Lesson 6: Stakeholder Management

Question 1

Define Stakeholder

Answer 1

Persons or organizations who can have an impact on the success of the event or who can be affected by the event. They are actively involved in the project or whose interests may be positively or negatively affected by the project.

Anyone with a vested interest in the event

Question 2

Internal Stakeholders

Answer 2

Owner of the project, Owner of the budget, other department business owners, managers, employees, internal customers

Question 3

External Stakeholder

Answer 3

Attendees, sponsors, and community where the event is taking place

Question 4

Managing Stakeholders

Answer 4

• Interviews to get engagement
  -Have a communication and recognition plan
  -know that you may have to resolve conflicts with stakeholders

Question 5

What is the Organization Owner (Internal Stakeholder) responsible for?

Answer 5

The organization’s growth, sustainability, finance, relationship, and brand

Question 6

What is the Event Owner (Internal Stakeholder) responsible for?

Answer 6

Performance targets, meeting objectives, cost and resource management, and return on investment. The person who has requested the event and is responsible for defining its overall objectives and measurable outcomes

Question 7

What is the Finance/Budget Owner (Internal/Key Stakeholder) responsible for?

Answer 7

Budget, compliance process, costs, savings, credit authorisation, legal and financial risk mitigation, audit. Key stakeholders can be the same person as the owner of the event and are responsible for income and expenditures related to the event.

Question 8

What is the Procurement (Internal Stakeholder) responsible for?

Answer 8

Compliance, savings, sustainability, legal & Financial Risk Mitigation

Question 9

What are the Participants’ decision-makers (Internal Stakeholders) responsible for?

Answer 9

cost & resource management, performance targets

Question 10

What is the Travel Department (Internal Stakeholder) responsible for?

Answer 10

compliance, process, savings, legal and financial risk

Question 11

What are the sales and marketing (Internal Stakeholders) responsible for?

Answer 11

organizational growth, finance, relationship, brand management

Question 12

What is the technology (Internal Stakeholder) responsible for?

Answer 12

application security, impact on existing technology, training, cost, and resource management

Question 13

What are the ethics and compliance (internal stakeholders) responsible for?

Answer 13

transparency, corporate responsibility, and ethics

Question 14

What is the legal and risk management (internal stakeholders) responsible for?

Answer 14

compliance, legal liability, minimizing all risks associated with event processes

Question 15

What is the security (Internal Stakeholder) responsible for?

Answer 15

physical safety and security of all stakeholders

Question 16

What are the human resources (internal stakeholders) responsible for?

Answer 16

employee engagement, retention, and motivation, the wellness of all employees

Question 17

What is the training and development (Internal Stakeholder) responsible for?

Answer 17

continuing professional development

Question 18

What is the facilities management (Internal Stakeholder) responsible for?

Answer 18

effective and efficient use of onsite facility and equipment, safety, security, cost, resources management, and sustainability

Question 19

What are the employees/Labour unions (Internal Stakeholders) responsible for?

Answer 19

health and safety, the public image of the organization, future opportunities, job satisfaction, and security

Question 20

Stakeholder Profile

Answer 20

• Stakeholder details- name, job title, role within the organization
• Connection- Why this event is important to the stakeholder
  -Key values - what elements the stakeholder considers important; define, prioritize, and determine key performance indicators
• Sphere of influence- which relevant individual/groups the stakeholder can influence
  -Preferred communication channels
  -information required
  -Key Stakeholder objectives for the event
  -Measure of success

Question 21

What are the participants/attendees (External Stakeholders) responsible for?

Answer 21

Value, benefits, and return for their attendance, Meeting objectives

Question 22

What are the suppliers (External Stakeholders) responsible for?

Answer 22

Sales of goods and services, long-term client relationships, client satisfaction

Question 23

What are the media (External Stakeholders) responsible for?

Answer 23

Identifying news worthy stories

Question 24

What are the partners and contributors (External Stakeholders) responsible for?

Answer 24

organizational growth, relationship, and brand management

Question 25

What are the Local community organizations and businesses (External Stakeholders) responsible for?

Answer 25

impact on the community, revenues for local businesses, tax revenues, reputation of the destination

Question 26

1. What protocol research should a planner do before working with other cultures and customs? Page 137 a. Formality of written material. b. Who provides agenda and conduct the meeting. c. Adherence to time schedule d. All of these are correct.

Answer 26

d. All of these are correct.

Question 27

2. Why would an organization conduct interviews with sponsors and potential sponsors? Page 131-134 a. This is necessary to determine which accounting method to use. b. These stakeholders might may identify different assets or suggest unique packages. c. This is necessary and required by law. d. Sponsors need to identify assets themselves to perceive them as valuable.

Answer 27

b. These stakeholders might may identify different assets or suggest unique packages.

Question 28

3. In order to maintain positive long-term relationship with event stakeholder, a planner should do all of these except: Page 135 a. Be aware of legal considerations. b. Provide full disclosure on budget to all stakeholders. c . Recognize and reward stakeholders. d. Anticipate and resolve conflict.

Answer 28

b. Provide full disclosure on budget to all stakeholders.

Question 29

4. When profiling attendees in a meeting, in addition to knowing why they attend or support a meeting or event, what other information should be gathered from this stakeholder profile? Page 131-134 A. Their social security number, income level, and security clearance. B. Their vision, mission, and goals. C . Reasons for not attending. D. Their organization's structure.

Answer 29

C . Reasons for not attending.

Question 30

5. What is a common definition of stakeholders in meeting planning? Page 127-128 A. People who manage Supply Chain management. B. People who invest in an event. C. People who have an impact on the success of the event. D. The board of directors of an association.

Answer 30

C. People who have an impact on the success of the event.

Question 31

6. Who are typical internal stakeholders? Page 130 A. The organizational owner. B. Travel Department. C. The training and development department. D. All of these are correct

Answer 31

D. All of these are correct

Question 32

7. Who benefits from a successful event? Page 132 A. Exhibitors. B. Facility. C. All stakeholders. D. Attendees.

Answer 32

C. All stakeholders.

Question 33

8. The following are typically considered internal stakeholders except: Page 128-129 A. Finance department. B. Attendees. C. Procurement. D. Technology team.

Answer 33

B. Attendees.

Question 34

9. A local community or business can be an example of an event stakeholder? Page 132 A. true B. false

Answer 34

A. true

Question 35

10. What is not part of the stakeholder profile? a) Stakeholder Location b) Stakeholder Details – Name, Job Title c) Connection to Event d) Sphere of Influence

Answer 35

a) Stakeholder Location

Question 36

11. The XZY Corporation Annual Sales Meeting needs to be planned. Which one of the following is not a stakeholder for this event? a. Vice President of Sales b. Attendees c. Director of Public Relations d. CFO

Answer 36

c. Director of Public Relations