Role of Stakeholders in Bringing Success to the Projects—

A Comparison between Construction Industries and Manufacturing Industries for Stakeholder Management



ACKNOWLEDGEMENT

My thanks go out to all who have helped me complete this study and without whom this project may have not been possible. In particular, my gratitude goes out to friends, my research facilitator and family for the extensive and helpful comments on early drafts. I am also deeply indebted to the authors who have shared my interest and preceded me. Their works provided me with a host of information to learn from and build upon, also served as examples to emulate.

DECLARATION

I, (Your name), would like to declare that all contents included in this dissertation stand for my individual work without any aid, and this dissertation has not been submitted for any examination at academic as well as professional level, previously. It will also be representing my very own views and not essentially those that are associated with the university.

Signed __________________ Date _________________

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

CHAPTER 1: INTRODUCTION1

1.1 Background of the Study1

1.2 Rationale for the Study2

1.3 Aims and Objectives2

1.4 Significance of the Study3

1.5 Research Questions4

1.6 Methodology4

CHAPTER 2: LITERATURE REVIEW5

2.1 Introduction5

2.2 Two types of Stakeholder Management8

2.3 What is a stakeholder?11

2.4 How to identify them?12

2.5 Stakeholder management13

2.5.1 High Power / High Support14

2.5.2 High Power / Low Support14

2.5.3 Low Power / High Support15

2.5.4 Low Power / Low Support15

2.6 Types of stakeholders15

2.7 Stakeholders Systems18

2.8 Stakeholder Assessment23

2.9 Importance of Stakeholders24

2.10 Managing Construction Stakeholders24

2.11 Managing Automobile Stakeholders26

2.12 Stakeholder Theories27

2.12.1 The Origins of the Stakeholder Theory28

2.12.2 Problems of Stakeholder Theory to the Management Company28

REFERENCES32

CHAPTER 1: INTRODUCTION

1.1 Background of the Study

In most organizations the world over, groupings of people who are externally associated with the organization are the ones who receive most of attention from the marketing and management of the company. This is done rightly so, because the customers form the external relations with the company which bring in revenue. External relations are very important for a company to maintain because clientele are built by means of extraneous relations and customers believe that the products they are buying are worth spending money on.

Without customers, it is not possible for a company to survive in the competitive market. As mentioned here, most companies emphasize on catering to their customers, but oftentimes, an equally important group of people external to customers are stakeholders of a company. Stakeholders have the power to make or break a company. If a group of stakeholders have considerable power is associated with a company, and they are not being offered satisfactory deliverables in the right way, then a company must be ready to lose their clientele as the product would never reach in their hands.

The sooner a company identifies its stakeholders, the better it is for a company. This is because the company's service managers would be more prepared to deal with the interests of the stakeholders and come up to their mark. To sum up, stakeholders are people who are impressed by the services rendered by the managers of a ...