Finals - Issue Management(How issues can be managed in...

  • Singapore Management
  • BGS 111
  • Test Prep
  • feng92
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Issue Management (How issues can be managed in modern context) 1. Identification of issues: Scan environment, most companies can look towards trends and outlook of their industries to help forecast social change. 2. Analysis of issues: Identify current and possible future stakeholders, their interests, influence, current opinions and stands. Who started the issue? (Historical view) Who is currently participating in the issue? (Present view) Who will get involved in the issue? (Future view) 3. Prioritization of issues: Probability-Impact Matrix, rank based on impact on company and probability of occurring, as well as precedence of such issues. 4. Formulation of responses: Response design process, based on different stakeholder approach, recommends the balanced perspective of stakeholder synthesis and strategic approach, where stakeholders are treated both strategically and morally. 5. Implementation: Action design process, in terms of plan clarity, resources needed, top management support, organizational structure, competence, timing. 6.Evaluation, Monitoring and Control of Results: Through social audits, constant evaluation of results of responses to the issues to keep strategy on track. Are the stakeholders managed according to plan?

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