ABSTRACT
The primary objective of this project/research work is to carefully examine the impact of globalization on management decision making in Nigeria. This research work contributes to the ongoing debate about how local events interact with global pressures in contemporary times. It went further to adopt an interpretive approach of the services of globalization to management decision making in Nigeria. This integrates ideas and concepts from both institutional theory and strategic management to study the reformation of globalization. Strategic management suggests that organizational actions are largely influenced by globalization. The research work is broken down into five (5) chapters. Chapter one talked about introduction, chapter discussed the literature review, chapter three deals with research methodology of data accumulation, chapter four lay emphasis on the analysis of data and test of hypotheses while the final chapter which is chapter five concluded with summary, recommendation and conclusion. Recommendations were made based on the findings while conclusions were made based on both findings and recommendations which concluded that globalization has a positive impact on management decision making in Nigeria. To this end, the study recommended that globalization is essential to management decision making in Nigeria and of the world in attainment of the organization corporate goal(s).
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 ceases, 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 of 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 theorist of globalization such as Aimiuwu, Moratt, and Ofili, have variously argues that the rapid increase in cross-order 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 manger’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 eg. 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 OBJECTIVE 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
1.4 RESEARCH QUESTION
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?
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 standard, 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 competed, 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 intercontinental 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.
In the time scope, the time tag required to carry out this research work is short. The researcher found it difficult to combine the other
challenges of the earth, academic activities with the research work. The time scope is eighteen (18) months.
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. Therefore, the constraints are:-
INADEQUATE INFORMATION: Some of the workers found it difficult in disclosing the necessary information needed by the researcher. They may be feeling that the information so given, might put them out of business by their competitors.
TIME CONSTRAINTS: The time lag required to carry out the research work is short. The researcher found it difficult to combine the academic activities with research work.
FINANCIAL CONSTRAINT: The researcher being a student and thus dependent on relatives for financial assistance: This is a great limitation as regards traveling from one place to another to obtain
the relevant information needed. This is rather difficult and taking because of the huge transportation fare spent and the risk involved on roads.
1.8 DEFINITION OF TERMS
1. GLOBALIZATION: This simply refers to the increasingly global relations of culture, people and economic activity. Also, it makes it easier for people to travel, communicate, and do business internationally. Two major recent driving forces are advances in telecommunications infrastructure and the rise of the internet. In general, as economies become more connected to other economies.
2. ORGANISAITON: This is simply defined as a group of person or a social group which distributes tasks for a collective goal(s) which could be service or profit oriented.
3. DECISION MAKING: According to Elkins, decision making is defined as the mental activity that takes place in moving an organization from the existing state of affairs to an anticipated desired state. The goals and objectives represents the desired state while the prevailing conditions of the organization represents the existing state.
4. MANAGEMENT: According to Pride et. Magement is simply defined as the process of coordinating the resources of an organization to
achieve the Primary goals of the organization. For Akpala, management is the process of procuring, combing, allocating and utilizing organizations inputs by actions or functions such as planning, organizing, directing and controlling. Simply put, management is the coordination of an organizations resource aimed at achieving a predetermined goal or objective.
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
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