ABSTRACT
This study is basically concerned with the analysis of the Impact of Globalization on Management decision making in Nigeria. The attempts made by various personalities and institutions towards explaining the concept was given proper attention. Moving ahead, the researcher in his effort aimed at carrying out a proper research made use of various methods/instruments of data sourcing and analysis, that comprised of primary and secondary sources of data which included face to face discussions, oral interviews, questionnaires as well as the use of relevant textbooks, magazines, journals, internet e.t.c. respectively. The research was conducted with a known total population of two thousand, eight hundred, and a determined sample size of three hundred and fifty relevant people. Equally some research questions were put forward to direct investigation in conducting the research, while tables together with percentages were employed to provide comprehensive data analysis and presentation. The findings from the study revealed among other things while Globalization enjoys a tremendous level of awareness in the country, global competition has changed the pace of organizational management to a very large extent.
CHAPTER ONE INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The issue of globalization has generated a great deal of interest in the recent past. This level of interest can be said to be a direct consequence of technological advancement, especially in the field of information technology. Realistically, it has reduced to just a matter of minutes, in most cases, the time it would take to obtain information about anything from almost any part of the world, as well as making one to be physically present in a particular location to transact business there. In this way, we now have to situation whereby the entire world is turning into a “Global Village”.
The emergence of globalization has brought in new opportunities to developing countries, greater access to developed countries’ markets and technology transfer, while holding out promise for improved productivity and higher living standard. But, negatively, globalization has also thrown up some challenges like grooming inequality, volatility in finance and environmental deteriorations, the introduction, has opened up economies creating opportunities and better private partnership involvement within nations, Moratt (2004).
Globalization can be seen as an inevitable technology–driven process that is increasing commercial, social and political relations between people of different countries. These countries themselves, at various stages of development were forced to take account of ever increasing interconnection of economies in the management of their economies.
Globalization has acquired considerable emotive force. Some view it as a process that is beneficial – a key to future world economic development and also inevitable and irreversible in states with increased reliance on the market economy. Some see it as a process of structural adjustment spurred by the studies and influences of the World Bank and other International Organizations, Ofili (2004).
Proponents of globalization believe that it has engendered a wider variety of products, rapid increase in productivity, lower costs, and created more jobs. However, those benefits are not evenly distributed. Governments of countries have to prepare their economies’ reform policies and undertake structural economic adjustments on a rigorous and consistent basis before they can reap the benefits of globalization.
A global change in the business world today in the areas of technological transfers; human capital development and improved well been of human kind has made globalization an evolutionary trend and the epic-center of most developmental and intellectual discourses, Ohiorhenuan (1986).
Globalization has brought a change that is currently affecting the physiology of human society today through is imposition of constraints of policy-making autonomy or independence of states vis-à-vis their capacities for the authoritative allocation of scarce and critical societal values of resources among other functions, Aimiuwu (2004).
Decision-making deals with human resource management. Clearly and of a truth, the organizational culture is important in attracting top quality human capital in the global environment. Winning the war for talent is not just about offering competition compensation and benefit packages. To compete in the global market place, an organization must ensure that its compensation reward and incentive strategies support their strategic goals and mission.
Indeed, globalization is never an option but a mere natural necessity, which all countries of the world irrespective of their individual degree of economic, political, development, nature and character of their individual political regime and institutions must join. Against this backdrop Nigeria must critically adopt adequate policy strategies within the context of its domestic potentialities and external relations, to embrace the promises of globalization for sustainable democracy.
Essentially, the impact of globalization on human resources has increased and will continue to increase transfer of technology and attitudinal changes o human capital. For instance, services have improved with ease, access to information at a limited time without having to make long movements and manual applications drastically reduced in the world of business.
1.2 STATEMENT OF PROBLEM
Globalization is one of the most contested topics in social sciences. Observers and theorists of globalization such as Aimiuwu, Moratt,and Ofili, have variously argued that the rapid increase in cross-border economic, social, technological and cultural exchanges can be civilizing, destructive or feeble. Intuitively, globalization is a process fuelled by, and resulting in, increasing cross-border flows of goods, services, money, people, information and culture.
