...Role of StakeHolder Lucy Hernandez November 23rd, 2015 MGT/420 Professor Rita Foster Role of StakeHolder - Intro The word “stakeholder” means any person with an interest in the business -- someone who can contribute to the company’s growth and success or who benefits from its success. There are various stakeholders in a business such as Employees, StockHolders, Customers, Vendors, and even the community. Each plays different roles and their involvement time is also different from each other. The reason for this is that the company’s CEO seeks to utilize the skills, experience and knowledge of each stakeholder group to further the organization’s long-term goals and ensure it’s success. Employees While management sets the overall strategic direction for the company, it is the employees that are responsible for carrying out the tasks specified by the managers in the company’s strategic plan. Employees are the closest to the action. In a manufacturing environment, they work directly on the company’s products, and they interact with customers on a daily basis. The company’s success depends greatly on the skill and dedication of its employees. Without the employees performing their roles and implementing the ideas of the CEO, business planners and financial managers , the company will not reach its revenue and profit potential. Stockholders The initial role of a stockholder is to provide the capital a company needs to grow and expand. If we talk about a startup company,...
Words: 773 - Pages: 4
...Role of Stakeholders MGT 420 Art Heitz June 3, 2013 Professor Kevin Diviney Stakeholders are the most important and valuable assets in an organization and in its progress. For the implementation of a quality management process in the organization it is necessary that a stake holder holds his/her position right at center. The major role that a stakeholder has to carry is to increase the wealth in the organization. Therefore, whenever we study the quality management process of an organization we need to conceptualize the power and the influence a stake holder has on the organization. For implementing a quality management process it is necessary that one should also implement the quality based culture which has its major emphasis on the involvement of the stakeholder and the need of well-organized and managed teamwork. When we look at the traditional internal process, they were quite reasonably unable to identify the need of the stakeholder and his/her valuable expectations in the organization. The value of the stakeholder is only determined by his/her clarity of thoughts often termed as his/her knowledge and relationships with others, which also makes the base for the operational competitive advantages. When an organization understands this they are then able to provide a proper management that is also the essence for quality standards and hence this ultimately results into better objective completion. The stakeholder has his/her interest in basically two parts of his/her...
Words: 423 - Pages: 2
...Role of the Stakeholder Role of the Stakeholder The role of an organization involves stakeholders; suppliers, employees, and consumers. The role of the organization, the supplier and the employee is to provide a product or service that the consumer demands as to maximize profits for the shareholder or owners. This is defined as the economic responsibility (Total Quality Management, 2009). However; if the product or service is of poor quality, this responsibility is ultimately unfulfilled. The definition of stakeholder as stated in the online Business dictionary (2014) is “a person, group, or organization that has an interest in an organization” (BusinessDictionary.com). This paper will discuss the specific roles of stakeholders in implementing the quality process. It will also refer to two companies that implement the quality process; Toyota and Fed-ex. Once the demand is evident, suppliers can then produce quality products or services. The role of the supplier and firm in the implementation of the quality process is to supply something that is considered of value and is marketable. The supplier and firm responsibilities in the implementation of quality include timeliness, information, product evaluation, and monitoring of customer complaints. Timeliness refers to the exchange of products, service and payments in a timely manner as to not disrupt the supply chain. Information is the exchange of information between the organization and suppliers. The supplier is responsible...
Words: 827 - Pages: 4
...Role of a Stakeholder Kristy Kobzeff MGT/420 April, 6 2015 Jorge Pedroza Role of a Stakeholder The role of stakeholder in implementing a quality management process is one that has many facets. When an organization decides to embark upon a quality management process there are many people, internally and externally, dependent upon or affected in some way by the final product, output or process ("Tutorials point", 2012). In order to decide who the stakeholders will be in the process, management of the stakeholder process is essential. First, it is important to identify all those required to ensure the success of creating an efficient process; those involved are either inside or outside of the organization ("Tutorials point", 2012). Second, an analysis to ascertain what the stakeholder’s needs, boundaries, expectations, locus of control within the process, and mutual relationships will be is necessary to make sure everyone involved understands his or her role ("Tutorials point", 2012). A third and also important step is the process of engaging all stakeholders early on in the project. Stakeholders must have the ability to engage with the leaders of the quality management process to familiarize everyone with each other and understand each person’s role within the process. When working conceptually with quality management, the three spheres of quality known as quality management, quality control, and quality assurance each have their own role but also overlap (Foster, Chapter 1...
