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In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
Stakeholder analysis in conflict resolution, business administration, environmental health sciences decision making, [1] industrial ecology, public administration, and project management is the process of assessing a system and potential changes to it as they relate to relevant and interested parties known as stakeholders.
Project stakeholders are persons or entities who have an interest in a specific project.According to the Project Management Institute (PMI), the term project stakeholder refers to "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio. [1]:
The three main uses of the project charter are: To authorize the project - using a comparable format, projects can be ranked and authorized by Return on Investment.; Serves as the primary sales document for the project - ranking stakeholders have a 1-2 page summary to distribute, present, and keep handy for fending off other project or operations runs at project resources.
The 'business' stakeholder category could mean multinational corporations, medium-sized national enterprises, small- and micro- local businesses, business trade associations at the international, national, or local level; businesses from developing countries, minority own businesses, women-owned enterprises or green global businesses.
The nexus of contracts theory is an idea put forth by a number of economists and legal commentators (most notably Michael Jensen and William Meckling as well as Frank Easterbrook) which asserts that corporations are a collection of contracts between different parties – primarily shareholders, directors, employees, suppliers, and customers.
Stakeholder engagement is used by mature organizations in the private and public, especially when they want to develop understanding and agreement around solutions on complex issues and large projects. An underlying principle of stakeholder engagement is that stakeholders have the chance to influence the decision-making process.
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