Environmental management problems involving many stakeholders are complex in nature. Often, some of the stakeholders are not consulted in the decision-making process leading to problems and conflicts. Furthermore, conventional methods such as local citizen meetings on problem solving do not adequately address stakeholder interests. These conflicts can be resolved by agreement on collaborative management of natural resources. Stakeholder analysis can provide negotiated options leading to conflict resolution. A study was conducted to examine various concerns and issues relating to the management of Ayer Hitam Forest Reserve (AHFR) using the cognitive approach. The stakeholders were interviewed and cognitive maps of issues were drawn. Then the stakeholders discussed the issues and reached consensus on a prioritized list of issues. The stakeholders were then presented with the economic valuation of timber and non-timber resources of AHFR and were asked to reprioritize the issues and rank them again. The stakeholders ranked the ecological role of forest as the most important while the use of forest as a social-cultural heritage was ranked the least important. The information on the value of conservation and non-timber products of the forest presented during the second workshop has influenced the stakeholders thus allowing them to reconsider the issues. This new list would be used as a basis for the management of the Ayer Hitam Forest Reserve.