Team members that will receive a bonus if the project is successful. Your stakeholders are a varied group, with varied interests. O: They may include tools | They are groups that use resources to carry out one or more activities | One person or group may perform multiple functions | They are most costly to implement compared to processes: 1. Primary stakeholders are defined by Clarkso n (1995: 106) as “one without whose continuing participation the corporation cannot survive as a going concern". b. customers. ANS: A DIF: Easy REF: p. 43 26. Primary stakeholders are those who are most affected either positively or negatively by the project. A. E: The service desk is a function and not a process. B. a. They are groups to whom a firm has financial obligations. a. Which of the following is not a potential advantage of using good project managment? stakeholder: A stakeholder is a person or group who has an interest -- vested or otherwise -- in an enterprise and whose support is required in order for an enterprise to be successful. As you may have noticed, Identify Stakeholders is one of only two processes within the initiating phase, or process group, of the project. B. At which level of strategy are the managers most likely to be working? Understanding who these people or groups are and what they want or expect from the Six Sigma improvement project via a thorough stakeholder analysis can really help you prepare to deal with their needs and concerns. In large companies, shareholders and directors have the most influence on corporate policy and the day-to-day running of the business, so are considered the most important primary stakeholders. It includes the owners or stockholders, managers and employees, creditors, customers, and suppliers. a. primary shareholder b. primary stakeholder c. integrated stakeholder d. secondary stakeholder e. overt stakeholder 76. Which of the following is true of 'stakeholders' A. c. employees. A. According to the a. economic b. stakeholder c. societal d. social welfare e. shareholder 77. If it cuts your factory staff by a third, so are your employees. Internal Stakeholders serves the organisation, but External Stakeholders deals with the company externally. Primary stakeholders are individuals or entities that benefit from or are directly impacted by the operations and activities of a business. Objectives in Not-for-profit Organizations a. Stakeholders can affect or be affected by the organization's actions, objectives and policies. 5.2 It is usual to group stakeholders into categories, with each category having its own interests and concerns. Dec 08 Q1e c. Less conflict in SMEs Jun 12 Q3a d. suppliers. Secondary stakeholders also help to complete projects, but on a lower, general level. A group of related projects managed in a coordinated way C. A very large and complex project D. A collection of subprojects with a common customer B 5 Which of the following is NOT true about project stakeholders? For small businesses, customers, owners, and employees are usually considered primary stakeholders. 20. A ____ is any interest, share, or claim that a group or individual has in the outcome of a corporation’s policies, procedures, or actions toward others. Further pictures can be found under the following link. D. They can be requested by a stakeholder. They always require additional funding. b. A. Banks B. Use these ratings to plot each stakeholder on a 2×2 matrix for analysis. Business leaders in a community affected by a commercial development project . The primary focus of strategic management is: a. strategic analysis . Some stakeholders can disrupt your business plans and cause uncertainty in the operation of your business. To assess each stakeholder group, apply numerical ratings or simply rate each as high, medium, or low for stakeholder influence and involvement. The inclusion of employees and communities is one of the strengths of the strategy. d. strategy implementation. BMW Group Dialogue Seoul, October 2019. External Stakeholders, on the other hand, are the individual or group that is not employed by the organisation but they get affected by its activities. They can actually influence or veto your decision-making. For attitudes, identify whether the stakeholders are supporters (+), neutral (0) or detractors (–), or use a green, yellow, and red coding. 4. Operational level C. Business level D. Mission and vision . Monitor Stakeholder Engagement implies comparing stakeholder management plan against actual stakeholder engagement to investigate variances and change the plan accordingly to ensure the stakeholders’ continued engagement in the project. Economy, effectiveness and efficiency Dec 11 Q4d 6. Q: Which of the following statements about functions are CORRECT? B. Together, BMW Group experts and local stakeholders discussed about topics like corporate social responsibility and sustainability. They are individuals and organizations that are actively involved in the project B. Unions. C. They must be documented. Which of the following is not a capital market stakeholder? Which of the following is not an advantage of strategic management? Stakeholders a. Primary (Internal) Stakeholders are individual, group of individuals or organizations who are directly involved in the affairs and transactions of the business. The primary stakeholders of a firm include all of the following except a. competitors. C. Employees that prefer the older version of the software that a project is replacing. A … 13. If your new project streamlines your manufacturing process so you need half the raw materials, your suppliers are directly affected. 