Search

Introduction

Stakeholder management is defined as a systematic engagement, analysis, identification and implementation of actions which are designed to have proper engagement with stakeholders. Stakeholders are those individuals which have interest in a project, portfolio, program or business activities of a company as outcome of these aspects impacts them in a considerable manner (Bourne, 2016). Different projects and program posses a variety of stakeholders which have varied interest. This assignment is based on Prezzo which is a UK based Italian Cuisine restaurant, situated in London. This report will cover management of stakeholders within projects along with discussion of stakeholders and other management theory. Stakeholders issue in context with business is discussed and a model is prepared for stakeholder engagement.

Assignment Prime

Assignment Prime is an online assignment writing service provider which caters the academic need of students.

Get Best Pricing Quotes Free Samples Email : help@assignmentprime.com Order Now

Main Body

a) Management of stakeholders in projects

A project is considered as a successful activity when it meets the expectations of different stakeholders. A project can be any business activity which is performed by an organisation in order to attain expected outcomes. Stakeholders are those persons which posses a vested interest in the business activities of an organisation. In case of Prezzo, which is an Italian restaurant in UK, potential stakeholders will be customers, government, local residents, suppliers, employees, competitors, local residents etc. Company is working on a project where new chain of restaurant will be established in England. There are some steps that can be considered by the manager in Prezzo so that all stakeholders can be managed in an efficient manner. Some of these steps are mentioned below:

  • Identification of all stakeholders in the beginning of business activity or project. If they will not be identified in the starting, then their different agendas can impacts the working of Prezzo in a negative manner (Chih and Zwikael, 2015). In case of Prezzo, potential stakeholders are customers, suppliers, employees, executive and management of company. In order to achieve success, company is required to meet expectations and interest of all stakeholders.
  • Another way is to assure that all stakeholders must agree on business project and their deliverables. In case all stakeholders will not agree, Prezzo will be required to carry out modifications. For ex, if restaurant is adding a new branch in England with main dish spicy pasta garnished with chilly sauce and customers in that region do not prefer to eat it or supplier denies to supply material required to prepare it. In this case, manager have to modify the dish or ingredients so that every concerned stakeholder can agree.
  • Management in Prezzo is require to have effective communication and interaction with their stakeholders before or while working on project. This will benefits different stakeholders to became comfortable with one another. In this way, complexities faced by companies such as lack of funds, resources and man power can be solved in an unified manner.
  • Vision of project must be clear and every stakeholder must be engaged with different activity through out the process. This will helps in maintaining interest of stakeholders with business. In case of Prezzo, as company is launching a new branch, if timely information about project will be given to the stakeholders they will feel more stasified and engaged (Eskerod, Huemann and Savage, 2015).

In this way, different stakeholders can be managed in projects without facing any difficulty. If above mentioned aspects will not be considered then it will became difficult for Prezzo to perform their business activities in a profitable and organised manner.

b) Support discussion with stakeholders and other management theories

Stakeholder management theory: It is a theory associated with business ethics and organisational management which aims to address values & morals while managing a firm. These values and ethics can be related with corporate social responsibility, social contract theory, market economy.

Freeman normative theory

This theory is given by Edward Freeman and he states that stakeholders of company are those individuals which get impacted by firm and its workings. Principles associated with this theory is defi


app

Download App

Avail the Best Assignment Writing Services in Just One Tap!

Get the App Today!

iphone android
QRcode