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EPM5620 Project Management

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EPM5620 Project Management

0 Download7 Pages / 1,540 Words

Course Code: EPM5620
University: Victoria University

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Country: Australia

Question:
Analyse the range of environmental forces, organisational structures, functions, governance and legal requirements of firms and the impact on businessesDiscuss the contemporary issues impacting organisations including risk, innovation, knowledge management, e-commerce and the impact on businessesRecommend solutions to contemporary challenges facing businesses.
Answer:
Introduction:

In the article “ORGANISATIONAL DESIGN: THE MILITARY PERSPECTIVE” the author LTC (NS) Halmie Bin Hussein Mattar, has compared the structure of organisations relative to commercial organisations and how they can be applied to corporate institutions. Lt.C Mattar, talks of keeping an organisation lean in order to manage it efficiently and effectively like most of the military organisations around the world are doing now as a part of restructuring. Though he keeps in mind that the ‘Military’ is not affected by profit or losses, yet confirms that the basics of maintain an organisation are similar to that of a commercial organization. The author states that it is necessary for organisations to develop strategies plan their long term growth in a way that reduces cost and increases effectiveness, similar to military units. The focus and direction that the military organisations lay in achieving their goals can be implemented to corporate organisations with same effectiveness cutting out the occupational hazard that comes with military service. The implementation of strategy is also an integral part of any organisation and the way it is done can create a huge amount of difference in the organisation culture and productivity. The author takes reference of Michael Porter in ‘what is strategy?’ and explains that long term fixed targets are no longer effective in current volatile situations of the market and therefore short term effective plans must be devised within an organisation to attain the bigger goals. Though predictions about future growth and profitability are a practice, but it is important to lay stress on short term effective plans to create adaptability and coherence between departments and to attain benefit out of changing situations. The author also reminds that though restructuring and planning short term goals is necessary, it has to be kept in mind that these plans must not change the core structure or basic values upon which the company grows its worth. Comparing these to the training facility in the military, it should not be compromised in order to maintain the integrity and effectiveness of the organisation.
In the article “What makes firms more innovative? A look at organizational and environmental factors” by Aysegul Özsomer, Roger J. Calantone and Anthony Di Benedetto states that the importance of environmental factors in innovative business ideas, and in the growth of a firm is paramount. The authors claim that in the new era of developing technology and information, the way business was done is changing at a rapid pace. The information technology has created environment of business that offer shorter product cycles, reduced time in operation and management and has increased segment fragmentation and changed the corporate hierarchies in a different dimension. The necessary elements that create such difference are influenced by business environmental factors. The dynamic business environment in the modern times has led to extensive competition and thus innovation is the key to sustain in the growing competitive business environment. The authors lay stress in the innovative ideas and innovation which would create profitable business environment and allow the corporate institutions to capitalize on the market and create growth opportunities. The essay also identifies the various factors that might influence the business environment and affect the innovativeness of the organisations. In answering several questions in the essay the author claims that the necessary determinants that influence the character of business and the business environment needs to be identified with respect to the industry requirements. The authors have also asked the factors that firms consider before taking risks and investing in new ventures. The essay answers a set of questions that determine how a firms business in affected in terms of taking risk, in investing in newer ventures, in understanding the market and in creating innovation. The authors have collected information from surveys done by them on 140 US firms and have drawn their analysis on the subject (Özsomer, Calantone & Di Bonetto, 1997).
