conflicting stakes?

Answer 16

1. Power/influence
2. Negative Impact

Question 17

What is Stakeholder Management?

Answer 17

The systematic identification, analysis, planning and implementation of actions designed to “manage” stakeholders and their interests. It’s a firm-centric process that is vey controlled and strategic.

Question 18

what is Stakeholder Engagement?

Answer 18

The practice of influencing a variety of outcomes through consultation, communication, negotiation, compromise and relationship building. This process is more collaborative and less controlled.

Question 19

Evolution of Stakeholder Management (Novo Nordic Example)

Answer 19

1970: Customer-driven
1990: Stakeholder management
2000: Stakeholder engagement