Due Thursday 23 Pts Write A 175 To 265 Word Response To The

Due Thursday 23 Ptswritea 175 To 265 Word Response To The Following

Due Thursday (23 pts) Write a 175- to 265-word response to the following: How do you create and develop relationships with your stakeholders? Are some stakeholders more important than others? How might this view affect your relationships? Cite 1 reputable references to support your assignment (e.g., trade or industry publications, government or agency websites, scholarly works, or other sources of similar quality).

Paper For Above instruction

Building and maintaining strong relationships with stakeholders is fundamental to successful management and organizational development. Effective stakeholder engagement begins with identifying key stakeholders—those affected by or capable of influencing the project's success (Freeman, 1984). Once identified, establishing open communication channels, active listening, and transparency foster trust and mutual understanding. Regular updates, addressing concerns, and demonstrating commitment to shared goals enhance stakeholder loyalty and cooperation (Eskerod & Huemann, 2013). Not all stakeholders hold equal importance; some possess greater influence or vested interests, which requires prioritizing engagement efforts accordingly. Recognizing stakeholder power dynamics enables managers to allocate resources efficiently and tailor communication strategies to foster positive relationships. However, viewing some stakeholders as more important than others can impact relationships by potentially alienating less influential groups, thus risking conflict or misinformation. Therefore, a balanced approach is essential—treating all stakeholders with respect while carefully managing the influence of key players. Maintaining such relationships fosters collaboration, mitigates risks, and ultimately drives project success. According to the Project Management Institute (PMI, 2017), stakeholder engagement is a continuous process vital for project sustainability, emphasizing the importance of strategic relationship management.

References

  • Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.
  • Eskerod, P., & Huemann, M. (2013). Stakeholder Management. In D. S. Cheung & M. M. Love (Eds.), Project Management and Stakeholder Management (pp. 89–114). Springer.
  • Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
  • Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117.
  • Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a Theory of Stakeholder Identification and Salience. Academy of Management Review, 22(4), 853–886.
  • Bryson, J. M. (2004). What to Do When Stakeholders Matter. Public Management Review, 6(1), 21–53.
  • Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106.
  • Rowe, A. (2014). Stakeholder Engagement in Practice: Improving Project Outcomes. Journal of Business Strategy, 35(1), 31–38.
  • Williams, T. (2007). Assessing and Moving Forward Project Stakeholder Management. Project Management Journal, 38(4), 6–15.
  • Olander, S., & Landin, A. (2005). Evaluation of Stakeholder Management Strategy in Construction Projects. International Journal of Project Management, 23(4), 321–328.

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