In What Circumstances Would Each Approach To Stakeholder Impact Analysis (moral Standards, Five-question, And Pastin's Approach) Be Most Useful? Summarize The Approaches And Describe When Each Would Be Most Or Least Useful.


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Connor Sephton answered
The five-question approach would be most useful when dealing with shareholders' profitability, legality and society at large, fairness, impact on stakeholders' rights, and if it has an impact on sustainable development. The Moral Standards Approach is most relevant for circumstances dealing with its benefit to society, fair distribution of benefits and burdens to all stakeholders, and consistency with each person's rights. Lastly, Pastin's approach would be most useful for dealing with ground rule ethics, end point ethics, rule ethics, and social contract ethics.

The proper type of stakeholder analysis is crucial to various conflict resolution, business administration, and project management situations because it maps out a proper strategy for determining which individuals are most affected by a specific action.

A stakeholder can refer to any person or organization that is affected negatively or positively by actions of an organization, including private and publicly owned companies as well as governments. There are various types of stakeholders:

• Primary stakeholders are the ones directly affected by any decision of an organization

• Secondary stakeholders are also known as intermediaries, or whom are indirectly affected by an organization's decisions

• Key stakeholders can belong to either of the two groups but hold an important position in determining the company's final decisions

Proper stakeholder analysis is a cooperation between a project team and the stakeholders involved. When the right method and analysis is conducted, they can guarantee the best possible outcome affecting as little as possible in any circumstance.

Stakeholder analysis is usually performed when there are changes that need to be considered that may have consequences on the organization such as changes within the organizational structure, as well as the start of new projects. The identification of all stakeholders is necessary in understanding their purpose, success criteria, and using this information to create good consistent goals.

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