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CMI Assignment Help > Blog > CMI Level 5 > CMI 509 Assignment Example

CMI 509 Assignment Example

  • November 20, 2024
  • Posted by: Scarlett
  • Category: CMI Level 5
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CMI Level 5 Unit 509 Managing Stakeholder Relationships, equips you with the skills and knowledge to build and maintain positive relationships with both internal and external stakeholders. In this unit, you’ll learn how to identify stakeholders’ needs and expectations, create and apply strategies for managing them, and assess and improve these relationships over time. This unit is valuable for anyone who regularly interacts with stakeholders within an organisation. Completing it will enable you to develop strong working relationships that benefit both you and your organisation.

Assessment Questions

Learning Outcome 1: Understand the different types and values of stakeholder relationships.

AC 1.1 Analyse the types of stakeholder relationships within organisations

Example

Organisations have a range of stakeholders, each with an interest in the organisation’s success or failure. These stakeholders generally fall into four categories: internal, external, primary, and secondary. Internal stakeholders are involved directly in the organisation’s daily activities; they include employees, managers, and Board members who are essential to its operations. External stakeholders, on the other hand, are not part of the organisation’s daily functions but still have a vested interest in its outcomes—customers, suppliers, and the community are all examples.

Primary stakeholders are those who stand to gain or lose the most from the organisation’s success or failure, such as shareholders and senior management. Secondary stakeholders, while less directly involved, may still be impacted by the organisation’s actions. These can include the media, government regulators, and other groups who have an indirect but significant connection to the organisation’s activities. Each type of stakeholder plays a role in shaping the organisation’s direction and decisions. AC 1.2 Examine the benefits and challenges

ges for organisations working with different stakeholder groups Example Working with different stakeholder groups brings both benefits and challenges for organisations. Benefits:By building strong relationships with stakeholders, organisations can boost sales, improve customer satisfaction, and strengthen their brand reputation. Engaging with stakeholders also helps organisations identify new business opportunities and better understand customer needs and expectations. Challenges:However, managing stakeholders can be challenging. Organisations may need to navigate conflicting interests, handle challenging personalities, and manage various expectations. Additionally, they must be cautious not to over-commit to stakeholders, as this could lead to frustration and resentment. Learning Outcome 2: Understand the frameworks for stakeholder management. AC 2.1 Examine the contractual frameworks for stakeholder engagement and management Example Several contractual frameworks can support effective stakeholder engagement and management. The most common ones are service level agreements (SLAs), memoranda of understanding (MOUs), and joint venture agreements (JVAs). Service Level Agreements (SLAs) are contracts that outline the terms of the relationship between an organisation and its stakeholders, including the level of service provided and the stakeholder’s expectations. Memoranda of Understanding (MOUs) are agreements between two or more organisation...

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