research paper on management techniques

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5 Management Techniques

Andreas Werr is Professor of Management and Director of the Center for HRM and Knowledge Work at the Stockholm School of Economics (SSE), Sweden.

Peter Walgenbach is Professor of Organization, Leadership, and Human Resource Management at Friedrich Schiller University Jena, Germany.

Published: 04 April 2019
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This chapter reviews research on management techniques—formal procedures for carrying out a management task. It identifies three main streams of research—a functionalist stream, viewing management techniques as best practices; an institutionalist stream, where management techniques are symbols of rationality; and an emerging practice-based stream, focusing on how management techniques come to be used in, and influence, managerial work. This line of research investigates management techniques as affordances to agents in organizations, and it is through this interaction with organizational agency that management techniques shape organizational processes (e.g. strategizing and consulting) and individual managers (e.g. uncertainty reduction). In this view, management techniques are found to play important roles in facilitating communication and knowledge creation in organizations, creating confidence and motivation for action, and reducing uncertainty for individual actors.

Introduction

Management techniques, defined as formal procedures for carrying out a management task, are a common feature of managerial work. In a survey of business school alumni, Jarzabkowski, Giulietti, et al. ( 2013b ) found that managers used about five out of twenty surveyed strategy tools on average, with those with more business education employing a larger number. In a recurring survey of companies’ use of management tools, Rigby and Bilodeau ( 2015 ) found that the surveyed companies in 2014 used on average about eight different management tools with the most common being benchmarking (46 per cent), employee engagement surveys (44 per cent), and strategic planning (44 per cent). The number of tools used has followed a downward trend since 2006 where the average number was over fifteen.

There is a surprising lack of stringency in the literature when it comes to the term ‘management technique’. When used, the term is seldom defined and typically used interchangeably with a number of other terms, such as management philosophies, management procedures (Staw and Epstein, 2000 ), management practices (Chenhall and Langfield-Smith, 1998 ), management methods (Draulans and Volberda, 2003 ), and management tools (D’Alvano and Hidalgo, 2012 ). In this chapter, we view management techniques as a rather specific manifestation of management ideas. As discussed in the introductory chapter of this volume, a distinction is often made between the ideational dimension of management ideas (e.g. management ideology in Guillén’s 1994 terms) and the techniques which provide more concrete guidance for how do deal with certain management issues. As shown by Guillén ( 1994 ), management ideologies and techniques often go together, with certain techniques supporting certain ideologies and certain ideologies legitimating certain techniques. But the relationship is loose so that one and the same management technique may be performed in the context of different management ideologies. Management techniques are, thus, more closely related to management practice than the more ideational aspects of management ideas.

According to the Merriam Webster dictionary, a ‘technique’ is ‘a way of doing something by using special knowledge or skill’. This implies that management techniques involve abstract and explicit knowledge—such as a formal procedure—as well as the application of this procedure in a specific situation. The abstract and explicit (codified) dimension of knowledge about a management technique, however, does not imply that the technique is fully understood—either by those who are called practitioners or by those who for different reasons are interested in managers and management such as consultants or academics in the field of organization and management studies. Many aspects of a management technique can be described, but these descriptions are necessarily incomplete (Schön, 1983 ). The explicit elements of the knowledge of a technique are usually theorized through chains of postulated cause and effect. They provide accounts of why the use of a certain technique leads to certain outcomes. It is these theorizations that make techniques appear rational, i.e. effective and efficient. It is the abstract and theorized part of management techniques which makes them attractive to managers on the one hand and knowledge carriers, e.g. academics and consultants, on the other. The use of techniques promises predictable results and implies reliability (Huczynski, 1993 ).

The successful performance of a technique, however, requires more than abstract and explicit knowledge. It requires skill in applying the abstract knowledge and the ability to assess the demands of a situation correctly. These skills stem from individual and collective experience in applying a technique or on observations of the use of a technique by other managers. This depends to a large extent on implicit and embodied knowledge of individuals and groups (Schön, 1983 ). It is the non-explicit part of knowledge on management techniques which practitioners as well as academics are increasingly interested in.

Certainly, if asked, managers are usually able to say when they apply a certain technique, why they apply it, and what effects this has in general. They believe that the application of a specific technique generally leads to the desired result. Sometimes they are also aware that there are alternative techniques, which they themselves or their colleagues—at different places, in different situations, or at different times—apply with similar effects. However, they—like social scientists—do not know exactly, when, why, and how a certain technique leads to a certain outcome. Research findings on the relationship between the use of specific management techniques and performance are also mixed, to say the least (see e.g. Golicic and Smith, 2013 ; Nair, 2006 ).

Against the background of this understanding of management techniques as an interplay between formalized and explicit management knowledge and its skilful application in practice the main focus of the current chapter will be to review the research on how management techniques are applied in different contexts.

The chapter is structured as follows. The next two sections review the two dominating research perspectives on management techniques—a functionalist perspective that views management techniques as best practices and thus focuses on the effects of techniques on firm performance, and a more critical, institutionalist perspective that mainly considers management techniques as symbols of rationality. We then argue that these representations of management techniques are oversimplified. Consequently, we turn attention to an emerging practice-based perspective which views the enactment of management techniques as an interplay between explicit, formalized knowledge elements and implicit, tacit knowledge elements carried by practitioners within an organizational context (see also Røvik, in this volume). A number of different approaches have been taken within this perspective, including translation studies (Czarniawska and Sevón, 1996 ), as well as studies of the use and role of formal techniques in organizations (e.g. Paroutis et al., 2015 ; Werr, 1999 ; Werr et al., 1997 ) and individual managers’ use of management techniques (Engwall et al., 2005 ; Jarratt and Stiles, 2010 ). A key implication of this perspective is that management techniques may be seen to play rather different roles within an organizational context (e.g. knowledge transfer, communication, collaboration) as well as on an individual level, where different managers, depending on their approach to a management task, may relate to the explicit knowledge elements of a management technique in different ways (e.g. as useful tool, political resource, or sense-making device). We conclude with suggestions for future research.

Management Techniques as Best Practices

Implicit in much of the literature on management techniques is a view that they represent recipes to success. Considerable numbers of both scholarly and practitioner-oriented publications have been concerned with arguing for the value of these techniques in solving specific managerial problems. The purpose of management techniques is viewed to support managers in making better decisions and act in more effective ways (Wright et al., 2013 ). This is well illustrated by the following quote from one of the seminal articles introducing the Balanced Scorecard technique:

Think of the balanced scorecard as the dials and indicators in an airplane cockpit. For the complex task of navigating and flying an airplane, pilots need detailed information about many aspects of the flight. They need information on fuel, air speed, altitude, bearing, destination, and other indicators that summarize the current and predicted environment. Reliance on one instrument can be fatal. Similarly, the complexity of managing an organization today requires that managers be able to view performance in several areas simultaneously. (Kaplan and Norton, 1992 : 72)

The main message conveyed by presentations of this and other management techniques is that by applying the proposed technique—in the case of the Balanced Scorecard, designing and following up measures in four different dimensions—organizations will become more successful. While it is acknowledged that the content of different measures implied in the Balanced Scorecard may vary across organizations, how to adapt them or what is required to implement them in a specific context is seldom discussed. Huczynski’s ( 1993 ) investigation of popular management ideas and corresponding management techniques finds ‘practical applicability’ to be a key theme in this kind of literature. This is achieved by providing managers with a sense of increased control in their area of responsibility, proposing concrete steps or principles for gaining this control, positioning the idea and its techniques as universal and authoritative, and finally arguing for the technique’s applicability in terms of the potential for a quick pay-off (Huczynski, 1993 : 91ff.). A direct link between the application of certain management techniques and firm performance is thus assumed.

Given such an instrumental understanding of management techniques, the question of the link between their use and firm performance has become a salient question that has generated a steady stream of research on management techniques over the years. We will turn to this next and review the empirical evidence for the view that management techniques represent ‘best practices’ that lead to organizational success.

Management Techniques and Firm Performance

Management techniques such as Total Quality Management (TQM), Just-In-Time (JIT), or Lean Management and related concepts are often considered to help improve the performance of organizations (see also Wickert et al., in this volume). The many empirical studies on the performance effects of techniques such as Diversity Management, Environmental Management, JIT, or Lean Management, however, do not reveal consistent findings.

Recent meta-analyses show that management techniques as well as their individual sub-concepts mostly have a positive effect on performance, albeit often a weak one (see, for example, Bergh et al., 2014 ; Gerrish, 2016 ; Mackelprang et al., 2014 ; Orlitzky et al., 2003 ; Subramony, 2009 ; Zimmermann and Foerstl, 2014 ). However, there are also meta-analyses which show no or even a negative relationship between a management technique, the sub-concepts of this technique, and organizational performance (see the studies in Bell, 2007 ; Bell et al., 2011 ; Mackelprang et al., 2014 ). Interestingly, computational models indicate that these sorts of modest (and inconsistent) positive performance effects promote faddish adoption patterns; the management technique is associated with enough success stories to stimulate a boom in popularity but not enough to maintain it over time (Strang and Macy, 2001 ; Strang et al., 2015 ).

In addition to the calculation of the overall performance effect, meta-analyses also investigate which moderator variables help to explain inconsistencies in results across studies. Reasons for inconsistent findings which have been identified include ‘sampling errors, unit of analysis, operationalization of key constructs and the research methodology’ (Nair, 2006 : 950). For example, organizational structure, breadth of implementation (e.g. entire organization vs. specific organizational sub-units), and industry may influence performance effects (Albertini, 2013 ; Bell et al., 2011 ; Mackelprang and Nair, 2010 ; Nair, 2006 ; Rhoades et al., 2001 ; Subramony, 2009 ). Meta-analytic structural equation models show further evidence that the performance effect of management techniques is moderated by the respective variables (Bergh et al., 2014 ). Meta-analyses provide important insight into factors that influence the effectiveness of a management technique and its sub-concepts. However, other ‘unknown factors’ (Mackelprang and Nair, 2010 : 296; Mackelprang et al., 2014 : 83) that have not been taken into account in empirical studies so far may also affect the effectiveness of management techniques.

We suspect that an important ‘unknown factor’ is the extent to which and how management techniques are used in organizations. In fact, it is noticeable that questions about the process and course of implementation are regularly neglected. In quantitative studies, measures of performance effects are generally based either on managers’ assessment of the influence of a management technique or a specific sub-concept on organizational performance or on financial performance indicators. The former are liable to be positively biased while the latter often result from the fact that investors assume in ‘good faith’ that the management techniques that an organization communicates to the public are actually implemented (Albertini, 2013 ; Staw and Epstein, 2000 ). They do not consider that communicated practices may remain decoupled from or only loosely coupled to actual practices (Westphal and Zajac, 1998 ).

However, implementation details are seldom taken into consideration in primary research on the performance effect of a management technique (Sousa and Voss, 2002 ). Thus, the respective management techniques focused in empirical studies appear detached from organization-specific implementation processes as well as from the traits and behaviours of the managers who implement or who are responsible for the implementation of the respective technique in an organization. So-called ‘infrastructure practices’, e.g. management, leadership, and people management, as Nair ( 2006 : 971) notes with regard to quality management, could explain ‘the lack of evidence of a significant relationship between some quality management practices and performance in large-scale empirical studies (e.g. Powell, 1995 ; Dow et al., 1999 ; Samson and Terziovski, 1999 )’.

Management Techniques as Symbols of Rationality

Usually, in the functionalist-oriented management literature, a technical or task-related problem-solving power is attributed to management techniques. Institutional theories of organization query whether this assumption generally holds. The task-related or technical problem-solving character of new management techniques is not necessarily at issue. It is, however, highlighted that—over time, i.e. with increasing diffusion of the technique—the technical aspect of problem solving loses importance and increasingly institutional pressures become decisive.

Tolbert and Zucker ( 1983 ) argue that early adopters of a new organizational structure or a new management technique, such as TQM, aim to increase their efficiency. For late adopters, normative pressures emanating from the institutional environment lead to the adoption of a more or less standardized package of a management technique, which has developed through an institutionalization process.