Equally manager’s functions, be it managerial or operative, revolve around decision making. In view of this, any decision not carefully made may eventually lead to organizational failure.
They are today increasingly more exposed to new ideas, technologies and products, as well as being characterized by improved resource allocation and efficient production. But some countries of the world particularly developing and undeveloped e.g. Nigerian have neither witnessed or felt the effect of global management decision making until in recent times.
This makes it important to draw attention to the fact that major changes are occurring in the world of production, investment and trade due to change in management decision-making as a result of the concept and impact of globalization, and Nigeria is not keeping abreast of the trend to make her benefit from these changes. This is where the problem of this study lies.
It constitutes an inquiry into ascertaining what the challenges are as well as the benefits derivable from proper implementation of the phenomenon on management decision making in the country.
1.3 OBJECTIVES OF THE STUDY
The objectives which this study seeks to achieve are:
i. To find out the level of globalization’s impact on management decision making in
Nigeria.
ii. To find out the challenges of globalization on management decision making in
Nigeria.
iii. To determine the benefits of globalization on management decision making in Nigeria. iv. To make recommendations based on the findings of the research.
1.4 RESEARCH QUESTIONS
To direct investigation, the following research questions were put forward:
i. What is the level of globalization’s impact on management decision making in
Nigeria?
ii. What constitute the challenges of globalization on management decision making in
Nigeria?
iii. What benefits are derivable from globalization on management decision making in
Nigeria?
iv. Should recommendations be made based on research findings?
1.5 SIGNIFICANCE OF THE STUDY
Since this study is meant to establish the impact of globalization on management decision making in Nigeria, which stimulate managerial performance and thus contribute towards organizational efficiency. It is then important that every organization whether big or small
embraces globalization which promotes international business, global competitiveness, improved human standards, infrastructures, human resource competence and regional equilibrium.
Thus, significantly, the knowledge gap here will be in identifying the barriers confronting modern day management by business owners and proffer useful suggestions that may help the fast growing situation.
The study will also provide managers with the right knowledge in the application of methodologies of management at any time. Awaken the minds of government in the provisional roles in Public Private Partnership (PPP) and provision of infrastructures, as well as awaken that of the employee(s) to the global demands and challenges of the new world order.
By the time this study is completed, adequate awareness would have been created as to the impact of globalization on management decision making whether in the private or public sector, with particular reference to the Nigerian situation using existing multinationals and home based organizations who have standard and broad management decision making outfits.
1.6 SCOPE OF THE STUDY
The scope of the study encompasses the analysis concerning the impact of globalization towards the enhancement of management decision making in Nigeria, together with its challenges and benefits.
It also encroaches on the corporate sector of the Nigerian economy, dealing mainly with large organizations in which there are well established and already existing management decision making practices that are comparable with, if not meeting international standards and which fully represents the Nigerian situation with regards to the private sector. Equally, an appreciable level of contribution and input were gathered from the public sector.
1.7 LIMITATIONS OF THE STUDY
The limitations of the study exist in such areas as the limited time involved for carrying out the research and meeting up with the approved academic calendar for the completion of the programme. Also, included are logistic problems such as inaccessibility to necessary data/information relevant to the study and finance.
This material content is developed to serve as a GUIDE for students to conduct academic research
THE IMPACT OF GLOBALIZATION ON MANAGEMENT DECISION MAKING IN NIGERIA
A1Project Hub Support Team Are Always (24/7) Online To Help You With Your Project
Chat Us on WhatsApp » 09063590000
DO YOU NEED CLARIFICATION? CALL OUR HELP DESK:
09063590000 (Country Code: +234)
YOU CAN REACH OUR SUPPORT TEAM VIA MAIL: [email protected]
09063590000 (Country Code: +234)
