One of the two most important ways of discerning the possible impact of business decisions on the interest of others

Answer 1

1. Stakeholder analysis: Identifying all relevant stakeholders who may be affected by a business decision and assessing their interests, expectations, and potential impacts. This involves considering not only customers and investors, but also employees, suppliers, communities, and other parties impacted by the business.

2. Impact assessment: Evaluating the potential consequences of a business decision on both the short-term and long-term interests of stakeholders. This involves considering factors such as social, environmental, and economic impacts, as well as potential risks and opportunities that may arise.

By conducting stakeholder analysis and impact assessments, businesses can make more informed decisions that take into account the interests of all relevant parties and minimize negative impacts. This can help build trust, improve relationships with stakeholders, and ultimately contribute to the long-term success and sustainability of the business.