Because techniques initially represent solutions that address a specific task-related problem for one or more similar organizations, the technique regularly proves to be successful. Organizations (e.g. competitors in the same industry, or consulting firms and business schools) monitor other organizations in order to identify successful problem solutions, either to implement them themselves or to abstract an identified solution and to specify its general contribution to the efficiency of organizations in the same or other industries.

This process of abstraction and generalization is described by Strang and Meyer ( 1993 ) as theorization. According to Strang and Meyer ( 1993 ), theorization is the basis for the rapid diffusion of new management ideas and their associated techniques. Theorizations of management ideas and associated techniques accelerate, for example, the dissemination of new budgeting and cost accounting systems or leadership training. The higher the degree of abstraction of the theorization of a management idea, the faster the idea and its associated management techniques may spread. Management ideas and techniques then diffuse—often worldwide. Like fashions, they are diffused rapidly but will eventually also be replaced by new or modified management ideas and techniques (Abrahamson, 1996 ). At the same time, the belief in the superiority of a technique increases through two interrelated aspects: (1) the initially identified contribution of a management technique to organizational success, and (2) the rapid diffusion of this new technology into increasingly different industries or different locales. At this stage, the primary motor of the diffusion of a new management technique changes from implementing management techniques which are or are perceived to be successful solutions for organizational problems to the adoption of the technique because of a pressure for conformity and the expected legitimizing effects of its adoption.

With increasing taken-for-grantedness of a new technique, more organizations are expected to adopt. Use of a rationalized technique which is regarded as effective and efficient lends legitimacy to an organization. By adopting the technique, the organization fulfils the expectation that it is making real efforts to achieve effectiveness and efficiency. Thus, from an institutional perspective, management techniques can be considered as management fashions (Abrahamson, 1996 ; Kieser, 1997 ), the adoption of which may help to maintain or increase the legitimacy of an organization. The organization reveals that it has understood what is considered to be modern, appropriate, effective, and efficient in its institutional environment.

However, the more the adoption of a new technique is solely based on the hoped-for effect on the preservation or development of the legitimacy of the organization, the more likely it is that the technique turns out to be unsuitable for solving specific task-related problems. While initially the technique may—by translation (see below)—be partially adapted to the conditions of an organization, over time the decoupling of the new technique from the organization’s core processes becomes more likely. Decoupling means that a new technique is anchored in the formal structure of an organization, but it is not used or used very little in the organization’s work processes (Meyer and Rowan, 1977 ). In this regard, the formalized aspects of management techniques only serve as symbols of rationality.

Indeed, many studies have shown that organizations do decouple institutionalized management ideas and techniques from their work activities and have illustrated that decoupling may nevertheless be beneficial for the organization (see Boxenbaum and Jonsson, 2008 for an overview). For example, in his study on the adoption of ISO 9000 standards Walgenbach ( 2007 ) found that parts of the quality management system led to the introduction of formal structures for work activities which either did not exist or were of minor importance for the organization. In this regard, specific management techniques which are included in the ISO 9000 standard remained decoupled, leading to a symbolic implementation of quality management ideas. ISO 9000 certification nevertheless provided the organization with the image of being capable of producing high quality. A similar point is made by Staw and Epstein ( 2000 ) who studied the effects of quality management techniques of empowerment, teams, and TQM on company performance, how the organizations were perceived by different stakeholders, and how their CEO was remunerated. While they found no effect of the techniques on company performance, the companies that were associated with the modern management techniques were more admired, perceived as more innovative, and their CEOs were more well paid.

Management Techniques as Intertwined with Management Practice: A Practice-Based Perspective

As a reaction towards both the rational instrumental perspective and the more ‘cynical’ perspective on management techniques as symbols decoupled from action, a third, practice-based perspective concerned with the interaction between management techniques and organizational members has emerged. The studies that take this perspective may be subdivided into three categories: (1) translation studies focusing on how management ideas and techniques are modified as they are applied in organizations by organizational members; (2) studies on the roles that management techniques may play in organizations (e.g. as a common language enabling knowledge exchange and collaboration); and (3) studies focusing on the role that management techniques may play for individuals in organizations (e.g. reducing managerial uncertainty or helping them make sense of a complex reality).

Translation Studies

Translation studies are founded in an institutional perspective, but have been concerned with the dynamic relationship between global, institutionalized management techniques and local management practices. Rather than viewing this relationship as straightforward—organizations adopt certain management techniques either because they solve a specific problem (instrumental perspective) or because they are fashionable or legitimizing (institutional perspective)—a translation approach views this relationship as well as its key elements such as ‘problems’ and management techniques as complex and locally constructed (see, for recent examples, Drori et al., 2013 ). In the words of Czarniawska and Joerges ( 1996 : 25):

The perceived attributes of an idea, the perceived characteristics of a problem and the match between them are all created, negotiated or imposed during the collective translation process. All three are the results, not the antecedents of this process. With some exaggeration, one can claim that most ideas can be proved to fit most problems, assuming good will, creativity and tendency to consensus.

In this view, management techniques are not ‘adopted’ but translated. This means that the actions taken based on a specific technique may vary considerably in different contexts as the problem to be solved, the actors involved in it, and the technique to deal with it are all negotiated in a process of translation; see also the special issue on ‘The Translation of Management Knowledge’ in the International Journal of Management Reviews (July 2016) for detailed reviews. In this vein, Erçek and Say ( 2008 ) studied the translation of TQM in Turkey between 1991 and 2002. They demonstrate how different professional networks involved in spreading this management technique gradually changed its content such that ‘at the end of the period, TQM was significantly deprived of its original connotation as a managerial tool for the betterment of work practices and became an all-encompassing philosophy about good governance of social relations’ (Erçek and Say, 2008 : 78).

Another example of how management techniques change as they are implemented is provided by Lozeau et al. ( 2002 ). They studied the use of private sector tools in public sector organizations. While not applying an explicit translation lens, they find that this transfer of tools from one context to another sometimes leads to a bad fit between tools and organizations. If this misfit is large, tools are found to be integrated into existing organizational dynamics leading to a ‘corruption’ of the technique rather than the desired change in the organization.

Recent developments in translation studies include efforts to develop it in a more instrumental direction. By introducing the concept of ‘translation competence’, Røvik ( 2016 ) establishes an important conceptual link between the formal aspects of management techniques and their intended consequences in organizations. While previous translation research has mainly had a descriptive focus, demonstrating that management techniques change in the process of application, little has been known about what leads to ‘good’ vs. ‘bad’ applications. Translation competence is defined as ‘the ability of translators to translate practices and ideas between organizational contexts in ways that increase the probability of achieving organizational ends’ (Røvik, 2016 : 299). This is about choosing among several translation modes (copying, addition, omission, and alteration) in order to fit the specific translation situation. Key aspects to consider in the situation include the source context and practice, characteristics of the knowledge to be transferred, and features of the relation between recipient and source (see with regard to the use of ISO 9000 standards, Walgenbach, 2007 ).

In line with this, scholars within strategy have argued ‘that the successful use of tools requires a deep understanding of the pros and cons of each tool, the creativity to integrate the right tool(s) in the right way at the right time, and the right people and skills to develop the tools to meet the company’s objectives’ (Wright et al., 2013 : 95). This focus on the adaption of tools to a specific context, and the complex expertise that underlies it has led some researchers to suggest that managers’ ability to improvise on management techniques is the key aspect (see also Furusten, 2009 ):

Standard repertoires of change need not be disdained, but should be mastered as platforms for improvisation and creativity. Like Bourdieu’s … hand of cards, these practices afford potentialities rather than determine responses. (Molloy and Whittington, 2015 : 512)

Formal Techniques in Organizations

A second stream of research within the practice-based paradigm is concerned less with how management techniques become altered in the process of translation but with the actual use of management techniques and the kind of practices they enable or restrict. This line of research is based on the observation in previous research (e.g. translation studies) that management techniques are seldom used as direct and concrete guides for action, which opens up for the exploration of alternative functions of management techniques. In the context of management consulting organizations, in which management techniques represent central elements of the consultants’ toolbox, Werr et al. ( 1997 ) identified a number of functions these play both in the consultants’ interaction with their clients and the internal functioning in the consulting organization (see also Werr, 1999 ).

In the context of strategy, the ‘strategy as practice’ lens has generated an interest in the use of management techniques and it has been suggested that they should be explored with a ‘sociological eye’:

A sociological eye encourages close attention to tools as they are used in context, the motivations of actors in using them, the purposes to which tools are put, and their potential to lead to an array of sometimes unanticipated outcomes. (Jarzabkowski and Kaplan, 2015 : 537)

These investigations into the use of management techniques have pointed at two main functions that these may play—facilitating knowledge creation and sharing and creating confidence and motivation among organizational members.

Facilitating Knowledge Creation and Sharing

Investigations into the roles of management techniques have highlighted their role in enabling and facilitating knowledge processes. In the context of management consulting, formal methods and tools have been argued to be one of three central elements in the knowledge system of management consultancies. Formal methods and tools in this context were found to complement the other elements ‘cases’ and ‘experience’ by representing a shared organizational knowledge that enables the storage and communication of explicit knowledge by structuring it and providing a ‘shared language’ that supports the exchange of consultants’ tacit experiences (Werr and Stjernberg, 2003 ). Hereby, the formalized techniques available in management consulting firms are also an important enabler of junior consultants’ learning. Junior consultants typically start by learning the techniques, which give them a basic knowledge to become active and participate in projects and engage in the so important learning by doing in the consulting firm (Werr and Stjernberg, 2003 ). To junior consultants, formal techniques may also serve as a cognitive support in their daily work. This is seldom the case among more experienced consultants (Werr, 1999 ).

Through these functions of structuring and to a certain extent standardizing the thinking and working in consulting organizations, formal techniques also play an important role in enabling the practice of global and flexible staffing central to the business model of the global management consulting firm. This practice ensures both the development of individual consultants and the exploitation of the firm’s global knowledge base to the benefit of each client (Armbrüster, 2006 ). Without a rather standardized approach to projects it would become very difficult for consultants with a background in different disciplines or geographies to interact productively in ever new constellations without substantial preparation and alignment (Werr, 1999 ).

The function of facilitating the transfer and creation of knowledge was also observed in consultant–client interaction where the consultants’ explicit techniques supported the transfer of the consultants’ understanding of a change process (although in a very simplified way) to the client. This facilitated the collaboration between consultants and clients and thereby also the clients’ learning from action. The (simplified) maps of the process that were provided by the consultant through the technique enabled clients not only to better understand the consultants’ actions but also to get actively involved in the process themselves (Werr, 1999 ; Werr et al., 1997 ).

Similar functions for management techniques were found by strategy as practice research (Jarzabkowski, Spee, and Smets, 2013 ; Wright et al., 2013 ). Paroutis et al. ( 2015 ) studied the way in which the management technique ‘strategy map’ affected communication in a strategy workshop. Their findings suggest that the strategy map as a visual tool provides a number of affordances that limit and enable the creation and exchange of knowledge. They identify the following affordances:

Tangibility affordance (making content visible and concrete in order to make it a source of negotiation);

Associability affordance (visually relates and identifies issues so that a shared representation of emerging knowledge can be created);

Editability affordance (possibility to modify content instantaneously enabling the manifestation of outcomes of negotiations); and

Traceability affordance (ability to relate contents temporally and structurally which enables opportunities to survey and assemble negotiation agreements) (Paroutis et al., 2015 : S63).

While this research has depicted management techniques as mainly enabling knowledge creation and exchange (see also Giraudeau, 2008 ), it has also been argued that they may limit knowledge creation. In some cases management techniques may provide an overly simplified understanding of a complex reality which limits organizations’ ability to deal with such realities (March, 2006 ) and may ‘lock in’ individuals’ thinking into established patterns of thinking (Worren et al., 2002 ).

