1.Important components in Stakeholder Management include current position (whether they are supportive, against, or indifferent), the importance that stakeholder has, their contribution, and lastly their strategy (how they can give support and stop resistance).
2. Benchmarking is used to compare one’s organization to another. Analysts should “…consider what variables are related to performance, how those variables value, and the impact they have on output and outcomes when establishing benchmarks.”
reference: Ross, T.K (2019) Applying Lean Six Sigma in Health Care. Jones & Barlett Learning
- Explain the important components in Stakeholder Management (50 points)
First let me define exactly what stakeholder management is, it is the organization, monitoring and positive relationship building with the stakeholders involved in the organization. The important components in stakeholder management include but are not limited to identifying all the stakeholders rather positive or negative. It is also important to focus on the stakeholders’ position, needs and clear expectations on both sides. Establish and implement the goals and priorities for the organization to obtain agreement from the stakeholders to secure the goals for improvement.
- What is the purpose of Benchmarking and what should analysts consider when establishing benchmarks? (50 points)
The purpose of benchmarking is a comparison of one organization’s results to other organizations to help determine the much needed changes and to assist in setting performance targets and goals. The urgency of improvements will depend on the organization’s benchmarking results. An analyst establishing benchmarks should consider the validity and reliability. Validity assists with accuracy of the data being reported. Reliability will focus on if the same results are found at different times, even when different data collectors study the same event.
1.Explain the important components in stakeholder management?
According to the text, the goal of the stakeholder management plan is to maximize support and minimize resistance. Therefore, managing stakeholders is vital to the successful completion of the project. The important components of stakeholder management are current position, importance of the stakeholder, contribution and when expected, and strategy. The text describes them as follows:
- Current position – are the stakeholders supportive, indifferent, or opposed.
- Importance (Power) – high, medium, or low. Is the stakeholder’s support vital to the project, do they have sufficient power to affect the cost or timeline of the project, or is their power deemed minimal?
- Contribution to Project – specific contributions a stakeholder is expected to make toward the project. This is part of identifying stakeholders.
- When expected – timing of when the contribution of a stakeholder should occur. This is part of determining their influence.
- Strategy – identifies how each stakeholder should be managed including the person responsible for communication, the type of information the stakeholder will receive and the frequency of communication. This is part of a communication management plan and influencing stakeholders through engagement.
2.What is the purpose of benchmarking and what should analyst consider when establishing benchmarks?
The purpose of benchmarking is to assess the performance and processes of one’s organization against others in the same field in order to assess the performance needed for improvement that can place them in the top of their field. Areas that are usually measured are quality, time, and cost. By using past information as a guide, industries are able to get a more accurate idea of what they are able to accomplish. Benchmarking sets an industry standard and gives an organization something to compare itself to. The analysts should consider data in industry averages in relation to safety and quality of care, employee turnover rates, and physician performance, for example.
Ross, T. K. (2021). Applying lean six sigma in health care: A practical guide to performance improvement. Jones & Bartlett Learning.
Key principles. APM. (n.d.). Retrieved February 3, 2022, from https://www.apm.org.uk/resources/find-a-resource/stakeholder-engagement/key-principles/
8 steps of the benchmarking process. 8 Steps of the Benchmarking Process | Lucidchart Blog. (2019, October 14). Retrieved February 3, 2022, from https://www.lucidchart.com/blog/8-steps-of-the-benchmarking-process
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