Stakeholder management describes all policies, processes, and activities used for scenario development, identifying, communicating, and interacting with stakeholders. Understanding the value that stakeholders receive from the organization is essential. The approach to Asset Management and Asset Management risks or opportunities needs to consider stakeholders and actively manage how Asset Management influences them.
The organisation’s approach to Asset Management should be based on operational context, the strategic/business plan, and stakeholder management plan. Each organization should document internal and external stakeholders according to its purpose and context. This is often summarized in the strategic/business plan.
Stakeholder management is a collaborative activity across the organization.
The Management Review process should ensure that all significant internal and external stakeholders are managed proactively. Stakeholder satisfaction should be monitored, risks and conflicts resolved, and desired stakeholder outcomes delivered in line with the organizational objectives.
Management activities within scope of this subject include:
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Identifying key stakeholders, their level of influence and impact, and their needs and requirements.
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Development of stakeholder strategies and plans (including consultation and communication).
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Planning and Execution of stakeholder processes.
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Analyzing and understanding, monitoring, and evaluating the effectiveness of stakeholder management.