What should be your guiding principle in determining which stakeholder value. Stakeholders are defined as those groups that have a stake interestright in an issue or activity, e. The main difference between primary and secondary stakeholders is the final position they have in your company. Stakeholder analysis the powerinterest grid whether you are working on a project, leading a team or trying to get a new idea past the board you will need to work with stakeholders. Thirdly, bp should closely cooperate with external stakeholders in terms of eliminating the possibility of environmental disasters. Those who have a direct financial stake in the business, or who exercise control over your decisionmaking are considered primary stakeholders. Conflicts of interest between different stakeholders. Section 4 evidencebased practice overview stakeholders. Stakeholder analysis serves as an important tool to identify and analyse the relationships between several different stakeholders, besides gaining an understanding on their perceptions on key issues. Stakeholder analysis of the bp oil spill stakeholders. The power sector needs to play a central role in any transition. Speech by spencer dale, group chief economist pdf 1.
Stakeholder analysis defining stakeholders the actual word. Professor waddock explained that corporations take one of three strategies when managing stakeholders. Stakeholder analysis is a useful tool for identifying stakeholders and describing the nature of their stake, roles and interests. Stakeholder analysis is important for toyota marketing essay. British petroleum stakeholder analysis, porters five. Increasingly it has been recognized that any project requires the active involvement of civil society to be truly sustainable. Managing stakeholders helps them to ensure that their projects succeed where others might fail. However, can you readily assess whose interests should prevail.
There were at least three important stakeholders involved in this project. Strengths and limitations of stakeholder engagement. Engagement can help build constructive relationships and dialogue about oil spills and response options, including dispersants walker et al, 20. Stakeholder analysis is a relatively simple process that the process you can use the grid below to organize stakeholders accord. Toolsworksheets are available to assist with this a stakeholder analysis consists of these basic steps. Analysis of stakeholder roles and the challenges of solar. Bp is committed to creating value for all its shareholders. A stakeholder analysis of the bp oil spill and the. By analysing these groups it will be possible to identify, understand and prioritise. Essay about stakeholder analysis on bp 689 words bartleby. Barrow hanley mewhinney and strauss is the largest shareholder of bp, with a reported 29. It may be useful, therefore, to conduct a stakeholder analysis in conjunction with these activities.
Analysis of stakeholder roles and the challenges of solar energy utilization in iran mohammad dehghani madvar. Stakeholder management provides us guidelines on how to evaluate and assess the impacts of conflicts of interest between different stakeholders. Methodology stakeholder analysis is a technique used to identify and assess the importance of key. The term stakeholders ist often used in project management to describe project participants. Use this section to find useful information about bp dividends and learn how to manage your shareholding online shareholders may wish to use our online service which helps you manage your account quickly and securely. Contractor internal stakeholders stakeholders appreciate bp internal stakeholder shareholders contractors were bp stakeholders that ran the deep horizon oil rig. Stakeholder analysis is an approach, a tool or set of tools for. Step 2 categorize stakeholders based on their level of interest stake and powerinfluence. Curtice vice president, performance improvement associates the need for balanced performance measures traditional business performance measures such as returnonassets or earnings per share. It is a powerful tool to help project members identify and prioritise stakeholders who can have an impact on project success. A stakeholder is either a natural person the human being as a legal entity or a legal person e. Stakeholder theory simply states that the stakeholders of a company are not just its direct owners but that stakeholders are any person, group or entity that a corporation has benefited or burdened by its actions and those who benefit or burden the firm with their. Stakeholder analysis project management skills from. This guide has been developed using stakeholder analysis.
Stakeholder analysis stakeholders are people, groups, or institutions, which are likely to be affected by a proposed project either negatively or positively, or those which can affect the outcome of the project. Stakeholders affected by bp oil spill 1 stakeholder analysis of the bp oil spill a stakeholder is any person or entity that is affected or affects the actions, policies and objectives of a company. Make a determination to use either or both qualitative or quantitative analyses. Stakeholder analysis is the first step in stakeholder management, an important process that successful people use to win support from others. Stakeholder analysis is a systematic way to analyse stakeholders by their power and interest. Plan scope management plan schedule management plan cost management plan stakeholder management one new controlling process added. Stakeholder analysis sa is a methodology used to facilitate institutional and policy reform processes by accounting for and often incorporating the needs of those who have a stake or an interest in the reforms under consideration. Use this section to find useful information about bp dividends and learn how to manage your shareholding online. While the fire on the platform was still being contained transocean and bp were assessing their options.
