Wednesday, June 15, 2011

Principles of Stakeholder Management

In the article entitled “Principles of Stakeholder Management”, the authors summarize a document intended to provide general business managers with guidelines to help them interact with business stakeholders. In the article, stakeholders are referred to as “constituencies that are affected (favorably or adversely) by the operation of the corporation” (Clarkson, Donaldson, Preston, & Brooks). In business, for a corporation to continue to grow and flourish, it must learn to balance its own interests with the interests of its stakeholders; in doing so they will meet the needs of the society (Clarkson et al.). Although the article was intended for general business management, project managers can adopt the same principles. By applying these principles, project managers will build a solid foundation for managing stakeholder relationships within their projects.