Explain Challenges Associated With Balancing The Interests Of Multiple Stakeholders. Propose effective strategies to manage conflicts that arise when multiple stakeholders have opposing opinions. Explain
While managing and balancing the interests of multiple stakeholders is often deemed necessary, it is a challenging endeavor requiring effective management strategies given conflict is often bound to emerge. One of the most common challenges is the effect of competing interests between multiple stakeholders and an overall failure to align these same interests with organizational objectives. As a consequence, the implementation of progressive propositions may be impeded by frequent stalemates between multiple stakeholders who fail to come to a mutual agreement or compromise.
Furthermore, multiple stakeholders may have different responsibilities and needs within the wider organizational framework put in place. This may create tension given the likelihood of each group opting to advocate for their own individual agenda. However, this type of conflict can still be managed by systematically setting up structures that allow organizations to accurately and comprehensively identify each individual stakeholder using an analysis summary table. The main advantage of applying this strategy is having a complete understanding of the profile of each individual stakeholder, their responsibilities, involvement in the project, and priorities. This creates a system where they are utilized individually based on their roles and capabilities within the project.
For instance, stakeholders whose priories are divergent should not take precedence over their counterparts given their interests. Furthermore, goals should also be prioritized while always being prepared to manage any conflict of interest likely to emerge (Handy & Russell, 2018). Creative solutions such as dialogue should also be considered to dissolve conflict while appropriately managing and harmonizing the interests of each stakeholder. Outcomes should always remain a primary objective worth prioritizing in order to deliver on set goals. It is also imperative to be adaptable given the possibility of encountering challenges stemming from stakeholder conflict as a way of ensuring project outcomes are not impacted negatively.