The Stakeholder Management Model

Question:  Which topic or competency do you feel is your greatest strength and challenge?

The stakeholder management model is a great strength for me as I embraced this theory for my work at Center for Spiritual Living (CSL). Bourne (2008) argued that stakeholder theory takes center stage as a valuable model to adopt for an innovation project.  Moreover, the stakeholder model is useful for nonprofit organizations in general. Pioneering work in stakeholder management has become increasingly important since the seminal work of Freeman (1984).  Since then, several researchers (Botan & Hazelton, 1989; Grunig, 1992) have acknowledged the significance of communication inviting stakeholder input.

The stakeholder management design system manages stakeholders’ expectations for the project and its end results (Project Smart, 2013). The project design team must manage the relationships with stakeholders and their perceptions and influences for the benefit of the project (Bourne, 2008).  The performance of any business on a social level is dependent, to a large extent; on the way stakeholders input is received in the negotiating of its projects (King, 1998).  The five steps of the stakeholder management model as described by Bourne (2008) will “identify, prioritize, visualize, engage, and monitor” (Bourne, 2008, p. 4-6). By using the stakeholder management model, CSL promotes creativity and leverages growth to thrust the organization into innovative activities.  By aligning stakeholder management initiatives with technological advancements, CSL can implement future innovative projects with success.

References

Botan, C., & Hazleton V. (1989).  Public relations theory. Mahwah, NJ: 

            Lawrence Erlbaum Associates.

Bourne, L. M. (2008). Stakeholder relationship management. Retrieved from

            http://www.stakeholder-management.com/all the information/keep going.

Freeman, R. E. (1984).  Strategic management: A stakeholder approach.  Boston. MA:

           Pitman.

Grunig, J. (1992). Excellence in public relations and communication management.

            Mahwah, NJ: Lawrence Erlbaum Associates.

King, A. (1998). The social performance uncertainty principle. Corporate Reputation Review,

            1(3), 43-46.

Project Smart. (2013). Stakeholder management; Managing expectations. Retrieved from

            http://www.projectsmart.co.uk/stakeholder-management.html