ABSTRACT
This chapter reviews the various definitions of and theories about stakeholders in an organizational context. It examines the most common approaches to identifying, analyzing, and managing stakeholders. It also identifies some easy-to-use techniques for setting and managing expectations of multiple stakeholders in various situational contexts. Based on a review of the literature published in the decade since Freeman laid the foundation of the stakeholder theory, Jones and Wicks noted that the stakeholder theory has gained the most traction in two streams of research, namely, the business and society stream, and the business ethics stream, with a divergence of perspectives between the streams. Other scholars have emphasized roles rather than individuals as central to stakeholder identification and management. Applying stakeholder theory to the actual implementation of a stakeholder analysis requires a systematic, orderly approach. Complex projects often involve strategic decisions, conflicting or unclear requirements and expectations, and other hidden factors that make stakeholders central to project success.
