A STAKEHOLDER<\/a> is defined as any individual, group, or organization that can affect or be affected by the actions, objectives, and policies of a business or project. The concept of the stakeholder was popularized by R.-EDWARD-FREEMAN<\/a> in his 1984 book, Strategic Management: A Stakeholder Approach<\/cite>. This framework shifted the focus of CORPORATE-GOVERNANCE<\/a> from a purely SHAREHOLDER<\/a>-centric view to a more inclusive model known as STAKEHOLDER-THEORY<\/a>.<\/p> Stakeholders are typically divided into internal and external categories. Internal Stakeholders<\/strong> are those who are directly involved in the operations of the entity, such as EMPLOYEES<\/a>, MANAGERS<\/a>, and OWNERS<\/a>. External Stakeholders<\/strong> are parties that do not work for the company but are impacted by its outcomes, including CUSTOMERS<\/a>, SUPPLIERS<\/a>, GOVERNMENTS<\/a>, and the LOCAL-COMMUNITY<\/a>. Detailed guidelines on managing these relationships are provided by the OECD Principles of Corporate Governance<\/a>.<\/p> In PROJECT-MANAGEMENT<\/a>, successful outcomes depend on effective STAKEHOLDER-MANAGEMENT<\/a>. This involves STAKEHOLDER-ANALYSIS<\/a>, a process of identifying and prioritizing stakeholders based on their influence and interest. Tools such as the POWER-INTEREST-GRID<\/a> or the SALIENCE-MODEL<\/a> are used to determine STAKEHOLDER-ENGAGEMENT<\/a> strategies. Organizations that prioritize these relationships often see improvements in their CORPORATE-SOCIAL-RESPONSIBILITY<\/a> performance and long-term SUSTAINABILITY<\/a>. Research from the Harvard Business Review<\/a> emphasizes that balancing stakeholder interests is vital for modern BUSINESS-ETHICS<\/a>.<\/p>Categories of Stakeholders<\/h2>
Stakeholder Management and Analysis<\/h2>