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Student's Book Form Five
High level of interest, high power (Key overseeing the business’s compliance or
players): These stakeholders have both approvals. While their involvement may
a high level of interest in the business be limited, their decisions or actions can
and significant power over its outcomes. significantly impact the business’s success.
They are crucial stakeholders who Low level of interest, low power (Monitor):
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must be closely engaged, consulted, These stakeholders have minimal interest
and managed throughout the business in the business and little influence over its
lifecycle. It is important to involve these outcomes. They may include peripheral
stakeholders in the planning process as stakeholders or individuals who are
they have the power to bring a change indirectly affected by the project and are not
once satisfied with the plans. Examples actively engaged. While their impact may
include owners, business sponsors, senior be minimal, it is still important to monitor
management, regulatory authorities, or their interests and manage any potential
major investors. risks or concerns that may arise. These
High level of interest, low power (Keep include community groups and advocacy
informed): These stakeholders have a groups.
high level of interest in the business Once stakeholders are identified and
but limited influence or power over its plotted on the matrix, organisations can
outcomes. While they may not have develop tailored strategies for engaging and
decision-making authority, they can still managing each stakeholder group effectively.
impact the project through word of mouth, This may involve communication plans,
support, or contributions. It is essential to stakeholder engagement activities, conflict
keep them informed, engaged, and satisfied resolution strategies, or risk mitigation
to maintain their support. Examples may measures to ensure that stakeholder’ needs,
include community groups, ordinary expectations, and concerns are addressed
customers, or local residents. throughout the business lifecycle.
Low level of interest, high power (Keep
satisfied): These stakeholders have Task 1.1
significant influence over the business’s
outcomes but have minimal interest Think about any business which you
in the business. They may include would like to establish, explain the key
regulatory bodies, industry associations, stakeholders of the business and the
or government agencies responsible for reasons for their consideration.
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