Creating Confidence and Motivation for Change

Through their simplified and rationalistic nature, management techniques have further been argued to serve as symbols of expertise that support the uncertain change agent with confidence (Huczynski, 1993 ) as well as motivate sceptical recipients of change by signalling that the change process may succeed this time (Berglund and Werr, 2000 ). In a study of consultants’ use of business process re-engineering (BPR) in a client project, Berglund and Werr ( 2000 ) demonstrate how the structured, explicit BPR technology was used by the consultants to convince organizational members, who, after several failed change projects were sceptical and tired of change, that this time would be different; that the project this time was based on a tested and proven approach. At the same time the consultants emphasized their own importance in translating the technology to the specific organization thus making them an ‘obligatory passage point’ to a successful change process.

Formal Techniques in Individual Managers’ Work

Research has further paid attention to how individual managers use management techniques, and what values they derive from them. The overall consensus is that these values are substantial, but their nature is diverse and varies between contexts. Watson ( 1994 ) places managers’ use of techniques (what he calls ‘flavours of the months’) in the context of managers’ ‘double control problem’:

Every manger has a responsibility, by virtue of his or her appointment as a member of the control apparatus of the corporation to contribute to the performance of the organization as a whole. But at the same time, they need to control their own personal lives and identities and to make sense of the work they are doing, both on behalf of the employing organization and in terms of their own personal and private purposes and priorities. (Watson, 1994 : 895)

Watson ( 1994 ) argues that management techniques may help managers deal with both these issues—they provide new ideas and techniques that can be used to increase performance in the organization, but they also provide them with a way of making sense of confusing situations, gain a sense of control, and provide a resource for advancing their managerial careers by exploiting popular management ideas (Watson, 1994 ; see also Huczynski, 1993 ).

More recently, research has investigated managers’ use of management techniques in more detail and shown how these are used differently by different managers in different contexts. In a study of project managers’ use of project management (PM) techniques, Engwall et al. ( 2005 ) found that project managers could perceive the task of managing a project in rather different ways, with the consequence that PM techniques were also perceived differently. When PM was perceived as ‘administrating’ in terms of planning and monitoring formal project progress, the PM techniques were attributed an important standardizing role, which made projects possible to control. When PM was perceived as ‘organizing’ in terms of facilitating and leading the enactment of a project’s mission, the formal techniques were seen as a common language enabling collective action as well as formalized best practices that would free energy for exploration of the less standardized aspects of the project. When viewing PM as ‘sense-giving’ in terms of making and communicating sense in a confusing world, PM techniques took the role of a common language for making sense of a perceived chaos. PM could further be viewed as ‘team building’, which moves focus to the individual and social well-being of project members. In this context, the PM techniques were seen as documented best practices that provide focus to team members, and ensure they spend their energy on the right tasks. Finally, when PM was viewed as ‘engineering’, focus moved towards solving the project’s ‘technical problems’. In this context the PM techniques were appreciated as best practices supporting work efficiency but also as an administrative burden that had to be handled.

Similar patterns have been found in the context of managers’ use of strategy tools. Jarratt and Stiles ( 2010 ) argue based on activity theory that different perspectives on strategy and views on the firm’s operating context create different strategizing practices in which management techniques have different roles to play. While, for example, design and positioning school techniques were used quite extensively and straightforwardly when leaders viewed strategy as stakeholder or market alignment and the environment as predictable, they were used to a lesser extent and more flexibly, innovatively, and reflectively when strategizing was viewed as lived experience and the environment as complex and dynamic.

More generally, Wright et al. ( 2013 ) set out to investigate what characteristics of strategy tools made managers perceive them as useful. They found that tools were perceived as useful if they helped provide multiple perspectives and helped guide the thinking process. Providing multiple perspectives was supported by considering multiple angles and interconnectivity between entities, identifying critical success factors, dividing all areas to provide a clear picture, supporting the generation of new ideas, and supporting users’ thinking in different perspectives. Guiding thinking was supported by helping managers to understand their competitive advantage, supporting them in reaching and communicating conclusions, supporting the identification of success factors, and helping users to come up with new ideas.

Taken together, this line of research emphasizes the usefulness of management techniques to managers. However, it also points out that this usefulness does not primarily lie in their provision of detailed guides for action or in their ability to provide legitimacy to the organization. Rather, studies point out that managers are selective and reflective in their use of techniques, adapting them to the requirements of the situation as well as their interests. These requirements are to a large extent linked to how the managers perceive the situation they are acting in (Engwall et al., 2005 ; Jarratt and Stiles, 2010 ).

Conclusions and Directions for Future Research

Management techniques have traditionally been discussed either from a functionalist perspective, treating them as more or less well-founded best practices, or from an institutionalist perspective, representing them as symbols of rationality. Somewhat in the shadow of these two conflicting perspectives, a third perspective that may be labelled practice-based has gained increasing interest in recent years. This perspective turns attention to how management techniques are used in the organizational context and thus enables a more complex understanding. It acknowledges that the outcomes of management techniques are shaped by active agents and the main argument of translation studies has been that during implementation, management techniques are translated to a specific context.

However, it is not only the techniques that change in the implementation process, but the techniques also shape the implementation process, the actors involved, and thereby individual as well as organizational outcomes. In the conceptualization of Jarzabowski and Kaplan ( 2015 ), outcomes of tools emerge in the interplay between the specific affordances of techniques and the agency of actors. As argued above, these affordances may influence, for example, knowledge creation and sharing in the organization, the confidence and willingness of organizational members to engage in organizational change, or the individual managers’ dealing with the double control problem.

Such an understanding of management techniques has informed some research on techniques in management consulting and more recently in strategizing, but several research questions following from this understanding remain to be explored. First, research may elaborate on the different aspects and processes on both an organizational and individual level that are influenced by management techniques. Previous research has, for example, highlighted how management techniques shape communication and knowledge sharing within organizations and strengthen the confidence of individual managers, but what other processes and aspects (e.g. decision-making, creativity, managerial careers, occupational identities, etc.) are influenced in what ways?

Second, the perspective on management techniques as both enabling and constraining calls for investigation into whether and—if so—how characteristics of management techniques interact with organizational and individual processes. For example, what characteristics enable more inclusive and creative problem solving? What characteristics support managers’ uncertainty reduction? What characteristics drive organizational members’ willingness to act?

Third, acknowledgement of the active user of management techniques calls for closer investigations into when and how individuals in different organizational positions mobilize different aspects of management techniques. What may explain different perspectives on managerial tasks and differences in how management techniques are used? Is it possible to identify more or less effective approaches to using management techniques? May differences in the way management techniques are used help reconcile conflicting research findings regarding the performance effects of management techniques?

Fourth, extant research has mainly focused on management techniques in the context of management consulting and strategy. However, management techniques are also applied in different management areas such as Human Resource Management, Marketing, Accounting, Information Technology, etc. Techniques in these and other different areas may have different characteristics (more or less quantified, more or less visual, etc.) at the same time as different management occupations vary in their orientation and approaches. There is, thus, a need to extend research on the use of management techniques to a broader set of management disciplines.

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A strategic management process: the role of decision-making style and organisational performance

Journal of Work-Applied Management

ISSN : 2205-2062

Article publication date: 16 February 2023

Issue publication date: 24 April 2023

The purpose of this paper is to present a conceptual framework for integrating strategic thinking factors, organisational performance and the decision-making process.

Design/methodology/approach

The methodology involves a synthesis of literature and proposes a framework that explores the relationship between strategic thinking enabling factors, organisational performance and the moderating effect of decision-making styles.

The framework includes strategic thinking enabling factors (systems perspective, focused intent, intelligent opportunism, thinking in time and hypothesis-driven analysis), organisational performance and the moderating effect of decision-making styles (intuitive and rational).

Research limitations/implications

This research results in a conceptual model only; it remains to be tested in actual practice. The expanded conceptual framework can serve as a basis for future empirical research and provide insights to practitioners into how to strengthen policy development in a strategic planning process.

Originality/value

A paradigm shift in the literature proves that strategic management and decision-making styles are vital in determining organisational performance. This paper highlights the importance of decision-making styles and develops a framework for strategic management by analysing the existing strategic management literature.

Strategic management
Intuitive decision-making
Rational decision-making
Strategic thinking process
Organisational performance

Sinnaiah, T. , Adam, S. and Mahadi, B. (2023), "A strategic management process: the role of decision-making style and organisational performance", Journal of Work-Applied Management , Vol. 15 No. 1, pp. 37-50. https://doi.org/10.1108/JWAM-10-2022-0074

Emerald Publishing Limited

Published in Journal of Work-Applied Management . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

Managers are appointed to achieve the organisation's objectives and goals. As these objectives gradually increase with competition, managers must become strategic thinkers with excellent decision-making skills. The strategy towards the organisational outcome highlighted in this section has been widely debated among academic scholars and practitioners. Organisational strategies are essential in sustaining an organisation's competitive advantage to face a complex and uncertain future.

Effective strategic management frameworks enable managers to focus on the complex issues that must be prioritised to hasten decision-making processes ( Dlamini et al. , 2020 ). Whilst enabling managers important to make the decisions needed to direct the organisational effort towards overcoming specific issues ( Wang et al. , 2021 ). The organisation's effectiveness in addressing critical issues with solutions that best fit the current environmental factors will ensure the vitality and image of the organisation. Strategic management is pertinent to manage the organisation in a continuous, systematic manner.

The first segment of strategic management is the effective action programs chosen to reach these goals and objectives.

The second segment is the resource allocation pattern that relates the organisation to its environment.

Moreover, strategic management is defined as translating the thinking process into an action plan that benefits the organisation to sustain its competitive advantages. Strategy also can be categorised as strategic thinking and strategic planning. Strategy is also the commitment of the top-level management to attaining outcomes aligned with the organisation's strategic objectives. Strategy can be realised when there is consistent outcomes or patterns over the years. Therefore, strategy is planning for the future or determining patterns based on consistent outcomes. Organisations must develop plans and also evolve patterns derived from previous organisational outcomes. These phases can be explained as intended strategy and realised strategy.

The effectiveness of the strategies employed can indicate the organisation's performance in achieving its objectives and goals. Organisations need to measure the outcome of the strategies employed by having measurable objectives that will enhance the employees' commitment towards achieving the goals. Conversely, organisational learning and financial measures such as organisational profitability can also benchmark organisational performance. The responsiveness of organisational performance has a direct relationship and is influenced by management efforts to emphasise leadership within the organisational structure. This is done by observing the support and strategies utilised by managers to achieve the objectives and goals. This paper aims to enhance an understanding of strategic management processes involving decision-making styles towards organisational performance. First, this paper highlights strategic management's operational and theoretical approach towards organisational performance. Moreover, this study enhances the result of previous literature on strategic enablers by explaining the effort involving decision-making to strengthen the organisational structure, particularly the decision-making styles (intuitive and rational), that moderates the relationship between the strategic thinking process and organisational performances ( Ritter, 2014 ).

Academic scholars and practitioners have highlighted the importance of strategic management in measuring organisational performance in terms of innovation, entrepreneurship, technology, knowledge, economics, healthcare and organisational performance ( Adam et al ., 2018 , 2020 ; Alosani et al. , 2020 ). Conversely, there is a knowledge gap on the effective judgement practices of strategic management enablers and organisational performance during decision-making ( Abuhjeeleh et al ., 2018 ; Acciarini et al. , 2021 ; Elrehail et al ., 2020 ; Nguyen, 2020 ). This paper analyses the relationship between strategic management and organisational performance and suggests a framework to elucidate the relationship variables such as moderators, rational and intuitive decision-making styles.

2. Literature review

Strategic management is applying strategic decisions towards the organisational vision to achieve strategic competitiveness and sustain competitive advantages ( Alosani et al. , 2020 ; Rodrigues and Franco, 2019 ). Strategic management is a cognitive impairment of structuring the internal capabilities to fulfil external demands and involves plans, patterns, positions, perspectives and plots ( Mintzberg et al ., 2020 ). Strategic management is the managerial discourse involving a framework of the decision-making process, which highlights how the strategy process is formulated in organisations, acknowledging the cognitive management structure of the organisations. Additionally, the organisation's members need to respond effectually to the decisions made by the management and cooperate to ensure that the organisational vision is reached, given that this will affect the organisational adaptability, legitimacy and performance ( Johnsen, 2015 ). Organisations must be aware of the uncertain environments that can influence their welfare.

