Q:

What is a stakeholder map?

A:

A stakeholder map is a stakeholder management tool that identifies the stakeholders in a project or company, their interests, potential involvement in the project and the classification categories into which the stakeholders fall. Stakeholder maps are effective tools for project analysis. By correctly mapping stakeholders, the person in charge of a project can make sure that each person is adequately involved in project communication and decision making.

Stakeholder maps help to prioritize stakeholders by influence and participation in the project. To accomplish this, stakeholders must first be identified and named. After this, each stakeholder's interest in the project should be noted. Some stakeholders may have several interests in the project, such as funding, project content and project changes. Stakeholders with multiple interests may need to be classified as higher priority for communication purposes.

A stakeholder map notes what each stakeholder's involvement level in the project is, whether they take an active or passive role in the implementation of the project. By prioritizing stakeholders, the project manager can better facilitate the needs of each stakeholder in order of importance. This helps the manager to make sure that each stakeholder is adequately apprised of the progress of the project and receives the correct information to address that stakeholder's concerns.


Is this answer helpful?

Similar Questions

  • Q:

    What is the difference between a stakeholder and a shareholder?

    A:

    Shareholders are individuals who invest in a publicly traded company, while stakeholders have an interest in the company. Stakeholders include employees, business partners and customers. People who are shareholders are stakeholders, but not vice versa.

    Full Answer >
    Filed Under:
  • Q:

    How do companies maximize shareholder wealth?

    A:

    According to the Harvard Business Review, companies maximize shareholder value by managing their relationships with all of their stakeholders. Companies use a variety of strategies and investment options to maximize the wealth of their shareholders and create value for customers.

    Full Answer >
    Filed Under:
  • Q:

    What are 3x exchange traded funds?

    A:

    A 3x leveraged exchange traded fund seeks to outperform the index or commodity it tracks by three times. If the tracked index raises by 1 percent, a 3x leveraged ETF would aim to create a 3 percent return on investment.

    Full Answer >
    Filed Under:
  • Q:

    How do you buy index funds?

    A:

    When selecting index funds, look for one that tracks the broad stock market and charges a low expense fee, say Johnathan Clements from The Wall Street Journal and Nellie S. Huang from Kiplinger's Personal Finance. Index funds help investors avoid the high compounded costs charged by actively managed funds.

    Full Answer >
    Filed Under:

Explore