Question

1. Think very carefully and create an imaginary situation in which you are the CEO of a major international organisation. Any industry or sector acceptable You need to engage with stakeholders so that a project you are planning can be successfully initiated and completed. Provide detailed answers to the questions below.

✴ Briefly describe the kind of organisation and industry, as well as the nature of the project.

✴ What were the purposes of stakeholder engagement in this project?

✴ Who are the stakeholders and why are they considered to be stakeholders? Page 22 of 27

✴ What methods did you use for 1) selecting stakeholders, 2) engaging stakeholders?

✴ What methods were successful/unsuccessful and what were the reasons for this? What was done to overcome these difficulties?

✴ How did you decide when to involve stakeholders?

✴ Were there areas of conflict in the project and how were stakeholder engagement methods used to overcome these?

✴ What was the overall impact of stakeholder engagement and how did you assess this? Were the aims and objectives met?

✴ What would you have done differently to improve outcomes? (100) Total: 100 Your critical analysis will show evidence of your grasp of the theoretical constructs and application of stakeholder management, as well as evidence of critical wider reading.

Answer 1

1. The kind of organisation is a manufacturing firm of iron parts. It relates to the automobile industry as the iron parts which are being manufactured are used in car and items. The purpose of my project is to build a new and improvised iron part for which funds and capital is required extensively.

2. The purposes of various stakeholders equipped in this project is to raise the finance and capital required for the working working and support of the project. It would also create a goodwill in the market among the competitors.

3. The stakeholders for my project are the government, banks, shareholders and financial institutions providing us with the adequate funds. These are considered to be the stakeholders as they are directly and indirectly associated with our business and provides the fund or resources for the working of our organisation. Thus, it is our moral duty to serve them.

4. The methods I used for selecting shareholders is the market analysis and the issue of the prospectus . The prospectus tells about the requirement of the funds, resources and other items essential for the working of my project and invite the shareholders to come and invest for the same business to gain the returns. Banks and financial institutions are also reached to gain and procure funds.

5. The issuing of prospectus and analysis of the market was successful as it would give us the accurate figure of the people who would like to invest and gain in our business. Although the research conducted would take time and won't always reveal the exact figures to how to attract these stakeholders but can tell about their interest in your business.

6. It is very important for every business to include at least one or two stakeholders to gain the market standing and dilute their risk in the market. Thus, while preparing the project analysis I decided to include the above mentioned stakeholders in my research.

7. Yes there were enough crises for the project as resources were not sufficient and policies were not developed for the same. By engaging with various stakeholders like shareholders, government and banks provide us with the knowledge, funds and resources like subsidies and other important resources for the working of my business.

8. The overall objective of the shareholder analysis was a good outcome and research that could be analysed. The impact of shareholder involvement helps in providing the market standing, goodwill and reducing the risk originated in the business. It would also reduce the outside liability and other risk factors considered and helps us establish a good business.

9. To increase and better my outcomes I would have specialised my business into two main parts: the production of iron parts and the new analyses of research for new project. By doing this, the advantages of specialisation would have been gained. I could also engage and make a very attractive prospectus and advertised it around to engage more stakeholders but it would require more initial cost to invite them.