Explain how the proposed interventions in the management practices may contribute to the firm’s capability to face adverse economic shocks such as the COVID-19 pandemic.
A major question in strategic management and business strategy is how firms create dynamic capabilities to grow, achieve cost leadership, create competitive advantage and respond to market changes. The recent literature emphasises the role of internal factors such as structured management practices. Increasing evidence suggests that management practices drive productivity, the ability to recruit and maintain a high- quality workforce, the ability to match workers to appropriate jobs, and optimal allocation and coordination of resources. Your individual assignment requires you to develop an understanding of this literature and applying your insights to improve the performance of the firm where you are employed. The assignment requires you to: 1) Select three articles from the list below (at least one from the starred papers), summarise the papers, explain channels through which management practices drive productivity, growth, and profits, and identify lessons of the papers; 2) Describe the state of management practices in the company of your choice and draw on the analysis in part 1 to identify areas of potential improvement. 3) Propose introduction of management practices that improve the company’s performance. 4) Explain how the proposed interventions in the management practices may contribute to the firm’s capability to face adverse economic shocks such as the COVID-19 pandemic. Note: The workshop lectures / slides will discuss the literature on dynamic capabilities and management practices, and explain how management practices relate to firm productivity, growth, and decline. You can integrate the workshop lectures, case studies, and online discussions with your reflections to build your analysis. Please use the below articles to review for Question 1 1. * Teece, ., 2007. Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic management journal, 28(13), . 2. *Sadun, R., Bloom, N. and Van Reenen, J., 2017. Why do we undervalue competent management. Harvard Business Review, 95(5), 3. Scur, D., Sadun, R., Van Reenen, J., Lemos, R. and Bloom, N., 2021. The World Management Survey at 18: lessons and the way forward (No. w28524). National Bureau of Economic Research. Use Visa INC as the company of choice . Further details uploaded as S&C B July 2021 A2 and further documents. Please ensure further details in notes and chat are taken into account