Consequently, the strategic management process can be reflected in two directions: strategic planning and strategic thinking. Strategic planning emphasises formulating strategies or disciplined efforts to produce strategic decisions to achieve the organisation's objectives ( Bryson, 2018 ). Strategic planning also can be reflected as a system that enhances the decision-making process among the members of an organisation. The strategic management process needs to be fulfilling for the organisation to sustain its competitive advantages. Moreover, strategic thinking is creative, disruptive, future-focused and experimental and often contradicts traditional notions of strategic planning ( Liedtka, 2000 ). Strategic planning is the principal element of the strategic management process involving resource management, implementation, control and evaluation of strategies ( Poister et al ., 2010 ). Strategic planning focuses on formalising existing strategies and employing creativity to enhance perspectives ( Mintzberg et al ., 2020 ). The uncertainties of environments and conflicting perspectives can be evaluated and addressed using strategic thinking as a part of the organisational decision-making process ( Chin et al ., 2018 ). Studies by Goldman et al . (2015) indicated that organisational members are not actively involved during the strategic decision-making process, leading to the decline in the organisation's performance.

The importance of the strategic decision-making process towards organisational performance was emphasised by Steptoe‐Warren et al. (2011) . The research suggested that evaluating, identifying and validating the process will enhance the strategic thinking process to positively impact performance ( Norzailan et al ., 2016 ). Moreover, strategic thinking plays a vital role in analysing the external factors influencing the process. If the organisational members take it lightly, it will lead to perception deficiencies ( Kızıloglu and Serinkan, 2015 ). Additionally, the study highlighted that strategic planning occurs after strategic thinking ( Alatailat et al ., 2019 ; Bonn, 2001 ; Mintzberg, 1994 ). Consequently, this study will focus on strategic thinking as the fundamental phase in the strategic management process.

A conceptual framework that highlights the management principles among the business process in delivering effective solutions for problems is shown in Figure 1 .

3. Strategic management

Strategic management is defined as a framework for achieving success, and it is pivotal for organisations to achieve their objectives and continuously perform better ( Elliott et al ., 2020 ). Additionally, strategic management is a continuous process of looking for a better action plan to ensure the organisation's competitiveness.

3.1 Strategic thinking

The most challenging issue an organisation faces is awareness of the strategic vision and missions, available resources and identifying opportunities for growth within the organisation ( Bryson, 2018 ). Therefore, strategic thinking is a vital element in the chain of processes, which must be carried out effectively and systematically ( Sahay, 2019 ). Nevertheless, organisations need to be aware that strategic thinking can fail miserly if the decision-makers do not realise the strategic enablers or the factors responsible for the effective strategic thinking process. Strategic enablers influence the thoughts and decision process of the organisational members ( Goldman et al ., 2015 ). Therefore, strategic enablers will lead the organisation's members towards idea growth and personal development, while strategic thinkers expedite the organisational performances ( Alatailat et al ., 2019 ).

Individuals involved in the organisational structure utilise their experiences and thought processes in managing conflicts to enhance strategic thinking ( Alaarj et al ., 2016 ). Strategy managers or thinkers recognise the relationship between business responsibilities and departments and organisations and their business stakeholders ( Cabral et al. , 2019 ). This relationship is known as “system thinking”, where an organisation explores the structure reflected in the action and environment that causes the incident. Additionally, the direction or the organisational destiny is a type of strategic intent utilised to help achieve the business objectives. This occurs when all the employees can concentrate on their purpose until it is achievable.

Strategic intent is pertinent in increasing competitive advantages and improving organisational performance ( Chen et al ., 2015 ). Intelligent firms must be considered before becoming competitive to ensure the organisation can create intelligent opportunities to lead the business emerging strategies towards their vision ( Alaarj et al ., 2016 ). Conversely, the organisation should integrate previous events with the current situation to achieve and align with the organisation's objectives. This is vital for organisations to connect to the past and present environment to envision the firms and prepare for any internal or external challenges in their business ( Abubakar et al ., 2019 ). A hypothesis-driven analysis is the core element in the strategic thinking process to gather relevant information regarding the business. Therefore, the challenges faced must be transformed into a hypothesis-driven analysis to understand better the measures needed to be taken by the stakeholders to improve the organisational performances.

3.2 Decision-making style

The role of managers within an organisation must be elucidated to help enhance the decision-making process to create competitive advantages for the organisation ( Dionisio, 2017 ). Moreover, Porter (1990) emphasised the differences between competitive strategy and competitors. Decision-making styles also play a vital role in formalising the strategic decision procedure and can be defined as a habitual or formal response pattern taken by managers when there is an incident ( Kulcsár et al ., 2020 ). According to Acciarini et al. (2021) , decision-making styles are directly related to cognitive styles involved in the strategic thinking process. Decision-making style, which can be both at individual and team levels, can be classified into intuition and rationality ( Dayan and Di Benedetto, 2011 ; Dayan and Elbanna, 2011 ; Giermindl et al ., 2022 ; Luan et al ., 2019 ; Sukhov et al ., 2021 ). Therefore, the author highlighted that cognitive styles could be divided into two different categories: “feeling as information evaluators”, where managers actively gather information intuitively, and “thinking as information evaluators”, where managers systematically collect information ( Behling et al ., 1980 ). Alternatively, decision-making styles can be considered intuitive and rational information gathering and evaluating styles ( Calabretta et al ., 2017 ).

The intuitive decision-making style can be defined as the episodes of uncertainty patterns of action imposed by managers or the decision-makers based on the current situation. In addition, intuitive decision-makers must be aware of current issues and relate the relationship between cognitive schemes with holistic thinking to resolve problems ( Calabretta et al ., 2017 ). It is also believed that the intuitive decision-making process can be influenced by a sudden awareness of information ( Zhu et al ., 2017 ). Decision-makers can determine solutions without fully understanding or realising the extent of information available. Studies agree that the intuitive decision-making process can occur when unsorted information is restructured into an organised pattern of action that transforms into a conscious solution ( Zander et al ., 2016 ). Furthermore, the intuition organisations performance is enhanced when decision-makers utilise the intuition decision-making style when there is no access or relevant analytical data to support them in making strategic decisions that align with the organisation's objectives ( Temprano-García et al ., 2018 ). Conversely, intuition decision-making also contributes positively to the organisations performance when the issues are resolved quickly despite limited resources or knowledge on the current issues.

Studies by Sauter (1999) emphasised that intuition decision-making or illumination is a sudden awareness of information where the decision-makers are unaware of fundamental facts or information. The author also highlighted several ways to establish the intuitive decision-making process. First, detection is an intuition where decision-makers think of several different situations rather than focusing on the current issue ( Kolbe et al. , 2020 ). Working on current strategic issues will enable managers to comprehend related information to help solve the issue by connecting facts or elements that previously did not relate to each other ( Temprano-García et al ., 2018 ). Another form of intuition is evaluation, where the solution appears as an available option creating a sense of certainty or vague feelings towards the analytical data ( Hodgetts et al ., 2017 ).

Conversely, the intuition decision-making process can also be hypothesised as an explicit and implicit decision-making style ( Tabesh and Vera, 2020 ), where explicit decision utilises feelings or emotion and implicit decisions refer to the experience of the relevant situation ( Bhat et al ., 2021 ; Remmers et al ., 2016 ). Moreover, intuitive decision-making styles also utilise the subconscious processing of verbalised and nonverbalised facts or information ( Tabesh and Vera, 2020 ). A recent study suggests that intuitive decision-making aided managers in enhancing the strategic decision towards the organisation's performance ( Francioni and Clark, 2020 ).

Rational decision-making involves several solutions that will be analysed based on the issues and the relevance of this information towards the current problem before implementing the final decision ( Temprano-García et al ., 2018 ). The structured information consisting of conscious thinking must be evaluated critically ( Acciarini et al. , 2021 ). In addition, the rational decision-making process will enhance the effectiveness of the decision by structuring the decision criteria by highlighting and evaluating the alternatives individually ( Fitzgerald et al ., 2017 ). The decision-makers or the managers who utilise rational decision-making styles are more likely to be vigilant and organised about available information during decision-making ( Zhu et al ., 2021 ).

3.3 Organisational performance

For five decades, organisational performance has been widely researched by academic scholars and business practitioners ( Adam et al ., 2018 ). Organisational performance has been analysed in terms of normative and descriptive explanations in strategic planning research for continuous improvement in managing organisational performance ( Buddika et al ., 2016 ). Organisational performance can be explained by describing how things happen without judging good or bad. Alternatively, the organisational performance also can be elucidated by an evaluation in terms of performance against a benchmarked alternative or standard or by a descriptive statement explaining how the situation occurs without judgement ( Camilleri, 2021 ). Even though most research is done on the continuous improvements of organisational performance, practitioners still have many arguments and discussions on the terminology and conceptual bases to determine organisational performance ( Sarraf and Nejad, 2020 ).

Organisational performance can be reflected based on the results of the organisation's common objectives, given that the methods implemented are coherently used. Consequently, the performance processes' flow or the input resources can be critically analysed ( Tsai et al ., 2020 ). The effectiveness of organisational performance is influenced by the process implemented and can be measured by the achievements. Furthermore, organisational performance is defined as analysing the series of improvements to achieve organisational objectives. Generally, various factors can be associated with organisational performance, such as organisational structures, conflict, cross-cultural and social influences ( Sinnaiah et al. , 2023 ).

Performance measurement is a systematic series to identify the effectiveness and efficiency of people's behaviour to perform to their utmost abilities. Adam et al . (2018) described performance measurement as a unit, department or business process. Therefore, it is conceptualised that there is a structural relationship between organisational performance and performance measurement. Moreover, performance measurement requires substantive and relevant restructuring of input resources and processes to be aligned with the current system to increase productivity level or performance. Failure to analyse the performance measures will weaken the organisational strength and drain the organisation's efforts ( Alosani et al. , 2020 ). Thus, strategic thinking can be a highly effective performance measure for organisations.

4. Propositions

4.1 strategic thinking process and performance.

Strategic thinking is a structured assessment of analysing and synthesising information, intensively assessing the current situation and initiating new ideas or best available options to achieve strategic objectives ( Dhir and Dhir, 2020 ). An organisation's success depends on strategic thinking as it will enhance a decision-maker's skills, abilities and knowledge and help sustain competitiveness in uncertain environments ( Dhir et al ., 2021 ). Consequently, the process of strategic thinking is crucial for any organisation to successfully achieve and survive in the market for a more extended period. Decision-makers need to be effective and cognisant of the business opportunities that arise from innovating new ideas to enhance the strategic portfolio of organisations ( Bryson et al ., 2018 ).

Strategic thinking process will positively influence organisational performance.

4.2 Rational decision-making style, strategic thinking process and performance

In evaluating an organisation's performance and the uncertainties of the environment that influences the complexities in achieving positive growth for the organisation successfully, managers must have decision-making skills that utilise strategic thinking processes. Moreover, managers must be responsible for making fast and effective solutions by analysing, evaluating and prioritising available information to overcome strategic issues and obtain positive results ( Acciarini et al. , 2021 ). According to Calabretta et al . (2017) , there is a positive correlation between the strategic thinking process and decision-making style. Decision-making styles have the same structure as strategic thinking, which involves different levels, such as organisation or individuals.

Rational decision-making will moderate the relationship between the strategic thinking process and organisational performance.

4.3 Intuitive decision-making style, strategic thinking process and performance

Several studies highlight the roles of the strategic thinking process among managers within the boundaries of our cognitive capacities ( Kaufmann et al ., 2017 ) and postulate that mental flexibility can influence it ( Barlach and Plonski, 2021 ). Studies also emphasise that managers or decision-makers often utilise intuition during challenging situations, which is expected compared to the rational way of analysing the issues ( Kaufmann et al ., 2017 ). This intuition process can be a two-fold construct consisting of experience-based and emotionally affected situations. Additionally, this can involve a complex process of information affected by new cues towards previous experiences stored in their memory and transform it into subconscious action in the decision-making process ( Stanczyk et al ., 2015 ). Based on the study done by Simon (1976) , academic scholars and practitioners emphasised that managers are highly keen on inner feelings or gut feelings involving strategic decisions when faced with competitive issues ( Al-Jaifi and Al-Rassas, 2019 ; Bozhinov et al ., 2021 ; Palaniappan, 2017 ). The decision-making process utilising intuition uses available information, which might not have been available in the past, to quicken the process of decision-making. It is also important to realise that decision-making depends on the issues faced by the organisations, and not all issues require a rational decision-making style. For specific issues, managers might only need relevant information, deliberation and formal procedures to derive effective solutions for the organisation compared to instances where the managers are not bounded by any set of procedures or rules to solve the issue.

