A632.7.4.RB_StevensEric

The idea of stakeholder involvement is a process that many people use throughout their lives. The idea that you share information with a spouse in making a decision is an example of stakeholder influence in the final decision in the process. The idea of making a decision without some type of stakeholder help is rare. In our professional lives we look at decisions based upon consumer influence and the market. In other examples of stakeholder influence in the decision making process we must look at what is the gain of the consumer. This is very important in the business industry because that fact remains that you will not develop a product if there is no demand for this product. This can influence you decision in general and the manner in which you develop or make this product is another issue.

In personal finances this can occur in the form of saving money for that vacation for the family or the spouse. The end result would be how I can make this vacation occur. The advice from your spouse on how to save money throughout the year can be a very important aspect of any decision making. The idea of not eating out as often and eating at home can greatly reduce the cost of expenses throughout the year and this money can be used toward the goal of the vacation. By allowing the stakeholder aka the spouse in helping you achieve the savings needed for vacation can empower them to come to an agreement in how we should save to take the vacation. Another way is allowing the stakeholder to come up with ideas on how we can save and the process in which we achieve this goal. The decision that we made allowed us to cut back on eating out over a year and half and we applied these savings to a vacation account with a travel agent. This allowed us to save approximately $1,500 over the year and half and the trip to Europe cost us $1,000 in the end for a 10 day all-expense paid vacation which was paid off with tax return money.

This allowed me to learn that I could save money and eat healthier in the end. The fact remains that I can use this to my advantage and takes a vacation to a dream destination every two years. This financial planning can be used in the future to other alternatives such as a purchase of a new vehicle.