Role of stakeholders in decision making
Stakeholders are people (individuals or group) who have an interest in a company’s or organization’s affairs. These are people who can affect or are affected by the achievement of the organizational objectives. E.g. customers, suppliers, investors etc.
Involvement of stakeholders can reduce uncertainty and improve decision making by understanding their experiences, desires, constraints etc. When there is higher uncertainty, there is increased value of involving stakeholders in decision making.
Select stakeholders:
Involvement of stakeholders can reduce uncertainty and improve decision making by understanding their experiences, desires, constraints etc. When there is higher uncertainty, there is increased value of involving stakeholders in decision making.
Select stakeholders:
- That are representative
- Have more power
- With legitimacy
- With urgency
- Interview: experts in the field, prospective customers, prospective investors
- Discussion with focused groups
- Surveys
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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