Therefore, strategic thinking is a process of synthesis, and based on intuitive decision-making style, where the outcome is an integrated perspective of the enterprise, managers can utilise intuition decision-making style to arrive at a solution with complete freedom and flexibility towards the organisational performance. The decision-makers attempt to be involved in the decision-making process while being aware of the current issues and having a sense of relationship among the cognitive schemas with the approach of holistic thinking to determine the solution to the problem ( Khemka and Hickson, 2021 ). It is clear that the intuitive decision-making process would include the issues faced by the organisation in analysing the issues and synthesis ( Zhu et al ., 2017 ) although all the processes occur under the sense of relationship or perception. It is also believed that the intuitive decision-making process could be influenced by the decision-makers upon the sudden awareness of information ( Peng et al ., 2020 ), whereby the decision-makers could propose a solution without the understanding or realisation of why the facts are present.

Intuitive decision-making will moderate the relationship between the strategic thinking process and organisational performance.

5. Discussion and conclusion

This paper reviews strategic management involving the strategic thinking process, organisational performance and decision-making styles with extant empirical work transforming into propositions, with the ultimate goal being to integrate the strategic management process into a systematised and approachable process that needs a fast response. Strategic management plays a vital role in aligning the standard repertoire of an organisation's strategic thinking. Moreover, managers must realise that strategic thinking has a unique process that depends on the situation. The thinking process should be aligned with the specific scenarios to ensure the best solution can be implemented. To sustain competitive advantage, managers should be effectively involved in the strategic thinking process to positively impact their organisations ( Bryson et al ., 2018 ).

The importance of strategic thinking enablers (systems perspective, focused intent, intelligent opportunism, thinking in time and hypothesis-driven analysis) was emphasised in the strategic thinking process and organisational performance. The systems perspective exposes the importance of organisations understanding the relationship between functions and departments internally and externally. Furthermore, organisations need to consider the functional, business and organisation strategies towards a highly competitive environment ( Buddika et al ., 2016 ). Consequently, these systems perspectives will help organisations manage interactions effectively across all departments to enhance productivity. Focus on intent will guide the organisations towards achieving strategic objectives and resisting eccentricity ( Bromiley and Rau, 2015 ). Focus intent will positively aid organisations to be more competitive in the long run as the managers realise the sense of discovery in managing strategic objectives. Therefore, it will improve the performance and consciously push the organisation towards innovation by eliminating limitations and becoming high achievers. Conversely, intelligent opportunism will enhance the strategic objectives by creating new opportunities to be more competitive although the strategies do not align with the current vision of the organisation. This is where intelligent opportunism will play an essential role at the managerial level of the organisation to effectively communicate and measure organisational performances ( Camilleri, 2021 ).

Emerging strategies will boost the organisation's motivation and productivity and should be carefully evaluated from time to time as the future of the organisations might be projected based on the past performance. Therefore, the importance of swift thinking permits the strategic managers to purposefully analyse the mission and vision of the organisation over time. The right action at the right time will help the organisations sustain competitively and save the organisations from self-destruction by limiting the positive changes made to help improve the organisation's performance ( Adam et al ., 2018 ).

Maintaining the balance between thinking creation and cognitive processing ( Calabretta et al ., 2017 ) and enhancing organisational performance (education, financial, creative, innovation, e-commerce and quality) is a challenge faced when creating effective management strategies ( Adam et al ., 2018 ; Al-Jaifi and Al-Rassas, 2019 ; Alharbi et al ., 2019 ; Arvis et al ., 2018 ). In addition, based on previous theoretical perspectives, most of the research scenarios will be based on the governance mechanisms of management and the policy development impacts on organisational performance ( Abubakar et al ., 2019 ). Therefore, based on extensive empirical and conceptual research, strategic thinking processes positively contribute to measuring organisational performance. Based on previous research, this study infers that cognitive development plays an effective role in the segregation of control between strategic thinking, which serves as a barrier to becoming more competitive and innovative in the long run ( Adam et al ., 2018 ). In addition, this happens among employees and directly impacts the quality of the organisational harmonies, such as mutual respect, trust and welfare of the employees. A cognitive processing environment is the use of intuition and rationality in decision-making with equal importance. The managers utilise intuition decision-making styles to resolve unrelated information received. During the strategic thinking process, the managers will receive unsorted information without processed knowledge which will be later organised into sorted knowledge using intuition styles ( Zander et al ., 2016 ). However, the rational decision-making style focuses more on the analytical procedure to conclude an issue the organisation faces. This helps the managers build confidence in the solution by eliminating uncertainty during decision-making ( Zhu et al ., 2021 ). Moreover, managers will only accept solutions with clear and less ambiguous information (rational) compared to managers utilising a more subconscious style (intuition) when formulating solutions. Consequently, there will be conflict in the decision-making process within the organisations.

According to Boamah et al. (2022) , the effectiveness of decision-making styles can differ according to the situation and the dependents. Alternatively, both decision-making styles were highlighted as an alternative way of generating a problem–solution approach within organisations ( Kolbe et al. , 2020 ; Stanczyk et al ., 2015 ). This study argues that both decision-making styles have equal importance in resolving problem–solution approaches and can be a harmonious process to achieve an effective performance measure. This argument is supported by Acciarini et al. (2021) , Tabesh and Vera (2020) . Therefore, this study concludes that both decision-making styles (rational and intuition) positively impact the strategic thinking process and organisational performance. Based on the framework in Figure 1 , the proposed framework highlights the missing sections of cognitive processing among businesses when delivering effective solutions for a complex problem. Organisations have only emphasised human capital and treated it as a scarce resource that will determine the organisation's performance. This study proposed that future strategic management researchers should explore the thinking process literature's core principles to investigate policy development further. Future research should transform these academic initiatives into empirical research by implementing this proposed model.

Conceptual framework

Competing interests: The authors reported no competing interests.

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Acknowledgements

The authors acknowledge the administration of Azman Hashim International Business School, Block T08, Universiti Teknologi Malaysia, Johor, for providing the facilities and the PhD Scholar room during this research.

Corresponding author

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v.8(Spec Iss 4); 2015

A review of the effectiveness of stress management skills training on academic vitality and psychological well-being of college students

P alborzkouh.

* Exceptional Children Psychology, Islamic Azad University, Central Tehran Branch, Iran

** General Psychology, Islamic Azad University, South Tehran Branch, Iran

*** General Psychology, Humanities and Social Sciences Faculty, Paradise University, Gillan Branch, Iran

**** General Psychology, Islamic Azad University, Science and Research Branch, Tehran, Iran

F Shahgholy Ghahfarokhi

***** Clinical Psychology, Islamic Azad University, Science and Research Branch Branch, Isfahan, Iran

Objective: Carrying out the appropriate psychological interventions to improve vitality and mental well-being is critical. The study was carried out to review the effectiveness of stress management training on the academic life and mental well-being of the students of Shahed University.

Methodology: The method used was quasi-experimental with a pretest-posttest plan and control group. Therefore, a total of 40 students of Shahed University of Tehran were selected by a convenience sampling method and were organized into two groups: experimental and control group. Both groups were pretested by using an academic vitality inventory and an 84-question psychological well-being inventory. Then, the experimental group received stress management skills training for ten sessions, and the control group did not receive any intervention. Next, both groups were post-tested, and the data were analyzed with SPSS-21 software by using descriptive and inferential statistical methods.

Findings: The findings showed that the stress management skills training significantly contributed to promoting the academic vitality and psychological well-being of students (p < 0.001).

Conclusions: It was concluded from this research that teaching the methods for dealing with stress was an effective strategy to help students exposed to high stress and pressure, and this was due to its high efficiency, especially when it was held in groups, had a small cost, and it was accepted by the individuals.

Introduction

Challenges during education create sources of stress for students, and put their health at risk, in a way that affects their learning abilities [ 1 ]. Therefore, paying attention to the factors that could have a positive impact on the agreeableness and could increase the positive psychological states, and as a result, the physical and psychological health of the students was of great importance.

Among the important factors that affect people’s ability to adapt to the stresses of studying era is academic vitality [ 2 ]. Academic vitality means an adaptive response to various challenges and barriers experienced during education [ 3 ]. When a person does things spontaneously, does not feel not only frustrated and tired, but also constantly feels the strength and increased energy, and overall has a sense of inner vitality [ 2 ]. Therefore, the academic life has a relationship with the individual’s adaptation to the various situations of the academic period, feelings of self-efficacy and empowerment in the face of challenges, experiencing less anxiety and depression, a sense of responsibility in dealing with the academic tasks and better academic success [ 3 ]. Despite the high importance of academic vitality in the successful confrontation with the challenging academic period, the literature review of the studies managed in Iran showed that few studies were performed on the factors promoting this important variable. Therefore, an attempt to address this research gap increased the need for the current study.

Another important positive psychological state in students is the psychological well-being. The psychological well-being factor is defined as a person’s real talents growth and has six components that are the purpose in life, positive relations with others, personal growth, self-acceptance, autonomy, and environmental mastery [ 4 ]. The purpose in life means having a purpose and direction in life and pursuing them [ 5 ]. Positive relations with the others mean having warm, satisfactory relations along with confidence and empathy [ 6 ]. Personal growth means having a sense of continuous growth and the capacity for it and having an increased sense of efficacy and wisdom [ 4 ]. Self-acceptance means having a positive attitude towards oneself and accepting the various aspects of oneself [ 6 ]. Autonomy means the feeling of self-determination, independence, and self-assessment against personal criteria [ 4 ]. Moreover, environmental mastery means a sense of competence and the ability to manage the complex environment around [ 5 ].

However, one of the most significant parts affecting the psychological health and well-being of individuals is life skills training [ 7 ]. Life skills’ training is critical for students, in a way that on this basis, many universities have started to teach life skills and stress management skills to improve the physical and psychological health of their students in the recent years [ 8 ]. The main objective of the World Health Organization regarding the creation of a life skills plan is in the field of psychological health. Therefore, different societies throughout the world try to promote the implementation and evaluation of the programs training in life skills. It focuses on the growth of mental abilities such as problem-solving, coping with emotions, self-awareness, social harmony, and stress management among children, teenagers, and even adults [ 9 ]. From the life skills, training in stress management skills is critical, because students need to deal effectively with stressful issues and factors. Accordingly, it was thought that teaching stress management skills is very efficient in improving the students’ positive psychological states, in particular, their vitality and mental well-being. Therefore, this study examined the effectiveness of the stress management skills training on the academic life and psychological well-being among Shahed University students.

Methodology

The study was quasi-experimental with a pretest-posttest. The analytical community of the study included all the students of Shahed University of Tehran in the fall of 2015, who were selected with a convenience method. For the calculation of the sample size, the appropriate sample size in experimental studies was of 15 people for each group [ 10 ]. At first, the sample size of 15 individuals was selected for each group. Then, to increase the statistical power and to manage the possible decrease in the number of participants, the sample size of 20 individuals (n = 20) was considered for each group. The sampling was voluntary non-random from among all the students studying at Shahed University. The inclusion criteria included an informed consent and the willingness to participate in the research, the ability to take part in the sessions and to collaborate in carrying out assignments, willingness to cooperate in completing the instruments, and the age range of 18 to 35 years. The exclusion criteria included the lack of desire to participate in the sessions and the absence to more than three courses in the preparation method, the lack of the ability to participate in the sessions, lack of cooperation in carrying out assignments, and receiving any training or psychological therapy that was not part of the program of this research.

