STAKEHOLDER Meaning and
Definition
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A stakeholder is an individual, group, or organization that has a vested interest or concern in a particular project, business, or issue, and is thus significantly affected by its outcomes or decisions. They often have different roles, perspectives, and expectations, and may have specific rights, responsibilities, or privileges related to their involvement.
Stakeholders can vary greatly depending on the context, but commonly include employees, customers, shareholders, suppliers, local communities, government agencies, non-governmental organizations (NGOs), and industry associations. They can also extend to individuals or entities indirectly impacted by the project or issue, such as future generations, environmental systems, or other societal groups.
The concept of stakeholders recognizes that decisions made by an organization or entity can have wide-ranging effects and consequences beyond just financial considerations or internal goals. It emphasizes the importance of engaging and considering the interests and needs of all individuals or groups who have a stake in the outcomes or who may be affected by the decisions made.
Stakeholder engagement is a critical aspect of effective governance, responsible business practices, and sustainable development. It involves a process of actively identifying and involving relevant stakeholders, gathering and considering their input and feedback, ensuring transparency and accountability, and striving for mutually beneficial outcomes or agreements. By engaging stakeholders, organizations can improve decision-making processes, build stronger relationships, foster trust, and ultimately create greater value and long-term success for all parties involved.
Top Common Misspellings for STAKEHOLDER *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for STAKEHOLDER
Etymology of STAKEHOLDER
The word "stakeholder" is derived from the combination of two words: "stake" and "holder".
The term "stake" historically refers to an amount of money or property which is held as a bet or wager in a gambling game. In the 17th century, the word "stake" started being used figuratively to signify a person's interest or involvement in a business or enterprise. It represented the idea that a person had something at risk and would be affected by the outcome of a particular venture.
The word "holder" simply refers to someone who holds or possesses something.
The two words were combined to create "stakeholder" in the mid-20th century, in the context of management and business. It initially referred to an individual or group who had a legitimate interest or concern in the outcomes or operations of an organization, often because they had invested money or resources in it.
Similar spelling words for STAKEHOLDER
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