Words: 552 - Pages: 3
...Role of a Stakeholder MGT/420 February 4, 2013 Role of a Stakeholder A stakeholder has an interest in an organization. The primary stakeholders in many organizations include employees, investors, suppliers and the customers. “Stakeholders can affect or be affected by the organization’s actions, objectives, and policies” (Business Dictionary, 2013). It is important that organizations include the interest of stakeholders when making decisions, especially those concerning quality management. This paper will address each stakeholder and what their specific role is when implementing a quality management process. Examples of organizations will be utilized as an effort to support. Delta Airlines is one of the largest airlines operating out of the United States. The stakeholders consist of employees, customers, investors, vendors and suppliers. All stakeholders must be taken into consideration when implementing a quality management process. Employees must be treated fair and must be afforded the rights that are governed by law. Each level of employment adds value to the organization. Structure must be created for a safe work environment. The employee must have good working relationships with the customers. This information should be shared with management to ensure proper procedures are being followed. Analyst in the company should track travel data to assist with pricing of fairs. The customers are the airlines most precious cargo. They should be treated with respect and not...
Words: 528 - Pages: 3
...The role a stakeholder plays in implementing a quality management process depends on the type of business the process is implemented in. There are various types of stakeholders such as creditors, investors, directors, employees, government (and their agencies), owners, shareholders, suppliers, unions, and communities from which the business draws its resources (Webfinance, 2012). With such a variety of stakeholders let’s discuss two specific businesses in which a quality management process would be implemented in, the electronic retail industry and the travel industry. Using Best Buy as an example for the electronic retail industry the stakeholders consist of directors, employees, shareholders, suppliers, customers, and communities. The director’s role in implementing a quality management process is to listen to the feedback from employees, customers, suppliers, and shareholders. Then to take into consideration what is best for the business in general. The employee’s role in implementing a quality process is to listen to the customer’s and track the demand of products. The shareholders role in implementing a quality process is to see profit from the goods or services sold. The supplier’s role in implementing a quality process is to maintain the demand for the supply as well as maintain the quality of the materials being used. The customer’s role in implementing a quality process is to purchase goods, provide feedback, and based on his or her experiences to become a repeat buyer...
Words: 541 - Pages: 3
...| According to Investopedia, a stakeholder in a company is defined as a party that has an interest in an enterprise or project. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers. However, modern theory goes beyond this conventional notion to embrace additional stakeholders such as the community, government and trade associations. Stakeholders have different views on what is valuable because they have multi-dimensional stakes and different relationships with the firm. Hence, ‘stakeholder value’ means different things to different stakeholders and to a firm’s customers, suppliers, employees, NGOs and investors. Competing interests may exist amongst stakeholders and they may have alternative conceptions on what is valuable (Garriga, 2014) In the Pharmacare scenario, the stakeholders were the employees, investors, medical facilities and doctors. The employees are considered stakeholders because of the role they play in the business. They are responsible for making sure that the supply demands are met. They contribute to the firm in fundamental ways. However, employees actually “constitute” the business: they are in many cases the most important factor or “resource” of the corporation, they represent the company towards other stakeholders and they act in the name of the corporation (Crane & Matten, 2004). The investors, medical facilities, and doctors were the major stakeholders because of the opportunities that they...
Words: 1524 - Pages: 7
...Role of Stake Holder MGT/420 The role of stakeholders in a business is an important aspect to consider when implementing a quality management process. The quality management process is beneficial in assuring the product meets the requirements of consumers. The process of quality management includes to set quality targets or goals for your staff or team to meet. The second step in the process is to determine how the quality of the product or target will be measured. After this has been determined the quality should then be measured and evaluated to determine necessary improvements or current issues. Once this has been completed it is important to report the finding for further changes. It is important for stakeholders to provide input in determining the necessary quality of products as well as the steps needed to meet the target quality. Since stakeholders often have an interest in the product they will be able to provide feedback, knowledge, and may even provide a competitive edge. It is the duty of the stakeholder to monitor the organizations ability to adhere to legal, ethical, and corporate requirements. Of course the influence and decision making power a stakeholder has on an organization is dependent on the stakeholder’s level of ownership, financial investment, and desire to see the organization grow. Provided an organization has multiple stakeholders they may meet to discuss or determine the level of quality they would like to see from their investment...
