Stakeholders can affect or be affected by the organization's actions, objectives and policies. Which of the following stakeholders will you make it a priority to get to know? These examples may happen to be very clear stakeholders for your context, but that does not apply to most Product Owners. Prioritizing stakeholder groups can help a project rethink actions around communications, transparency, and engagement, depending on how crucial the stakeholder is to the specific stage of development Stakeholders can have a positive or negative influence on the project. A) Program planner B) Administrator C) Evaluator D) Representative from the funding source. Get Fresh Updates On your job applications, and stay connected. Some stakeholders can disrupt your business plans and cause uncertainty in the operation of your business. Identifying your Stakeholders. Which of the following people is NOT a stakeholder? A set of questions that should be asked when reviewing design specifications: 4. Stakeholder Identification. 10) Which of the following would NOT be considered a stakeholder in a business? Register now or log in to join your professional community. They are people, groups, or organizations who are involved in the project. All stakeholders should be identified before the project execution begins. Best answer . Unlock to view answer. Table 1. Stakeholder satisfaction is essential for successful project completion. You are the project manager of a project whose team has interacted with a number of stakeholders. B. stakeholder: A stakeholder is a person or group who has an interest -- vested or otherwise -- in an enterprise and whose support is required in order for an enterprise to be successful. A stakeholder contacted the project manager about a change to Ginger’s deliverable. During that time PMI, the governing body of the PMP exam, considered Communication Management and Stakeholder Management to be the same knowledge area. a.Shareholders b.Government c.Employees d.Supplier’s stakeholder e. All of the above. What types of stakeholders are there? A. With a clear understanding of your Stakeholders, engaging and communicating can be achieved through a variety of channels based upon who the stakeholder is. You’re going to have to know how to manage each and everyone one of them, even those who don’t work directly under you. Why is stakeholder communication important? A. answered Sep 19, 2016 by Mizzthang . Stakeholders are groups of people who share a common interest, for example, the 'consultancy company', the 'project management', 'the villagers', 'the local authorities' etc. One such person is the project stakeholder. Free. 0 votes. While a project may impact many people, key project stakeholders stand out for a few common reasons: They have the decision making power to define the course of the project. Download Now. Research Reports . The stakeholder who is an expert on the product of the project, but is not interested in implementing it in his department . Which of the following is true of 'stakeholders' A. Blog. They are groups having a direct economic link to a firm. Your project Stakeholder will necessarily be some or all of the following categories: Figure1: Six Sigma Stakeholders Categories. When a community group sues a company for health effects caused by the unsafe disposal of toxic chemicals, this is an exercise of a stakeholder's: - Political Power - Informational Power - Legal Power - Economic Power - Voting Power. Career Articles. True 3.14. They are groups to whom a firm has financial obligations. Once upon a time the PMP exam contained less knowledge areas! But not just you. For example, a bank that turns you down for a loan you planned to use for expansion has basically decided your expansion plan is not viable. A Stakeholder is anybody who can affect or is affected by an organisation, strategy or project. According to the PMBOK Guide, “A stakeholder can be a person, a group, or an organization that may be affected, or have any interest in the project, or the project’s outcome; either directly or indirectly.” Stakeholder Management 101 Consider those most affected to create lasting change. You believe that in order to have an objective project performance appraisal, you would like to obtain feedback for the project team members from all the people they … D) secondary nonsocial stakeholders. The Partnerships for Health Reform (PHR) Project seeks to improve people’s health in low- and middle-income countries by supporting health sector reforms that ensure equitable access to efficient, sustainable, quality health care services. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. C. Stakeholders may not be affected by the outcome but may perceive that they could be affected by the outcome. A definition of the people and products required for successful design: 3. Stakeholders can be affected if the organization does not take the effective steps example, there could be mismanagement or strategies could not be effective. Their decisions affect larger groups of people. The stakeholders include government, employees, customers etc. Stakeholder power analysis is a tool which helps understanding of how people affect policies and institutions, and how policies and institutions affect people. Q: Which one of the following is a CORRECT description of the 'four Ps' of service design? This preview shows page 1 - 4 out of 11 pages. Stakeholder buy-in is essential in any successful project, including lean and Six Sigma efforts. Sarah emails Ginger to keep her apprised of a delay in project materials. social groups protesting a governmental decision to raise taxes . They are people, groups, or organizations that are actively supportive of the project. Stakeholder analysis may uncover a whole lot of people to keep up with, but it’s well worth the effort to invest the time and energy required to keep them in the know about how the project is progressing. Stakeholders are the people or group of people who can influence or are affected by your project, both inside and outside your organization or business unit. Multiple Choice . False 3.13. They can actually influence or veto your decision-making. Which of the following would be internal stakeholders of a football club? Question: Which of the following is NOT true about project stakeholders? What types of stakeholders do you need in business? They are a team comprising of Six Sigma experts, Domain experts, core operations team members, Quality Analysts etc. Q 37 Q 37. 04) Which of the following stakeholders are included in the stakeholder view of the firm and in the network model of stakeholder theory, but not in the traditional model of managerial capitalism? B. In this post you get to learn: The 10 types of stakeholders you meet in business; Stakeholder vs. shareholder – have you been referencing the wrong one? 3.12. 1. 10. A group of people who represents the interests of a nonhuman species (such as the natural environment) and does not have a direct stake in the firm is known as A) primary social stakeholders. Many people have personal and financial interests in your business, and those people are called stakeholders. answer choices . Not all stakeholders are equal. People. Which of the following is not a capital market stakeholder? Understanding who these people or groups are and what they want or expect from the Six Sigma improvement project via a thorough stakeholder analysis can really help you prepare to deal with their needs and concerns. Legal Power. For example, if the company is pressured by shareholders to cut costs, it may lay off employees or reduce their wages, which presents a difficult tradeoff. A four-step process for the design of effective service management: 2. Start networking and exchanging professional insights. Stakeholder management within businesses, organizations, or projects prepares a strategy using information (or intelligence) gathered during the following common processes. B. Stakeholders are the people who matter to a system. Ratings 89% (9) 8 out of 9 people found this document helpful. Stakeholders are specifically named groups with specialized interests in a company. Which of the following is not an example of stakeholders' economic power? D. Stakeholders may be people, or organizations. Our definition is based on a broad meaning of the word Stakeholder, which is the most widely accepted and used definition. A stakeholder analysis only applies more to internal events a company is facing False 3.15. Podcasts. They can be internal or external and they can be at senior or junior levels. Which of the following is not considered to be a nonmarket stakeholder Answer from BUS 475 at Strayer University, Washington But, within any of these, there are sub-categories of stakeholders with differing interests which they may or may not be prepared to subsume in the general collective interest. health; 0 Answers. Your project is not successful if your stakeholders are not happy. C) primary nonsocial stakeholders. Banks Unions Shareholders Creditors Unions 10 Which of the following is directly controlled by the project manager? C. They people, groups, or organizations whose interests may be positively or negatively affected by a decision, activity, or outcome of the project. Money Manpower Information / technology None of the above None of the above 11 Which of the following is reflective of the changes in project management according to Dr. Thamhain? العربية; Use Our Mobile App . Project Team: It is the Six Sigma Project Team which is involved in doing the project. B) secondary social stakeholders. There are a lot of people involved in getting a project from inception to a successful completion. Table 2. They have the power to define what success means for the project. However, in many cases, they do not have the same interests. Stakeholder Analysis Matrix. B. Part of a stakeholder’s political power is their ability to influence the decision-making process of a company. 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