Steps of Implementing the Stakeholders' Perspectives - D2

Steps of Implementing the Stakeholders’ Perspectives Name: Institution: The stakeholders’ perspectives are paramount to the success of any business project. It is crucial to understand that different stakeholders will have different perspectives and is, therefore, very important that they are sorted through to determine their level of urgency, before they are then implemented (The World Bank Group, 2001). During the implementation process, the first step involves the determination of the perspective by the stakeholders from those of the non stakeholders. The fact that the managers of any business venture should look into the interests of the stakeholders does not mean that the views that the non stakeholders have raised should be pushed off the table but should also be considered (Reference for Business, 2013). As much as they are not the owners of the business venture their views could in the long run cause demise to the profits going to the owners (stakeholders). This is the most crucial step of all, when implementing the perspectives of the stakeholders, as it also forms the basis of all the other steps that follow. The second step involves the ethical implementation, where all the stakeholders are treated with respect despite their different angles. Apart from the fact that managers have the obligation of making as much profits as they can from the business venture, they should also tie their responsibilities with the ethical binding practices (Tokoro, 2007). This step ties closely more or less to the first but with the ethical touch of doing business, which makes sure that the manage...