In the article “Performance Feedback and Firm Risk Taking: The Moderating Effects of CEO and Outside Director Stock Options” authored by Elizabeth N. K. Lim and Brian T. McCann, looks into the risk taking capability of firms with respect to the CEO and external stake holders or directors. The article tries to understand the framework of firms and tries to understand the risk taking ability and its impact through the light of the light of the behavioral theory within a theoretical framework. The author brings in reference where scholars have stated that firms will take more risks while performance is below aspiring levels to gain some momentum and change in the outcome, on the other hand when a firm is in a gaining position, it will refrain from taking risky decisions or invest in risky ventures. The article goes throughout to understand the situations when a firm can take risk and compares the standpoint of the chief executive officer or the CEO along with the external stake holders in matter of risk taking and investment in risky ventures. The paper has used sampling method to get an analysis of the risk taking capacities of various firms over a time frame. The authors have chosen manufacturing firms since the variable factors and risk taking ability of these firms are greatly dependent on the CEOs and the stake holders and thus aptly justify the thesis of the paper.  The authors have concluded from their findings that with a negative awarded to the CEOs and the outside directors promote risk taking to varying attainment discrepancy, CEOs tend to take less risks with high values of stock and are also relative to concerns about compensation and employment. On the contrary they have observed that outside directors tends to take more risks when the stock values are high. The paper also comes to conclusion that performance feedback generates risk taking behaviours to varying extent and the amount of stock option incentive degrees. The paper gives a credible insight into the risk taking behaviours and risk taking tendencies among firms (Lim, & McCann, 2013).
The article “Indicators of sustainable business practices: Woolworths in South Africa” is a case study on the sustainable practices followed by business organisations and corporate institutions. The paper has been authored by Maria A.O. Dos Santos, Go¨ran Svensson, and Carmen Padin and was published by the “Supply chain management: An International journal”. The main purpose of the paper is to identify the various business practices the indicators of such practices with reference to the Woolworths, a South African retail chain, and tries to evaluate these practices from a context of sustainability. The authors have used secondary research and analysis of annual company reports and find out the various practices that are implemented by the organisation in maintaining a sustainable business. The article is good reference for other retail chain investment projects and organisations who are willing to understand and implement sustainability and thereby formulate their organisational practices. The paper also evaluates the various practices that confirm with sustainability and allow business operations to function with ease (Dos Santos, Svensson, & Padin, 2013).
The article “The importance of the diverse drivers and types of environmental innovation for firm performance” authored by Justin Doran and Geraldine Ryan discusses in the paper the diverse functions that are undertaken by firms in order to maintain their credibility and uniqueness in the market. The authors have started the review by considering several factors such as pollution, global warming and environmental degradation and declining natural resources. The article puts forward the question of whether eco innovation can provide a firm with sustainable competitive advantage with regards to the current volatile market scenario. The paper takes an attempt to understand the various factors that drives firms to innovate services and products that align with the changing demands and requirements of the customers. The authors have reviewed 2181 firms and evaluates the factors that drive the various environmental innovation that impact firm performance. The authors have concluded that any firm engaged in eco innovation is affected by the demand, supply and regulatory drivers and the magnitude of these drivers decide the type of innovation that any organisation tends to perform. The paper also concludes that only regulation and customer pressure tend to influence the eco innovation of a firm and are the major drivers of a firm engaged in diverse business pursuits (Doran, & Ryan, 2016).
References:
Mattar, L. N. H. B. H. (2018). ORGANISATIONAL DESIGN: THE MILITARY PERSPECTIVE. POINTER, 61
 
Özsomer, A., Calantone, R. J., & Di Bonetto, A. (1997).  What makes firms more innovative? A look at organizational and environmental factors. Journal of Business & Industrial Marketing, 12(6), 400-416. dx.doi.org/10.1108/08858629710190259
 
Lim, E. N., & McCann, B. T. (2013). Performance feedback and firm risk taking: The moderating effects of CEO and outside director stock options. Organization Science, 25(1), 262-282. dx.doi.org/10.1287/orsc.2013.0830
 
Dos Santos, M. A., Svensson, G., & Padin, C. (2013). Indicators of sustainable business practices: Woolworths in South Africa. Supply Chain Management: An International Journal, 18(1), 104-108. dx.doi.org/10.1108/13598541211258582
Doran, J., & Ryan, G. (2016) The importance of the diverse drivers and types of environmental innovation for firm performance. Business strategy and the environment, 25(2), 102-119. DOI: 10.1002/bse.1860

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