1, 2, and 3 only Which of the following is NOT an example of a stakeholder group that an organization must satisfy to assure long-term survival? All of the following are examples of stakeholders that have a positive influence on a project except for which one? Stakeholder analysis is part of stakeholder management and an important technique for stakeholder identification and the analysis of their needs. (Points : 5) investors customers the media employees governments Examples of a Primary Stakeholder. Categories of stakeholder group b. Stakeholders’ areas of interest 5. Change requests do not always require more money. Ans. There are 45 stakeholders with this project and you are anticipating change requests in the project. Owners. They are groups having a direct economic link to a firm. b. the total organisation . (1) Which of the following knowledge area deals with identifying people, groups or organizations that could impact or be impacted by a project that required building a 3-mile long bridge connecting two island cities of a country? A stakeholder is any individual or entity that has a stake in the success of a business or organization. Meaning Dec 08 Q1e Jun 12 Q3a b. Stakeholders Objectives Connected: 1. Stakeholders are the people or group of people who can influence or are affected by your project, both inside and outside your organization or business unit. Primary stakeholders have the highest level of interest in the outcome of a project because they are directly affected by the outcome. An organisation's general expression of its overall purpose is known as its: A. objective B. vision C. goal D. mission. These stakeholders typically work for the organization or make other use of the organization. The primary stakeholders of an organization include the people directly affected by a project or policy. Most projects will have a _____ number of stakeholders. Primary stakeholders are usually internal stakeholders. Which of the following is not true about change requests? c. strategy formulation . It is appropriate for the company to prioritize customers as the primary stakeholder group, considering the online retail nature of the business. Value for money Dec 11 Q4d b. Which of the following is an example of a stakeholder group that an organization must satisfy to assure long-term survival? For example, a bank that turns you down for a loan you planned to use for expansion has basically decided your expansion plan is not viable. Post, Preston, Sachs (2002), use the following definition of the term "stakeholder": "A person, group or organization that has interest or concern in an organization. A group of managers is considering pricing strategy and differentiation. Agency problem a. Resistant Supportive Diverse Unknown CORRECT: C … Primary (Internal) Stakeholders. (If you’re playing on Hard Mode, they might even have completely conflicting interests that you need to balance — fun!) These types of stakeholders include customers and team leaders. It is used to identify all key stakeholders, who have a vested interest in the issues with which the project is concerned. b. Here is a list of sample questions which would help you to understand the pattern of questions on Project Stakeholder Management being asked in PMP Certification Exams. B. The focus of the dialogue was on ressources. D. Creditors (M) 10. The main categories of stakeholder group in a company are usually the following. Which of the following is not included in the Stakeholder Management Plan? 12. because they have a stake or interest in what happens. Primary stakeholders have a direct interest in the organization, as opposed to an indirect interest. Stakeholders are considered more important to an organisation when: a. they can make use of their power on the organisation b. they do not emphasise the urgency of their issues c. their issues are not legitimate d. they can express themselves articulately 21. C. Shareholders. A. higher worker morale B. lower cost of capital C. Shorter development times D. higher profit margins B. lower cost of capital (this multiple choice question has been scrambled) A _____ is a temporary endeavor undertaken to create a unique product, service or result. How to reduce the agency problem? They happen while the project work is being done. A stakeholder is a party with an interest in an enterprise or project; stakeholders in a corporation include investors, employees, customers, and suppliers. Corporate level B. A. In business, a stakeholder is any individual, group, or party that has an interest in an organization and the outcomes of its actions. On October 17th, the second BMW Group Stakeholder Dialogue took place in San Luis Potosí, Mexico. What you should note here is it is important that even before the project officially begins – remember it is not a project until there is a signed charter – the project team should be identifying stakeholders. It provides organisations with a clearer sense of direction and purpose . A. They actively contribute to a project. Both public and private companies -- and small and large businesses -- have stakeholders. 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