Question

Stakeholder impact analysis is a _____-step process that allows managers to better understand and address stakeholders' needs.

Answer 1

Stakeholder impact analysis is a five step process that allows managers to better understand and address stakeholders' needs.

Stakeholder impact analysis is a five steps process. Stakeholder impact analysis allows the manager to address the stakeholders’ needs and understand them better.

Stakeholder impact analysis is five steps process that allows managers to understand the need of their stakeholders. A stakeholder is any entity either person or organization, who is directly or indirectly affects the organization or its project.

The five steps of stakeholder impact analysis are:

1. Identify the stakeholder: At this step, managers identify who are their stakeholders that are directly or indirectly affected by their projects, products, or services.
2. The interest of the stakeholder: This step defines the interest of the stakeholder
3. Opportunities and threats associated with stakeholders: this defines the present opportunities and threats to stakeholders
4. Our responsibilities to stakeholders: This process defines that what is our legal, ethical, economic, and philanthropic responsibilities to our stakeholders
5. Effectively address the stakeholders’ concerns: This step forces to take action to effectively address the stakeholders’ concerns.

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