The procedure of the study was that from all the students studying at Shahed University, a number was non-randomly and voluntarily selected, and if they met the inclusion criteria, they were randomly assigned to two groups: experimental and control. At the beginning and before starting the study, an informed consent was obtained from all of them to uphold moral considerations, through informing them of the aim of the study and the impact of such studies in improving their psychological status. Then, all the information of the participants were collected, and they were assured that the information would remain confidential by the researcher. Then, the experimental group received group stress management training for ten sessions, and the control group did not receive any intervention. In the end, both groups were post-tested. The protocol of stress management training sessions is presented in Table 1 .

Protocol of stress management skills training sessions

The instruments used in the study included a demographic sample page, an academic vitality questionnaire, and a psychological well-being scale (PWBS-18).

Demographic sample page: The demographic sample page included age, gender, educational level, and marital status. The sample page was prepared and evaluated by the researchers of the study.

Academic vitality questionnaire: This questionnaire was developed by Dehqanizadeh MH, Hosseinchari M (2012) [ 3 ], based on the academic vitality scale of Martin AJ, Marsh HW (2006) [ 15 ], which had four items. After various implementations of the items of the questionnaire, the final version was rewritten, and the result was that the revised version had ten items. Then the items above were again examined in a preliminary study on a sample including 186 high school students, who were chosen by using a cluster random sampling, and their psychometric properties were examined. The results of the examination showed that the obtained Cronbach’s alpha coefficient, by removing [ 3 ] item number 8, was 0.80 and the retest coefficient was 0.73. Also, the range of correlation of the elements with the total score was between 0.51 and 0.68. These results indicated that the items had a satisfactory internal consistency and stability.

Psychological well-being scale (SPWB): Riffe’s mental well-being scale [ 11 ] was made up of 84 questions in Likert’s 7-degree scale (from “strongly disagree” to “agree strongly”). It was a self-report questionnaire, which measured six components of the psychological well-being, including purpose in life, positive relations with others, personal growth, self-acceptance, autonomy, and environmental mastery. The internal consistency coefficients for the components of this questionnaire were obtained from 0.83 to 0.91. In Mohammadpour and Joshanloo research (2014) [ 6 ], the reliability coefficient of this scale with Cronbach’s alpha method for the psychological well-being scale obtained was 0.81. Also, for the subscales of the test including self-compliance, environmental mastery, personal growth and development, link with others, the goal in life, and self-acceptance were obtained at 0.60, 0.64, 0.54, 0.58, 0.65, and 0.61, respectively. A study performed by Kafka and Kozma (2002) was conducted to verify the validity of the items of the Riffe’s psychological well-being scale. The findings showed that there was a high correlation between this scale and the subjective well-being scale (SWB) and the satisfaction with life scale (SWLS). In the present study, the reliability coefficient with Cronbach’s alpha method for the psychological well-being scale obtained was 0.81. Also, for the subscales of the test, including self-compliance, environmental mastery, personal growth and development, relations with others, the goal in life, and self-acceptance were obtained at 0.60, 0.64, 0.54, 0.58, 0.65, and 0.61, respectively.

The SPSS-20 software was used for data analysis. The statistical method used for the data analysis of the research on the level of descriptive statistics was mean, standard deviation, frequency, and frequency percentage indexes, and on the inferential statistics, univariate and multivariate analysis of covariance model were used.

Findings of the research

The demographic properties of the sample present in the study are presented in Table 2 .

Demographic characteristics of the subjects

As presented in Table 1 , the largest frequency of participation belonged to the participants in the age range of 21 to 25 with 14 individuals (35%) and the lowest frequency of individuals in the range of 18 to 20 years, with six individuals (15%). In addition, the mean age of the participants was 24.85, and the standard deviation was 4.41. The other information about the demographic properties of the present sample is provided in Table 2

As shown in Table 3 , the mean scores of purpose in life, positive relations with others, personal growth, self-acceptance, autonomy, environmental mastery, total score of psychological well-being, and academic vitality of posttest were increased in the test group as associated with the control group.

Descriptive stats of academic vitality and psychological well-being scores of the two groups divided by the pretest and posttest

As shown in Table 4 , the null hypothesis of the equality of variances of the two groups in the academic vitality and psychological well-being with all its components was confirmed. It meant that the variances of the two clusters in the population were equal and had no significant difference for the academic vitality and the psychological well-being variable with all its components. Thus, given the compliance with the Levene assumption, the analysis of covariance of the results of the hypothesis of the research were permitted.

Results of Levene test for the examination of the consistency of variances of academic vitality and psychological well-being variables with its components in the posttest stage

As shown in Table 5 , the significance level of all the tests (p < 0.001) indicated that there was a significant difference between the two groups at least in one of the dependent variables (academic vitality and psychological well-being with its components). And, according to the eta square, 0.89 percent of the differences observed among individuals were associated with the effect of the independent variable, which was the intervention method (stress management skills training). On the other hand, given that the statistical power was 0.95, which was higher than 0.80, the sample size was acceptable for the research. The results related to significant differences in any of the dependent variables are listed below.

Results of multivariate analysis of covariance on the scores of posttest with the control of pretest in the academic vitality and psychological well-being variable with its components

According to Table 6 , the significance level was p < 0.001, the hypothesis of the difference between the academic vitality and the psychological well-being with its components in the two groups was confirmed. It stated that 0.54, 0.25, 0.52, 0.64, 0.60, 0.59, 0.45 and 0.81 percent change in the academic vitality, individuals’ purpose in life, positive relations with others, personal growth, self-acceptance, autonomy, environmental mastery, and psychological well-being scores were due to the independent variable (stress management skills training). Therefore, it could be said that stress management skills training increased the academic vitality and the psychological well-being and all of its components.

The results of multivariate analysis of covariance to assess the impact of stress management skills training on the level of psychological well-being and its components in the posttest stage

Discussion and conclusions

Given the aim of this study, which was to examine the effectiveness of stress management skills training on the academic vitality and psychological well-being of the students of Shahed University, the results of the univariate and multivariate analysis of covariance showed that stress management skills training had a significant impact on increasing the academic vitality and psychological well-being. The findings indicated that the stress management skills training had a major impact on increasing the academic life. It was consistent with different studies of Habibi M (2015), Pakdaman A, Ganji K, Ahmadzadeh M (2012), Shirbim Z, Sudani M, Shafi-Abadi A (2008) [ 12 - 14 ].

In explaining their similar finding, Pakdaman A, Ganji K, Ahmadzadeh M (2012) [ 13 ] also stated that life skills training helped in the improvement of the academic conditions of the subjects. In addition, this was because of this training, with growing different skills of the students, helping the students know their strengths and weaknesses, and overall, help the individuals move from weaknesses and skill deficits to capable and strong skills. Therefore, this could provide the students with better educational conditions [ 14 ]. In explaining their similar finding, Shafi-Abadi (2008) stated that teaching life skills, including stress management skills, are one of the ways to improve the mental health of the individuals of the community and to prevent harms. In fact, these teachings protected the health and mental hygiene of the society and protected it against diseases, disabilities, and disturbances in human relations. As a result, the feeling of security and solidarity increased among the members of the society, and then their senses of happiness, vitality, and health increased.

The findings showed that stress management skills’ training has a significant impact on the psychological well-being. It was consistent with the multiple studies of Qadiri-Bahramabadi F, Mikaeli-Manee F (2015), Qanbari N, Habibi M, Shams-Aldini S (2013), Alavi-Arjmand N, Kashaninia Z, Hosseini MA, Reza-Soltani P (2012), Chubforushzadeh A, Kalantari M, Molavi H (2009) [ 16 - 19 ].

In explaining their similar findings, Qadiri-Bahramabadi F, Mikaeli-Manee F (2015) [ 16 ] stated that facing numerous stresses required teaching and learning of appropriate stress management skills. In other words, during stress, individuals must know the necessary coping skills to reduce the effects of stress, and if the pressure was managed and the effective coping skills were applied, the person would be able to get along better with the needs and challenges of his/ her life. Therefore, the intervention of stress management led to the formation of good feelings about oneself, as well as a positive performance in the stable world. It created interest and motivation in people’s lives as well as increasing the self-confidence of the individuals. As a result, it increased the psychological well-being.

In explaining their similar finding, Qanbari N, Habibi M, Shams-Aldini S (2013) [ 17 ] stated that with the help of multiple strategies to manage stress such as relaxation, and muscular relaxation, stress and anxiety could be reduced. The individuals identified the somatic symptoms, and with mastering the ways to acquire relaxation, which was inconsistent with stress, reduced their anxiety and unpleasant feelings, thus increasing the psychological well-being. Also, in explaining their similar finding, Chubforushzadeh A, Kalantari M, Molavi H (2009) [ 19 ], stated that stress management treatments make multiple changes in the individual’s beliefs, feelings, and behaviors. Therefore, improving the individual’s evaluations and coping skills, and the provided practices to integrate the learned separations with real life situations could lead to a decrease in the perceived stress and an increase in the psychological well-being.

Acknowledgement

The authors would like to thank the venerable authorities of Shahed University of Tehran for their assistance. Also, the authors would like to thank all the participants in the study.

A conceptual framework proposed through literature review to determine the dimensions of social transparency in global supply chains

Published: 16 May 2024

Cite this article

Preethi Raja 1 &
Usha Mohan ORCID: orcid.org/0000-0003-2161-7600 1

The current focus in supply chain management (SCM) research revolves around the relationship between sustainability and supply chain transparency (SCT). Despite the three pillars of sustainability – environmental, social, and economic- the limited and scattered analysis is on the social part, and the least is on socially responsible supply chain management (SR-SCM). SCT plays a significant role in elevating the sustainability of the supply chain. This review paper emphasizes the integration of SCT and sustainable supply chain, especially the social aspect as SR-SCM, and coining the new term social transparency (ST). ST is openness to communicating details about the impact of business on people, their well-being, and compliance with social sustainability standards and policies. This paper establishes a conceptual framework using three research methods. systematic literature review, content analysis-based literature review, and framework development. By locating studies in databases like EBSCO, Scopus, and Web of Science, 273 peer-reviewed articles were identified in the intersection of social sustainability, supply chains, and transparency. Finally, the framework proposes five dimensions: tracking and tracing suppliers till provenance, product and process specifications, financial transaction information, social sustainability policies and compliance, and performance assessment to determine ST in global supply chains.

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Supply chain disruptions and resilience: a major review and future research agenda

A Stakeholder Theory Perspective on Business Models: Value Creation for Sustainability

Global value chains: A review of the multi-disciplinary literature

Data availability.

The data that supports the findings of this systematic literature review and content analysis are either included in this manuscript or are publicly available in the referenced sources. All included studies and their respective citations are provided in the reference section. Any additional data or materials used for this review can be obtained upon request from the corresponding author.

Abbreviations

Supply chain management

Socially responsible supply chain management

Supply Chain Transparency

Social Transparency

Multinational Corporations

Code of Conduct

Corporate Social Responsibility

Preferred Reporting Items for Systematic Reviews and Meta-analyses

Radio frequency Identification

Internet of Things

Sustainable Supply Chain Management

Supply Chain

Textile Standard Certification

Worldwide Responsible Accredited Production

Global Organic Textile Standard

Global Recycled Standard

Registration, Evaluation, Authorization and Restriction on the use of Chemicals

Social Accountability International Certification

Indian Standards Institution Mark

Bureau of Indian Standards

Abdul S, Khan R, Zkik K, Belhadi A, Kamble SS (2021) Evaluating barriers and solutions for social sustainability adoption in multi-tier supply chains. Int J Prod Res 0(0):1–20. https://doi.org/10.1080/00207543.2021.1876271

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AI Is Everybody’s Business

This briefing presents three principles to guide business leaders when making AI investments: invest in practices that build capabilities required for AI, involve all your people in your AI journey, and focus on realizing value from your AI projects. The principles are supported by the MIT CISR data monetization research, and the briefing illustrates them using examples from the Australia Taxation Office and CarMax. The three principles apply to any kind of AI, defined as technology that performs human-like cognitive tasks; subsequent briefings will present management advice distinct to machine learning and generative tools, respectively.

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Author Barb Wixom reads this research briefing as part of our audio edition of the series. Follow the series on SoundCloud.