Words: 371 - Pages: 2
...Role of Stakeholders To be more successful in business, organizations and their management should stand to the challenges that their stakeholders are posing. Being a responsive team or company allows greater trust from stakeholders which in turn allow distribution of stocks to have more shareholders from the same company. Being a shareholder means garnering more power within the organization including the power to decide and make some steps of your own if you are a shareholder Freeman, 1984). You can even handle selection of your own people and which job to work with. If an organization receives such incentive from its stakeholders like the capability to act like a real shareholder, then the chance to improve the quality of their performance would be higher. This is called as stakeholder or shareholder replica where in the management of the company or some of the higher management people can do the jobs that only stakeholders should be the one doing it. There are different types of these replica based on the needs of the organization. One organization in Pakistan that is known for trying to perfect managing quality is the Engro corporate hierarchy. To ensure that quality is being the main focused of everyone, the board of directors evaluates the company’s policy when it comes to the quality of the product they release in the market. As a company, providing and producing quality products are one of the things that they should be hitting all the way because it is one of the major...
Words: 551 - Pages: 3
...The word “stakeholder” means any person with an interest in the business -- someone who can contribute to the company’s growth and success or who benefits from its success. The various stakeholders in a business have differing roles and their level of involvement in the enterprise varies from full-time to barely involved at all. The company’s CEO seeks to utilize the skills, experience and knowledge of each stakeholder group to further the organization’s long-term goals. Employees Top management may set the overall strategic direction for the company, but the employees are responsible for carrying out the tasks specified in the company’s strategic plan in an efficient manner. Employees are the closest to the action. They interact with customers on a daily basis. In a manufacturing environment, they work directly on the company’s products. The company’s success depends in large measure on the skill and dedication of its employees. Without the employees performing their roles proficiently, the company will not reach its revenue and profit potential. Stockholders Stockholders’ initial role is to provide the capital a company needs to grow and expand, or in the case of a startup venture, the capital it needs to launch its products or services into the marketplace. In private companies, stockholders may take an active role in setting the strategic direction for the venture. They sometimes provide guidance or advice to the company’s management. In public companies, stockholders...
Words: 263 - Pages: 2
...The Role of Stakeholders in a Quality Process ****** ********** MGT/420 March 25, 2013 ****** *******, ***, ****, **** The Role of Stakeholders in a Quality Process Stakeholders seek wealth from a company. Employees receive wealth through compensation, safe working environments, and advancement opportunities. Customers receive wealth through obtaining a product worth more than it costs them to obtain. Other stakeholders receiving wealth from a company may include shareholders, lenders, suppliers, communities, and governments (Susniene & Vanagas, 2006). Each relationship a company has with a stakeholder will influence its quality management process. Prime examples of stakeholder influence in a quality process can be found in production and food service environments. Twincraft Soap recognizes the importance of building a trusting relationship with its most important stakeholders. Denny’s acknowledges the advantages of well-trained employees. Twincraft (2013) has created the “Customer Centric Approach [where] every Twincraft customer is assigned a dedicated team consisting of a Director of Business Development, a Formulator, an Account Manager and a Packaging Specialist” (para. 1). The company customizes this team built around the customers’ specific product needs. This approach keeps the customers closely involved in the development of their products. Customers will not call Twincraft to order a product and not be heard from again until they receive the shipment...
