Identify the Stakeholders Involved in this Situation

Question: Discuss about the Report for Identify the Stakeholders Involved in this Situation. Answer: The process of identifying the stakeholders is one of the most effective initiatives for any participatory planning. In the given scenario, the involvement of the concerned stakeholders must have been identified to provide sustainability to the project. Meanwhile, stakeholders are primarily an individual person or a group of people that will be expected to be affected by an anticipated intervention. Following the criteria of identifying the stakeholders, in this particular case scenario, three key stakeholders have been recognised (Moore, Langabeer and Markham, 2010). Meanwhile, the owner of Brady Industrial Products and the Localtown Bank have been identified as the key stakeholders involved in this loan covenants scenario. Under the current circumstances given in the script, both the owner of Brady Industrial Products and the Localtown Bank will be mostly affected by any projected intervention. Moreover, the key stakeholders are the most affected persons or institutions to be affected in case of any negative responses (Sswm.info, 2016). Through the identification of the direct linkage with the loan scenario, the owner of Brady Industrial Products and the Localtown Bank have been picked as the key identified stakeholders engaged to the event. Now, the reason for selecting the two as major stakeholders should have been established for argument. Meanwhile, the business of Brady Industrial Products has financially backed up by the Localtown Bank and the owner of the company, to say the least. Understandably, the banking institution and the owner of the firm will be mostly affected due to any proposed interventions (Cotton, 2012). In the case of adverse situation, the two of the stakeholders can suffer massive financial losses. Considering the case scenario, it can be seen that the Localtown Bank has put forward a criteria of minimum quick ratio that must be maintained by any organisation to apply for a loan from the financial institution (Jain, 2014). In the current situation, it can be seen that the current asset subtracting the inventories for Brady Industrial Products stands at $1,100,000 and the current liabilities stands at $1,000,000. Hence, the only solution that can be used by the company to maintain an adequate ratio is to consider the loan taken by the owner as a current asset because there is only 14 months left for the repayment of the money. Hence, the incident explained in the case scenario brings in two entities that can be impacted by the incident. One is the owner of the firm and the other is the Localtown Bank (Djukic, Stankovic and Lepojevic, 2015). Along with that, another stakeholder that is impacted by the Loan Covenants incident is the company itself. This is because a firm is considered as a separate entity itself. Any problem occurred due to the unethical mean of financial re-statement may impact the business as well (Jain, 2014). Hence, it can be seen that three primary entities can be affected by the loan covenant process, which are identified as the stakeholders involved in this situation (Djukic, Stankovic and Lepojevic, 2015). Furthermore, in the case of identification of the misconduct, the reputation and job of the accountant Sharon Rock and Tim OShea are also in risk. Hence, they are also considered as secondary stakeholders involved in the situation. References Cotton, J. (2012). Personal communication- Involving key stakeholders in the review process: A multi-method approach.Health Education Journal, 61(1), pp.87-90. Djukic, S., Stankovic, L. and Lepojevic, V. (2015). Improvement of Innovation Capacity of SMEs in Serbia by Connecting With Key Stakeholders.Engineering Economics, 26(4). Jain, A. (2014). Transparent Collaboration Amongst Stakeholders - The Key To Project Performance.OTMCJ, 6(2). Moore, A., Langabeer, J. and Markham, C. (2010).An intervention mapping approach. Sswm.info. (2016).Stakeholder Identification | SSWM. [online] Available at: https://www.sswm.info/content/stakeholder-identification [Accessed Sep. 2016].