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Today, everybody across the organization is hungry to know more about AI. What is it good for? Should I trust it? Will it take my job? Business leaders are investing in massive training programs, partnering with promising vendors and consultants, and collaborating with peers to identify ways to benefit from AI and avoid the risk of AI missteps. They are trying to understand how to manage AI responsibly and at scale.

Our book Data Is Everybody’s Business: The Fundamentals of Data Monetization describes how organizations make money using their data.[foot]Barbara H. Wixom, Cynthia M. Beath, and Leslie Owens, Data Is Everybody's Business: The Fundamentals of Data Monetization , (Cambridge: The MIT Press, 2023), https://mitpress.mit.edu/9780262048217/data-is-everybodys-business/ .[/foot] We wrote the book to clarify what data monetization is (the conversion of data into financial returns) and how to do it (by using data to improve work, wrap products and experiences, and sell informational solutions). AI technology’s role in this is to help data monetization project teams use data in ways that humans cannot, usually because of big complexity or scope or required speed. In our data monetization research, we have regularly seen leaders use AI effectively to realize extraordinary business goals. In this briefing, we explain how such leaders achieve big AI wins and maximize financial returns.

Using AI in Data Monetization

AI refers to the ability of machines to perform human-like cognitive tasks.[foot]See Hind Benbya, Thomas H. Davenport, and Stella Pachidi, “Special Issue Editorial: Artificial Intelligence in Organizations: Current State and Future Opportunities , ” MIS Quarterly Executive 19, no. 4 (December 2020), https://aisel.aisnet.org/misqe/vol19/iss4/4 .[/foot] Since 2019, MIT CISR researchers have been studying deployed data monetization initiatives that rely on machine learning and predictive algorithms, commonly referred to as predictive AI.[foot]This research draws on a Q1 to Q2 2019 asynchronous discussion about AI-related challenges with fifty-three data executives from the MIT CISR Data Research Advisory Board; more than one hundred structured interviews with AI professionals regarding fifty-two AI projects from Q3 2019 to Q2 2020; and ten AI project narratives published by MIT CISR between 2020 and 2023.[/foot] Such initiatives use large data repositories to recognize patterns across time, draw inferences, and predict outcomes and future trends. For example, the Australian Taxation Office (ATO) used machine learning, neural nets, and decision trees to understand citizen tax-filing behaviors and produce respectful nudges that helped citizens abide by Australia’s work-related expense policies. In 2018, the nudging resulted in AUD$113 million in changed claim amounts.[foot]I. A. Someh, B. H. Wixom, and R. W. Gregory, “The Australian Taxation Office: Creating Value with Advanced Analytics,” MIT CISR Working Paper No. 447, November 2020, https://cisr.mit.edu/publication/MIT_CISRwp447_ATOAdvancedAnalytics_SomehWixomGregory .[/foot]

In 2023, we began exploring data monetization initiatives that rely on generative AI.[foot]This research draws on two asynchronous generative AI discussions (Q3 2023, N=35; Q1 2024, N=34) regarding investments and capabilities and roles and skills, respectively, with data executives from the MIT CISR Data Research Advisory Board. It also draws on in-progress case studies with large organizations in the publishing, building materials, and equipment manufacturing industries.[/foot] This type of AI analyzes vast amounts of text or image data to discern patterns in them. Using these patterns, generative AI can create new text, software code, images, or videos, usually in response to user prompts. Organizations are now beginning to openly discuss data monetization initiative deployments that include generative AI technologies. For example, used vehicle retailer CarMax reported using OpenAI’s ChatGPT chatbot to help aggregate customer reviews and other car information from multiple data sets to create helpful, easy-to-read summaries about individual used cars for its online shoppers. At any point in time, CarMax has on average 50,000 cars on its website, so to produce such content without AI the company would require hundreds of content writers and years of time; using ChatGPT, the company’s content team can generate summaries in hours.[foot]Paula Rooney, “CarMax drives business value with GPT-3.5,” CIO , May 5, 2023, https://www.cio.com/article/475487/carmax-drives-business-value-with-gpt-3-5.html ; Hayete Gallot and Shamim Mohammad, “Taking the car-buying experience to the max with AI,” January 2, 2024, in Pivotal with Hayete Gallot, produced by Larj Media, podcast, MP3 audio, https://podcasts.apple.com/us/podcast/taking-the-car-buying-experience-to-the-max-with-ai/id1667013760?i=1000640365455 .[/foot]

Big advancements in machine learning, generative tools, and other AI technologies inspire big investments when leaders believe the technologies can help satisfy pent-up demand for solutions that previously seemed out of reach. However, there is a lot to learn about novel technologies before we can properly manage them. In this year’s MIT CISR research, we are studying predictive and generative AI from several angles. This briefing is the first in a series; in future briefings we will present management advice specific to machine learning and generative tools. For now, we present three principles supported by our data monetization research to guide business leaders when making AI investments of any kind: invest in practices that build capabilities required for AI, involve all your people in your AI journey, and focus on realizing value from your AI projects.

Principle 1: Invest in Practices That Build Capabilities Required for AI

Succeeding with AI depends on having deep data science skills that help teams successfully build and validate effective models. In fact, organizations need deep data science skills even when the models they are using are embedded in tools and partner solutions, including to evaluate their risks; only then can their teams make informed decisions about how to incorporate AI effectively into work practices. We worry that some leaders view buying AI products from providers as an opportunity to use AI without deep data science skills; we do not advise this.

But deep data science skills are not enough. Leaders often hire new talent and offer AI literacy training without making adequate investments in building complementary skills that are just as important. Our research shows that an organization’s progress in AI is dependent on having not only an advanced data science capability, but on having equally advanced capabilities in data management, data platform, acceptable data use, and customer understanding.[foot]In the June 2022 MIT CISR research briefing, we described why and how organizations build the five advanced data monetization capabilities for AI. See B. H. Wixom, I. A. Someh, and C. M. Beath, “Building Advanced Data Monetization Capabilities for the AI-Powered Organization,” MIT CISR Research Briefing, Vol. XXII, No. 6, June 2022, https://cisr.mit.edu/publication/2022_0601_AdvancedAICapabilities_WixomSomehBeath .[/foot] Think about it. Without the ability to curate data (an advanced data management capability), teams cannot effectively incorporate a diverse set of features into their models. Without the ability to oversee the legality and ethics of partners’ data use (an advanced acceptable data use capability), teams cannot responsibly deploy AI solutions into production.

It’s no surprise that ATO’s AI journey evolved in conjunction with the organization’s Smarter Data Program, which ATO established to build world-class data analytics capabilities, and that CarMax emphasizes that its governance, talent, and other data investments have been core to its generative AI progress.

Capabilities come mainly from learning by doing, so they are shaped by new practices in the form of training programs, policies, processes, or tools. As organizations undertake more and more sophisticated practices, their capabilities get more robust. Do invest in AI training—but also invest in practices that will boost the organization’s ability to manage data (such as adopting a data cataloging tool), make data accessible cost effectively (such as adopting cloud policies), improve data governance (such as establishing an ethical oversight committee), and solidify your customer understanding (such as mapping customer journeys). In particular, adopt policies and processes that will improve your data governance, so that data is only used in AI initiatives in ways that are consonant with your organization's values and its regulatory environment.

Principle 2: Involve All Your People in Your AI Journey

Data monetization initiatives require a variety of stakeholders—people doing the work, developing products, and offering solutions—to inform project requirements and to ensure the adoption and confident use of new data tools and behaviors.[foot]Ida Someh, Barbara Wixom, Michael Davern, and Graeme Shanks, “Configuring Relationships between Analytics and Business Domain Groups for Knowledge Integration, ” Journal of the Association for Information Systems 24, no. 2 (2023): 592-618, https://cisr.mit.edu/publication/configuring-relationships-between-analytics-and-business-domain-groups-knowledge .[/foot] With AI, involving a variety of stakeholders in initiatives helps non-data scientists become knowledgeable about what AI can and cannot do, how long it takes to deliver certain kinds of functionality, and what AI solutions cost. This, in turn, helps organizations in building trustworthy models, an important AI capability we call AI explanation (AIX).[foot]Ida Someh, Barbara H. Wixom, Cynthia M. Beath, and Angela Zutavern, “Building an Artificial Intelligence Explanation Capability,” MIS Quarterly Executive 21, no. 2 (2022), https://cisr.mit.edu/publication/building-artificial-intelligence-explanation-capability .[/foot]

For example, at ATO, data scientists educated business colleagues on the mechanics and results of models they created. Business colleagues provided feedback on the logic used in the models and helped to fine-tune them, and this interaction helped everyone understand how the AI made decisions. The data scientists provided their model results to ATO auditors, who also served as a feedback loop to the data scientists for improving the model. The data scientists regularly reported on initiative progress to senior management, regulators, and other stakeholders, which ensured that the AI team was proactively creating positive benefits without neglecting negative external factors that might surface.

Given the consumerization of generative AI tools, we believe that pervasive worker involvement in ideating, building, refining, using, and testing AI models and tools will become even more crucial to deploying fruitful AI projects—and building trust that AI will do the right thing in the right way at the right time.

Principle 3: Focus on Realizing Value From Your AI Projects

AI is costly—just add up your organization’s expenses in tools, talent, and training. AI needs to pay off, yet some organizations become distracted with endless experimentation. Others get caught up in finding the sweet spot of the technology, ignoring the sweet spot of their business model. For example, it is easy to become enamored of using generative AI to improve worker productivity, rolling out tools for employees to write better emails and capture what happened in meetings. But unless those activities materially impact how your organization makes money, there likely are better ways to spend your time and money.

Leaders with data monetization experience will make sure their AI projects realize value in the form of increased revenues or reduced expenses by backing initiatives that are clearly aligned with real challenges and opportunities. That is step one. In our research, the leaders that realize value from their data monetization initiatives measure and track their outcomes, especially their financial outcomes, and they hold someone accountable for achieving the desired financial returns. At CarMax, a cross-functional team owned the mission to provide better website information for used car shoppers, a mission important to the company’s sales goals. Starting with sales goals in mind, the team experimented with and then chose a generative AI solution that would enhance the shopper experience and increase sales.

Figure 1: Three Principles for Getting Value from AI Investments

The three principles are based on the following concepts from MIT CISR data research: 1. Data liquidity: the ease of data asset recombination and reuse 2. Data democracy: an organization that empowers employees in the access and use of data 3. Data monetization: the generation of financial returns from data assets

Managing AI Using a Data Monetization Mindset

AI has and always will play a big role in data monetization. It’s not a matter of whether to incorporate AI, but a matter of how to best use it. To figure this out, quantify the outcomes of some of your organization’s recent AI projects. How much money has the organization realized from them? If the answer disappoints, then make sure the AI technology value proposition is a fit for your organization’s most important goals. Then assign accountability for ensuring that AI technology is applied in use cases that impact your income statements. If the AI technology is not a fit for your organization, then don’t be distracted by media reports of the AI du jour.

Understanding your AI technology investments can be hard if your organization is using AI tools that are bundled in software you purchase or are built for you by a consultant. To set yourself up for success, ask your partners to be transparent with you about the quality of data they used to train their AI models and the data practices they relied on. Do their answers persuade you that their tools are trustworthy? Is it obvious that your partner is using data compliantly and is safeguarding the model from producing bad or undesired outcomes? If so, make sure this good news is shared with the people in your organization and those your organization serves. If not, rethink whether to break with your partner and find another way to incorporate the AI technology into your organization, such as by hiring people to build it in-house.

To paraphrase our book’s conclusion: When people actively engage in data monetization initiatives using AI , they learn, and they help their organization learn. Their engagement creates momentum that initiates a virtuous cycle in which people’s engagement leads to better data and more bottom-line value, which in turn leads to new ideas and more engagement, which further improves data and delivers more value, and so on. Imagine this happening across your organization as all people everywhere make it their business to find ways to use AI to monetize data.

This is why AI, like data, is everybody’s business.

Related Publications

Talking Points

Ai, like data, is everybody's business.

Working Paper: Vignette

The australian taxation office: creating value with advanced analytics.

