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MGMT20144 Contextual Factor

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MGMT20144 Contextual Factor

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MGMT20144 Contextual Factor

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Course Code: MGMT20144
University: Central Queensland University

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Country: Australia

Questions:
1. Explain how major contextual factors affect business decision making.
2. Define key terms, theories and concepts presented in Topics. Critical evaluation of managerial actions in relation to the contextual factors discussed in Topics 1-5.3. Demonstrate understanding of the impact of a contextual factor on organisational performance

Answer:
Introduction
With the advent of technology and the spread of International trade, the business environment has become increasingly complex and hence, it is very important for any business enterprise to understand the different contextual factors which exist in the business for decision making. The decisions which take place in an organization take the form of long term strategies for the organization (Hill, Jones & Schilling, 2014).  Hence, it can be said that it is increasingly important for the business to ensure that consideration of these contextual factors are made so that the firm can survive in the business environment easily. Contextual factors comprise of the external environmental factors, internal management and structure as well as risk factors. Hence, it is important for the business to consider these factors so that the strategies so formulated with the help of decision making can assist the firm in surviving in the dynamic external environment (Robson, 2015).  The given report will be analyzing five journal articles from eminent journals and describe their relevance and importance to the organizational manager.
Journal articles
Organisational structures or governance 
Main contextual factor being discussed
The article in the journal named Harvard Business Review discusses the contextual factor of Corporate Governance. The corporate governance can be rightfully described as the manner in which an organization functions. It defines the procedure in which different practices in an organization take place. It is very crucial for the organization to ensure that the best practices of company are adopted and that there are predefined metrics to understand the success of the practice.
New findings
The article proposes that the corporate governance needs to be conceptualized effectively and that it should run on three different principles which are that the board needs to manage the firm for a long term. Secondly, there should be proper mechanisms with respect to reassuring that there are best people present in the board room and lastly, that the board should provide the different shareholders with an orderly voice. This means that instead of just looking after the costs, the organization should instead be concerned about the participation of the stakeholders.
Meaning for the managers
Hence, for the different managers in the organization this means that the decision making should be a team process and that as board meetings form an essential aspect of the organization, it needs to be ensured that they are taken effectively. Moreover, when there are a large number of stakeholders involved in a particular procedure, the board members need to ensure that all the stakeholders are involved in all the crucial aspects of the enterprise. This shall give rise to a harmonious environment beneficial for all.
Environmental forces
Measuring Organizational Effectiveness through Performance Management System and Mckinsey’s 7 S Model. (2017). Asian Journal of Management, Asian Journal of Management, Dec 28, 2017. DOI: https://dx.doi.org/10.6007/IJARBSS/v7-i6/2967
Main contextual factor being discussed
The given article, takes into consideration the environmental forces contextual factor. The environment forces are considered to be a crucial contextual factor the management of which is very important for the organization. This is because these contextual factors have the capability to have a strong impact on the business environment of the business. The different tools for the analysis of the environmental factors tend to play a crucial role in helping a firm to understand the impact of the force on the company. Hence, the article talks about the McKinsey 7s tool and its effectiveness in measuring organizational success.
New findings
The chosen article proposes the use of the McKinsey 7s tool in analyzing organizational factors and to develop a Analytical Network process to determine the firm`s success. This Analytical Network procedure shall assist an organization to analyze the effectiveness of the chosen model. Moreover, the article also analyzed all the 7s factors named strategy, structure, style, systems and procedures, skills, shared values, and staffs respectively.
Meaning for the managers
The shared values form the basis of all the discussions and hence, it is crucial for any firm to ensure that the managers make a continuous analysis using the 7s tool. The 7s tool will assist the managers to understand the internal functioning of the organization as well as the external operations and its impact on the operations of the firm. A shared value approach can be used by the manager to combine all the factors to the organizations success. The managers should have the capability to make use of other tools like PESTLE, Porters and SWOT analysis as well in order to attain long term success of the firm. 
Risks confronting the firm 
Huault, I., Perret, V., & Spicer, A. (2014). Beyond macro- and micro- emancipation: Rethinking emancipation in organization studies. Organization Studies, 21(1), 22-49. DOI: https://doi.org/10.1177%2F1350508412461292
Main contextual factor being discussed
The contextual factor being discussed in the given article relates to the factor of managing the external risks that are posed to an organization. As stated earlier, the different operations in a firm and its functioning are posed to a large amount of risks, each of which needs to be analyzed and managed effectively. However, the organizations often succumb to these risks because they are not well prepared for the consequences. However, this should not be the case and it is the duty of the organization to understand the different risks as faced by the organization and to determine ways in which the risks can be mitigated easily. Hence, various tools for risk analysis like macro and micro environmental analysis need to be applied effectively to get a better understanding.
New findings
The article talks about life in an organization and analyze the different challenges with respect to external and internal environment and throws light on the macro as well as micro environmental emancipations which exist in the firm. The article has analyzed the work of Jacques Rancière, whereby he shift in the traditional approaches to organizational studies has been analyzed. The main focus is on the patterns of inequality, dissensus and redistribution of responsibilities. The article has focused on these three issues and other related struggles which are present in an organization. Hence, the underlying concept in this is that the emancipation in the organizations need to be conceptualize and certain articles which are shortcoming in nature need to be addressed to.
