ACCOUNTANT IN BUSINESS

Accountant in Business



Accountant in Business

The stakeholders for the Millennium centre

The five stakeholders for the Wales Millennium centre are executive management, employees, performers or celebrities, suppliers, sponsors and donors.

Executive Management

The executive management is responsible for carrying all the activities successfully and is paid for their work. Their main interest is the effective and efficient operation of the centre and includes managing employees, managing event, dealing with suppliers/creditors, relations with customers/visitors and appealing and asking for donations and sponsors.

Employees

Employees are one of the most important stakeholders of any organization. Their interest is to perform their job effectively and work for the growth of the centre.

Performers and Celebrities

The performers, celebrities and all other persons relating to art and showbiz world are the assets for the centre. Their interest is to perform their expertise and become popular and receive appreciation for the visitors.

Suppliers

Suppliers are the critical stakeholders, as all the activities and operations are dependent on the supplies. Maintaining good relations with the suppliers is necessary. The supplier's interest in the centre is the maximum sales of their products, which is possible by arranging more and more events at the centre. In this way they indirectly promote the centre.

Sponsors and Donors

The fifth major stakeholders are the donors and sponsors of the centre, who sponsor different artistic events at the centre. Their interest varies, depending on many other factors but main interest is advertising and marketing of their business and creating goodwill for their brands and organizations among the masses.

Mendelow's Matrix for stakeholders analysis

The stakeholder analysis is a method for examining key issues related to conflict or a change and possible compromises. It is based on a detailed analysis of the positions, interests and the influence of individuals, groups or institutions to the stakes involved. In broadening the perspective that the promoters of the impacts of their activities and their understanding of interrelationships of the organization with its environment, it determines whether the organization can obtain the necessary commitment to change and to develop or validate solutions or strategies implementation to limit the specified strength (Fletcher et al, 2003, 505).

The Mendelow's Matrix is used to analyze the stakeholders on the basis of interest and power or influence. The stakeholders are interpreted on the high and low of the two factors (Mendelow, 1991, 113). Below is the Mendelow's Matrix and analysis of the Welsh Millennium centre's stakeholders identified above.

Executive Management

The executive management is in the box of Manage Closely because they have high influence to manage and responsible for the operations. They should be highly informed about all the activities related to the centre.

Employees

Employees fall under the keep informed box because they are highly interested in the activities and operations while have low influence or power for decision making.

Performers and Celebrities

Performers or celebrities are in the keep satisfied box, having high power because they perform and the activities are carried on the basis of their name. Visitors come on the name of celebrities that ...