Words: 533 - Pages: 3
...Stakeholders and the Quality Management Process Quality management considers, from a management perspective, all of the functions an organization must succeed in to achieve customer satisfaction. Identifying individuals who are important to implementing the quality management process is essential to an organization. Stakeholders are individuals who have a vested interested in an organization are vital to the quality management process. Understanding who stakeholders are is fundamental in discerning what their role is in the quality management process. The Kenya Seed Company and Ford Motor Company are both organizations that provide good examples of stakeholder’s roles in the implementation of the quality management process. Stakeholders and Implementation of Quality Management There are many different types of stakeholders within an organization such as owners, employees, clients, and vendors. Owners and employee stakeholders of an organization have an instrumental role in implementing the quality management process because these individuals have a direct line to customers and have the ability to continuously improve efforts and increase resources when necessary to ensure customer satisfaction is obtained. This set of stakeholders can assess current organizational culture, customer satisfaction, identify core values, and communicate these assessments to create a strategic plan that will result in the identification and prioritization of what customers’ demands are in order...
Words: 759 - Pages: 4
...The stakeholders and role players that are necessary to achieve success in preventing wrong site surgery include the board of trustees, medical executive committee, directors, senior management, nurses, physicians, other healthcare staff and ancillary staff. The senior management members are the role models for the hospital staff. Similarly, all leadership roles within the healthcare organization, formal and informal, must possess and exhibit the identical vision of zero patient harm (Chassin and Loeb, 2013). Additionally, the Risk Manager and Quality Department staff performs an important role in implementing, maintaining, assessing, and auditing quality and patient safety initiatives. In this case analysis, the key roles that influenced the outcome of a wrong-site surgery event include the emergency department triage staff, emergency department staff (physician, nurse, medical assistant or technician, and/or emergency medical technician), holding area nurse, anesthesiologist, surgeons, and operating room staff. There were plenty of opportunities to stop the sentinel event from occurring. The patient went from one caregiver to the next without a proper verification process. The senior management team with the support of the board of trustees and medical executive committee must hold all healthcare staff employees responsible for their part in risk reduction (Health Research & Educational Trust and Joint Commission Center for Transforming Healthcare, 2014)....
Words: 905 - Pages: 4
...a contract of construction of house in Murree with Mr Talha. He floats a request along with their specification and necessities and choose our company for this project because we provide a trustworthy house at reasonable cost. The period decided for this scheme is nine month having a basement then ground floor and the first floor as well. All description regarding cost and others are written in the contract and both parties are retained this treaty. Initiation of Project Initiation process contains of those processes to define new project or new phase of existing project by attaining agreement to start the project. Within starting procedures the initial scope is distinct and early economic resources are devoted. Internal and external stakeholders who will interrelate and has impact the overall outcome of the project are recognized. In simple words if I a say that it is the first phase of project that consist project charter and stakeholder’s identification. Project Charter Development Project charter development is the process of emerging a document that formally authorizes a project, phase and supporting initial requirements that satisfy the stakeholder’s needs and anticipations. Project Charter Project charter covers the brief explanation of the project. Project Mile Stones SR.NO Tasks 1 Design structural and architectural drawings 2 Deployment 3 Inspection of site 4 Excavation 5 Building foundation 6 Building ground and ground floor roof 7 Building of first level floor 8 Accomplishment...
Words: 2903 - Pages: 12
...The Role of Stakeholders in Implementing a Quality Management Process The Role of Stakeholders in Implementing a Quality Management Process Stakeholders are valuable assets in growing wealth within an organization. Understanding the power and influence that stakeholders may exert is important when conceptualizing the quality management process. The implementation of a quality management process requires developing a quality-based culture that emphasizes stakeholder involvement and teamwork. The traditional internal process orientation failed to identify stakeholder needs and expectations. Knowledge and management of stakeholder relationships enhance operational competitive advantage (Foster & Jonker, 2009, p. 5-6). Understanding these relationships assist management in defining the applicable quality standards and procedures to attain its objectives. Identifiable in two groups, stakeholders have interest, rights, or ownership in an organization and its activities. Managing stakeholders and addressing their needs is important to successfully implementing a quality management process. The role of stakeholders in implementing a quality management process varies and is dependent on the degree of ownership in their control. Project management and senior leadership of organizations should understand that stakeholders require integration into their business model to add value as a self-regulating mechanism. Project management implementing a quality management process must...
Words: 570 - Pages: 3