Stakeholders should be clearly defined, particularly if there is any potential question of who is included or excluded in each group. Lastly, stakeholder analysis help toyota in analysing on methods to decrease the negative impacts on vulnerable groups. For specific pmp exam guidance on the project charter document and its. Information for shareholders investors home bp global. Once you have identified all of your stakeholders, it is time to conduct an analysis of the stakeholders. Focus on longterm goals to drive the approach, determine logistics for the engagement, and. The deepwater horizon oil spill began leaking thousands of gallons of oil per day at approximately 9. Low power and low interest stakeholders are least important. Stakeholder analysis and management checklist 234 introduction in the past few decades, companies have been managed with financial returns for shareholders to the fore. High power, high interest stakeholders are key players.
Instead of project participants, the term stakeholders is often used in project management. It is the largest accidental marine oil spill in the history of the petroleum industry. Ukooa drill cuttings initiative final report of the. After the oil spill, it is clear to each one that the disaster could have been avoided and that the result wasnt good business for anybody. Also known as the bp oil spill or gulf of mexico oil spill, it is considered to be one of the largest accidental marine oil spills in the petroleum industrys 150year history. Stakeholder management is a key skill of the modern day manager and is used to get people on board with your ideas. Uk and usa government the british petroleum bp oil spill in the gulf of mexico flowed unabated for three months in 2010. Curtice vice president, performance improvement associates. Stakeholder theory, however, argues that the interests of all stakeholders not just those with a financial stake in the business should be taken into consideration. Department of renewable energies and environment, faculty of new sciences and technologies, university of tehran, tehran, iran. It is an approach for understanding a system by identifying the key actors or stakeholders in the system, and assessing their respective interests in, or influence on, that system. The stakeholders of a company can be grouped into three categories including internal, external and connected stakeholders. Stakeholder analysis on the british petroleum oil spill disaster stakeholder.
The stakeholder analysis of british petroleum will identify those entities that can influence or are influenced by the companys objective and strategies freeman, 1984. Stakeholder analysis methods the process of knowing who your stakeholders are can be complicated. Sustainability bp and sustainability our stakeholders bp and sustainability a letter from our group chief executive our strategy and sustainability bp in figures how we operate our stakeholders. Identify stakeholders 73 a stakeholder register may be used to record a general overview of each stakeholder and their plannedforecasted role on the project. Stakeholder power analysis is an organised approach to this. For example, here is the list of stakeholders that acme. The stakeholder analysis will be used to prepare a comprehensive communication and training plan for the aec project which will be published as separate reports.
Toyota motor corporations corporate social responsibility csr strategies cover a wide variety of concerns among stakeholders. You should consider all possible stakeholders in the public sector, private sector and civil society. Define criteria for identitfying and prioritizing stakeholders, and select engagement mechanisms preparation. About stakeholder engagement and oil spills stakeholder engagement is a coordination process used to involve relevant stakeholders for a clear purpose to achieve accepted outcomes. They are considered possible risks that may threaten the success or completion of a project. In this article and video, well look at that crucial first step stakeholder analysis in more detail. Toyota recognizes the importance of these stakeholders. This report is the product of a stakeholder analysis of the mining sector in armenia conducted by the american university of armenia center for responsible mining, caucasus environmental ngo network cenn and transparency international anticorruption center in armenia. As i have thought more about my post on bps view of who its stakeholders are, i was reminded of an article i read on stakeholder management by sandra waddock. Spencer dale, group chief economist, analyses issues affecting demand and supply across fuel types around the world in 2018.
For full access to this pdf, sign in to an existing account, or purchase an annual subscription. The motives and actions of csr policy at the international oil company british petroleum bp are analysed and then related to the shareholder and stakeholder paradox. Identify british petroleums bp key stakeholders and map these stakeholders in terms of the powerinterest grid. Oil natural gas coal power sector and renewable energy. Fivestep approach to stakeholder engagement reports bsr. The final responsibility for the contents of the reports however, rests. Likewise, you will want to engage in both primary research and secondary research. The difference between primary and secondary stakeholders. An example of a potential form for use as a stakeholder register is depicted below.
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