Research Briefing

Building advanced data monetization capabilities for the ai-powered organization.

Building AI Explanation Capability for the AI-Powered Organization

What is Data Monetization?

About the researchers.

Barbara H. Wixom, Principal Research Scientist, MIT Center for Information Systems Research (CISR)

Cynthia M. Beath, Professor Emerita, University of Texas and Academic Research Fellow, MIT CISR

Mit center for information systems research (cisr).

Founded in 1974 and grounded in MIT's tradition of combining academic knowledge and practical purpose, MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises more than seventy-five organizations.

MIT CISR Associate Members

MIT CISR wishes to thank all of our associate members for their support and contributions.

MIT CISR's Mission Expand

MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We provide insights on how organizations effectively realize value from approaches such as digital business transformation, data monetization, business ecosystems, and the digital workplace. Founded in 1974 and grounded in MIT’s tradition of combining academic knowledge and practical purpose, we work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises more than seventy-five organizations.

50 Best Finance Dissertation Topics For Research Students

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50 Best Finance Dissertation Topics For Research Students

Finance Dissertation Made Easier!

Embarking on your dissertation adventure? Look no further! Choosing the right finance dissertation topics is like laying the foundation for your research journey in Finance, and we're here to light up your path. In this blog, we're diving deep into why dissertation topics in finance matter so much. We've got some golden writing tips to share with you! We're also unveiling the secret recipe for structuring a stellar finance dissertation and exploring intriguing topics across various finance sub-fields. Whether you're captivated by cryptocurrency, risk management strategies, or exploring the wonders of Internet banking, microfinance, retail and commercial banking - our buffet of Finance dissertation topics will surely set your research spirit on fire!

What is a Finance Dissertation?

Finance dissertations are academic papers that delve into specific finance topics chosen by students, covering areas such as stock markets, banking, risk management, and healthcare finance. These dissertations require extensive research to create a compelling report and contribute to the student's confidence and satisfaction in the field of Finance. Now, let's understand why these dissertations are so important and why choosing the right Finance dissertation topics is crucial!

Why Are Finance Dissertation Topics Important?

Choosing the dissertation topics for Finance students is essential as it will influence the course of your research. It determines the direction and scope of your study. You must make sure that the Finance dissertation topics you choose are relevant to your field of interest, or you may end up finding it more challenging to write. Here are a few reasons why finance thesis topics are important:

1. Relevance

Opting for relevant finance thesis topics ensures that your research contributes to the existing body of knowledge and addresses contemporary issues in the field of Finance. Choosing a dissertation topic in Finance that is relevant to the industry can make a meaningful impact and advance understanding in your chosen area.

2. Personal Interest

Selecting Finance dissertation topics that align with your interests and career goals is vital. When genuinely passionate about your research area, you are more likely to stay motivated during the dissertation process. Your interest will drive you to explore the subject thoroughly and produce high-quality work.

3. Future Opportunities

Well-chosen Finance dissertation topics can open doors to various future opportunities. It can enhance your employability by showcasing your expertise in a specific finance area. It may lead to potential research collaborations and invitations to conferences in your field of interest.

4. Academic Supervision

Your choice of topics for dissertation in Finance also influences the availability of academic supervisors with expertise in your chosen area. Selecting a well-defined research area increases the likelihood of finding a supervisor to guide you effectively throughout the dissertation. Their knowledge and guidance will greatly contribute to the success of your research.

Writing Tips for Finance Dissertation

A lot of planning, formatting, and structuring goes into writing a dissertation. It starts with deciding on topics for a dissertation in Finance and conducting tons of research, deciding on methods, and so on. However, you can navigate the process more effectively with proper planning and organisation. Below are some tips to assist you along the way, and here is a blog on the 10 tips on writing a dissertation that can give you more information, should you need it!

1. Select a Manageable Topic

Choosing Finance research topics within the given timeframe and resources is important. Select a research area that interests you and aligns with your career goals. It will help you stay inspired throughout the dissertation process.

2. Conduct a Thorough Literature Review

A comprehensive literature review forms the backbone of your research. After choosing the Finance dissertation topics, dive deep into academic papers, books, and industry reports, gaining a solid understanding of your chosen area to identify research gaps and establish the significance of your study.

3. Define Clear Research Objectives

Clearly define your dissertation's research questions and objectives. It will provide a clear direction for your research and guide your data collection, analysis, and overall structure. Ensure your objectives are specific, measurable, achievable, relevant, and time-bound (SMART).

4. Collect and Analyse Data

Depending on your research methodology and your Finance dissertation topics, collect and analyze relevant data to support your findings. It may involve conducting surveys, interviews, experiments, and analyzing existing datasets. Choose appropriate statistical techniques and qualitative methods to derive meaningful insights from your data.

5. Structure and Organization

Pay attention to the structure and organization of your dissertation. Follow a logical progression of chapters and sections, ensuring that each chapter contributes to the overall coherence of your study. Use headings, subheadings, and clear signposts to guide the reader through your work.

6. Proofread and Edit

Once you have completed the writing process, take the time to proofread and edit your dissertation carefully. Check for clarity, coherence, and proper grammar. Ensure that your arguments are well-supported, and eliminate any inconsistencies or repetitions. Pay attention to formatting, citation styles, and consistency in referencing throughout your dissertation.

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Finance Dissertation Topics

Now that you know what a finance dissertation is and why they are important, it's time to have a look at some of the best Finance dissertation topics. For your convenience, we have segregated these topics into categories, including cryptocurrency, risk management, internet banking, and so many more. So, let's dive right in and explore the best Finance dissertation topics:

Dissertation topics in Finance related to Cryptocurrency

1. The Impact of Regulatory Frameworks on the Volatility and Liquidity of Cryptocurrencies.

2. Exploring the Factors Influencing Cryptocurrency Adoption: A Comparative Study.

3. Assessing the Efficiency and Market Integration of Cryptocurrency Exchanges.

4. An Analysis of the Relationship between Cryptocurrency Prices and Macroeconomic Factors.

5. The Role of Initial Coin Offerings (ICOs) in Financing Startups: Opportunities and Challenges.

Dissertation topics in Finance related to Risk Management

1. The Effectiveness of Different Risk Management Strategies in Mitigating Financial Risks in Banking Institutions.

2. The Role of Derivatives in Hedging Financial Risks: A Comparative Study.

3. Analyzing the Impact of Risk Management Practices on Firm Performance: A Case Study of a Specific Industry.

4. The Use of Stress Testing in Evaluating Systemic Risk: Lessons from the Global Financial Crisis.

5. Assessing the Relationship between Corporate Governance and Risk Management in Financial Institutions.

Dissertation topics in Finance related to Internet Banking

1. Customer Adoption of Internet Banking: An Empirical Study on Factors Influencing Usage.

Enhancing Security in Internet Banking: Exploring Biometric Authentication Technologies.

2. The Impact of Mobile Banking Applications on Customer Engagement and Satisfaction.

3. Evaluating the Efficiency and Effectiveness of Internet Banking Services in Emerging Markets.

4. The Role of Social Media in Shaping Customer Perception and Adoption of Internet Banking.

Dissertation topics in Finance related to Microfinance

1. The Impact of Microfinance on Poverty Alleviation: A Comparative Study of Different Models.

2. Exploring the Role of Microfinance in Empowering Women Entrepreneurs.

3. Assessing the Financial Sustainability of Microfinance Institutions in Developing Countries.

4. The Effectiveness of Microfinance in Promoting Rural Development: Evidence from a Specific Region.

5. Analyzing the Relationship between Microfinance and Entrepreneurial Success: A Longitudinal Study.

Dissertation topics in Finance related to Retail and Commercial Banking

1. The Impact of Digital Transformation on Retail and Commercial Banking: A Case Study of a Specific Bank.

2. Customer Satisfaction and Loyalty in Retail Banking: An Analysis of Service Quality Dimensions.

3. Analyzing the Relationship between Bank Branch Expansion and Financial Performance.

4. The Role of Fintech Startups in Disrupting Retail and Commercial Banking: Opportunities and Challenges.

5. Assessing the Impact of Mergers and Acquisitions on the Performance of Retail and Commercial Banks.

Dissertation topics in Finance related to Alternative Investment

1. The Performance and Risk Characteristics of Hedge Funds: A Comparative Analysis.

2. Exploring the Role of Private Equity in Financing and Growing Small and Medium-Sized Enterprises.

3. Analyzing the Relationship between Real Estate Investments and Portfolio Diversification.

4. The Potential of Impact Investing: Evaluating the Social and Financial Returns.

5. Assessing the Risk-Return Tradeoff in Cryptocurrency Investments: A Comparative Study.

Dissertation topics in Finance related to International Affairs

1. The Impact of Exchange Rate Volatility on International Trade: A Case Study of a Specific Industry.

2. Analyzing the Effectiveness of Capital Controls in Managing Financial Crises: Comparative Study of Different Countries.

3. The Role of International Financial Institutions in Promoting Economic Development in Developing Countries.

4. Evaluating the Implications of Trade Wars on Global Financial Markets.

5. Assessing the Role of Central Banks in Managing Financial Stability in a Globalized Economy.

Dissertation topics in Finance related to Sustainable Finance

1. The impact of sustainable investing on financial performance.

2. The role of green bonds in financing climate change mitigation and adaptation.

3. The development of carbon markets.

4. The use of environmental, social, and governance (ESG) factors in investment decision-making.

5. The challenges and opportunities of sustainable Finance in emerging markets.

Dissertation topics in Finance related to Investment Banking

1. The valuation of distressed assets.

2. The pricing of derivatives.

3. The risk management of financial institutions.

4. The regulation of investment banks.

5. The impact of technology on the investment banking industry.

Dissertation topics in Finance related to Actuarial Science

1. The development of new actuarial models for pricing insurance products.

2. The use of big data in actuarial analysis.

3. The impact of climate change on insurance risk.

4. The design of pension plans that are sustainable in the long term.

5. The use of actuarial science to manage risk in other industries, such as healthcare and Finance.

Tips To Find Good Finance Dissertation Topics

Embarking on a financial dissertation journey requires careful consideration of various factors. Your choice of topic in finance research topics is pivotal, as it sets the stage for the entire research process. Finding a good financial dissertation topic is essential to blend your interests with the current trends in the financial landscape. We suggest the following tips that can help you pick the perfect dissertation topic:

1. Identify your interests and strengths

2. Check for current relevance

3. Feedback from your superiors

4. Finalise the research methods

5. Gather the data

6. Work on the outline of your dissertation

7. Make a draft and proofread it

In this blog, we have discussed the importance of finance thesis topics and provided valuable writing tips and tips for finding the right topic, too. We have also presented a list of topics within various subfields of Finance. With this, we hope you have great ideas for finance dissertations. Good luck with your finance research journey!

Frequently Asked Questions

How do i research for my dissertation project topics in finance, what is the best topic for dissertation topics for mba finance, what is the hardest finance topic, how do i choose the right topic for my dissertation in finance, where can i find a dissertation topic in finance.

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5 Management Techniques

Introduction

Management Techniques as Best Practices

Management Techniques and Firm Performance

Management Techniques as Symbols of Rationality

Management Techniques as Intertwined with Management Practice: A Practice-Based Perspective

Translation Studies

Formal Techniques in Organizations

Facilitating Knowledge Creation and Sharing

Creating Confidence and Motivation for Change

Formal Techniques in Individual Managers’ Work

Conclusions and Directions for Future Research

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A strategic management process: the role of decision-making style and organisational performance

Design/methodology/approach

Research limitations/implications

Originality/value

1. Introduction

2. Literature review

3. Strategic management

3.1 Strategic thinking

3.2 Decision-making style

3.3 Organisational performance

4. Propositions

4.2 Rational decision-making style, strategic thinking process and performance

4.3 Intuitive decision-making style, strategic thinking process and performance

5. Discussion and conclusion

Acknowledgements

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A review of the effectiveness of stress management skills training on academic vitality and psychological well-being of college students

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A conceptual framework proposed through literature review to determine the dimensions of social transparency in global supply chains

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Finance Dissertation Topics

Dissertation topics in Finance related to Cryptocurrency