CMI 509 - LO 1.1 Part 2 Presentation.pdf

Level 5 Managing Stakeholder Relationships Learning Outcome 1.1 Part 2 Analyse the types of stakeholder relationships within organisations LO 1.1 (2) Analysing your stakeholders Balance of Power, Value, Impact, Power/Interest Understanding the...

Level 5 Managing Stakeholder Relationships Learning Outcome 1.1 Part 2 Analyse the types of stakeholder relationships within organisations LO 1.1 (2) Analysing your stakeholders Balance of Power, Value, Impact, Power/Interest Understanding the balance of power, value and impact among stakeholders is crucial for effective management. A power/interest grid is a useful tool for prioritising stakeholder engagement based on their influence and interest levels. By mapping stakeholders on a power/interest grid, you can identify which stakeholders require the most attention and resources. This helps in developing targeted strategies that address the needs and expectations of the most influential stakeholders. Prioritising engagement efforts ensures that critical stakeholders are adequately managed, leading to better outcomes. Balance of Power, Value, Impact, Power/Interest Evaluating the value and impact of stakeholder relationships helps in understanding their contribution to organisational success. By measuring these factors, you can prioritise engagement efforts and allocate resources effectively. This ensures that your organisation benefits from positive stakeholder relationships and mitigates potential risks. Regularly reviewing and adjusting your stakeholder strategies based on this analysis can enhance your organisation's resilience and adaptability. CMI has provided a useful video on analysing power and interest in Management Direct. Follow the link below to see the transcript. You can watch the video by logging into Management Direct and putting the phrase ‘Stakeholders – Analysing Power and Interest into the search box. >>> Transcript - Stakeholders – Analysing Power and Interest