Meaning for managers
For the managers, this means that they should possess the capability of identifying a risk which exists in a firm and also be able to determine when the risk needs to be analyzed. This shall then assist the mangers in being able to successfully deal with the different business domains and will be able to ensure that the organization achieves success in the long run of the firm.
Business practices
Garrad, L., & Chamorro-Premuzic, T. (2016). The dark side of high employee engagement. Harvard Business Review. Retrieved from: https://www.me.mercer.com/content/dam/mercer/attachments/middle-east-and-africa/me-employee-engagement-harvard-business-review-aug-2017.pdf
Main contextual factor being discussed
For a firm to be successful in the long run, just earning profits is not enough and the company should actually ensure that the best business practices. The people aspect of the organization is extremely crucial for the long term welfare of the organization and thus the different employees need to be successfully managed. Hence, the contextual factor being discussed in the given article analysis is the Employee engagement. The engagement of the employee in an organization plays a crucial role in determining the long term success of the firm and the different firms need to be able to successfully manage the employees to ensure that they remain motivated and work for the welfare of the firm.
New findings
The article chosen for the analysis shows the dark side of high employee engagement and tries to prove that though employee engagement is crucial to the firm`s success, engaging in a high employee engagement may lead to certain problems for the firm. The article makes a statement against use of the Meta analytical studies to show that higher levels of employee wellbeing and retention tends to lead to a better performance. This in turn results in better quality of services being provided and greater customer ratings, however, it is not always that engagement improves the organizational scenario and that the employees who are engaged need not necessarily improve the performance.
This is because, performance may be impacted due to other factors as well and due to this, the engagement does not always bring out better results. Hence, investing in employee engagement may not necessarily improve the performance of the employees but may definitely add up to the costs of the organization. Hence, a rather balanced view of employee engagement needs to be employed.
Meaning for managers
For the managers, this means that although investing in employee engagement from their side is good for the firm however, they are required to look into the other aspects of the organization as well so as to ensure that the performances improve because employee engagement is always not the solution.
Functions of diverse firms 
Girotra, K., & Netessine, S. (2014). Four paths to business model innovation. Harvard business review, 92(7), 96-103. Retrieved from: https://hbr.org/2014/07/four-paths-to-business-model-innovation
Main contextual factor being discussed
Any business functioning in the dynamic business environment will be required to have a unique business model which will make it competitive in business. As the business dynamics have been changing considerably the firm is required to innovate their business model continuously and ensure that their business meets up with the standard of the external environment. The contextual factor being discussed in the article is the business model.
New findings
It is very important to have an innovative business model as it goes a long way in assisting the organization to have a positive approach towards the activities of the firm and to ensure that new technologies are inculcated well in the creation of better designs and new brands.  Hence, the article talks about the simple ways in which the business model of a firm can be innovated and this can be done just by improving the applied technologies or to ensure that existing markets are catered ell. As technology keeps changing, advantages to the business need to be designed well.
Meaning for managers
With the help of this, the manager can ensure that they are able to make strategic decisions based on the innovations aspect are able to deliver the existing product with innovative solutions which can bring advantages to the business organization.  Moreover, a business model which will be properly laid out will assist the business in attaining a better understanding of the different aspects of the business and the manner in which this has to be improved adequately.
Conclusion
Therefore, from the given analysis of the different journal articles it can be stated that, the importance of contextual factors in a business cannot be undermined and any organization which fails to analyze the different contextual factors need to ensure that doing so would lead to a short term business advantage but would not result in a long term success. Hence, the business needs to ensure that all contextual factors are catered to well and that the organization has planned well in advance for the success of the business.
Out of the different contextual factors being analyzed, the most crucial one of them is the external environmental forces are the most crucial one. This is because, a business cannot survive on its own and that it needs to function after taking into consideration the different factors which will influence it. These factors may comprise of political, environmental, social and technological factors which if not abided by can lead to a damage to the firm`s image and the business operations. The company can conduct continuous environmental analysis and see to it that all the factors of the environment are well prepared for as this will assist in long term benefit of the organization.
References
Garrad, L., & Chamorro-Premuzic, T. (2016). The dark side of high employee engagement. Harvard Business Review. Retrieved from: https://www.me.mercer.com/content/dam/mercer/attachments/middle-east-and-africa/me-employee-engagement-harvard-business-review-aug-2017.pdf
Girotra, K., & Netessine, S. (2014). Four paths to business model innovation. Harvard business review, 92(7), 96-103. Retrieved from: https://hbr.org/2014/07/four-paths-to-business-model-innovation
Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.
Huault, I., Perret, V., & Spicer, A. (2014). Beyond macro- and micro- emancipation: Rethinking emancipation in organization studies. Organization Studies, 21(1), 22-49. DOI: https://doi.org/10.1177%2F1350508412461292
Measuring Organizational Effectiveness through Performance Management System and Mckinsey’s 7 S Model. (2017). Asian Journal of Management, Asian Journal of Management, Dec 28, 2017. DOI: https://dx.doi.org/10.6007/IJARBSS/v7-i6/2967
Robson, W. (2015). Strategic management and information systems. Pearson Higher Ed.
Subramanian, G. (2015). Corporate governance 2.0. Harvard business review, 93(3), 17. Retrieved from: https://hbr.org/2015/03/corporate-governance-2-0

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