Business Environment Demands Research Articles

Enhancing Project Management Success through Artificial Intelligence

The increasing complexity and dynamic nature of modern business environment demand innovative approaches to project management. This paper explores the transformative potential of Artificial Intelligence (AI), Machine Learning (ML), and Large Language Models (LLMs) in revolutionizing project management practices across all ten knowledge areas outlined in the PMBOK® Guide. Through a comprehensive study of 84 organizations spanning diverse industries—construction, IT, pharmaceuticals, and aerospace in the EU, UK, USA, and the Middle East -– this research highlights how these advanced technologies enhance efficiency, accuracy, and decision-making in project management. The study presents practical use cases illustrating the integration of AI-driven tools for scope, schedule, cost, quality, risk, resource, procurement, communication, stakeholder, and integration management. From automating repetitive tasks and providing real-time monitoring to enabling predictive analytics and improving stakeholder engagement, these technologies deliver significant time and cost savings. This research emphasizes the originality of combining cutting-edge AI technologies with traditional project management frameworks, offering a forward-looking perspective on maximizing project success. By demonstrating their applicability in diverse real-world scenarios, the paper provides actionable insights for organizations seeking to adopt intelligent project management solutions. The findings underscore the vital role of AI, ML, and LLMs in shaping the future of project management, paving the way for more agile, efficient, and successful project delivery in an increasingly competitive landscape.

Conducive conditions for curriculum practice in teaching accounting at a rural school in the KwaZulu-Natal

The education landscape constantly evolves and brings new challenges and opportunities in teaching practices, particularly in specialised subjects such as accounting. The curriculum's adequacy and delivery significantly influence learners' preparedness for professional pathways and academic advancements. This paper presents a theoretical overview of the conditions conducive to practical curriculum practice in accounting instruction. Building on a synthesis of educational theories and empirical studies, we posit that a multidimensional approach incorporating pedagogical, contextual, technological, and evaluative components is necessary to align accounting education with the demands of the contemporary business environment. In recent years, discourse on teachers’ content knowledge, pedagogy knowledge, and pedagogical content knowledge and their influence on learners’ learning outcomes has garnered increasing attention from various stakeholders in the education sector. The theoretical framework we propose aims to support teachers and curriculum developers in fostering educational experiences that enhance learners' engagement and understanding and in applying accounting principles in a multifaceted world. Key to this framework is the integration of technology in pedagogy, the responsiveness of curriculum content to market needs, the adoption of diverse and inclusive teaching methods, and a continuous feedback mechanism to refine teaching strategies. This overview serves as a guide for promising practices and a catalyst for further research on optimising accounting education in a rapidly changing economic landscape.

The Role of Soft Competences in the Successful Professional Adaptation of Young Specialists

The article aims to present the results of the author’s up-to-date independent research on the soft competencies, also known as “soft skills”, which occupy a central place in the context of the successful professional adaptation of students in the conditions of the ever[1]changing and highly competitive market of labor. It was carried out in February-March 2024 as a survey among business representatives and students in the country through a representative sample of 60 enterprises and 150 students. Although the emphasis in career development has traditionally been on technical knowledge and specific professional expertise, the growing importance of skills such as effective communication, emotional intelligence, teamwork, leadership and strategic problem-solving skills underscores the need for a comprehensive understanding of the process of adaptation. This article offers an in-depth analysis of the role of soft competencies in the transition from an academic to a professional environment, exploring their impact on the ability of young professionals to integrate effectively into organizational structures and meet the high demands of the modern business environment. Through a systematic review of theoretical concepts and empirical research, key soft skills that have a direct relationship to professional adaptation, as well as methodologies for their purposeful development in the educational process are identified. In conclusion, the article emphasizes that the acquisition and application of soft competences is an essential condition not only for the initial adaptation, but also for the long-term career success and sustainable professional development of young professionals.

Analysis and forecasting of the importance of smart contracts and blockchain technology in SCM in Vietnam by using DEA and Grey model

In the context of a complex and demanding business environment, blockchain and smart contracts are becoming increasingly important in supply chain management in Vietnam. The application of these technologies can help to optimize processes, create a reliable platform for tracking, managing, and forecasting supply chains, and enhance transparency and integrity. In the study of supply chain management in Vietnam, the methods applied are DEA (Data Envelopment Analysis) and the Grey forecasting model. These two methods not only focus on optimizing current processes but also create opportunities for analyzing, evaluating, and forecasting the importance of blockchain technology and smart contracts. This research topic not only raises questions about the potential for optimizing current processes, but also proposes innovative solutions to enhance transparency, integrity, and responsiveness to volatile markets. Additionally, the research aims to propose appropriate strategies for applying these new technologies to business practices in Vietnam, creating a flexible, secure, and adaptable supply chain system that is responsive to the changing business environment of the present.

Using Economic Mathematics to Enhance Consumer Insights: Pricing, Promotion, and Market Strategies

The increasingly competitive business environment demands a deep understanding of consumer behavior. Consumers influence the demand for products or services, making the analysis of their behavior essential for effective business strategies. This article discusses the use of economic mathematics to systematically and measurably analyze consumer behavior. Quantitative methods with descriptive and inferential analysis are used, with primary data from consumer surveys and secondary data from industry reports and e-commerce platforms. Data analysis involves linear and non-linear regression models as well as machine learning techniques such as logistic regression and decision trees. The results show that price, promotion, product quality, and consumer reviews are key factors influencing purchasing decisions. In the digital era, consumer behavior data is increasingly accessible and can be analyzed with machine learning algorithms and big data. These findings provide insights into how economic mathematics helps optimize marketing strategies and enhance competitiveness. Practical recommendations include optimizing pricing and promotion strategies as well as improving product quality. This research contributes to understanding and leveraging consumer behavior for business success

Examining the Impact of Work-Life Balance on Satisfaction, Productivity, and Performance Among Faculty and Staff Members in Higher Education Institutions: The Case of Lebanese Private Sector

A major concern faced by many employees in numerous countries in several sectors due to the present dynamic, busy, and demanding business environment is Work-Life Balance. Maintaining an equilibrium between work and life is an issue that is gaining increasing recognition because of its considered importance to organizations and employees. In contrast, the deprivation of work-life balance (WLB) has drawbacks on the way employers estimate success in many matters. The research’s main objective is to study how work-life may impact faculty and staff members in Lebanese private higher education institutions (HEIs) and to identify if attaining a high level of satisfaction, performance, and productivity is associated with a better work-life balance. Besides, the moderating effect of perceived organizational support was also studied. To obtain the results, a mono-method quantitative research approach for the collection and analysis of data was employed. A self-directed survey questionnaire was distributed randomly among staff and faculty members working in Lebanese private universities. A total of 130 responses were gathered. For the purpose of revealing the relationships between the variables, SPSS software version 25 and Process SPSS Macro version 3.4 were used. The research’s findings showed that a relationship between work-life balance, and employees’ satisfaction, productivity, and performance exists. However, there was no evidence to support the idea that organizational support moderates the way WLB affects other variables. The findings encourage private HEIs in Lebanon to implement or reinforce existing practices that focus on WLB to attain better employee job satisfaction, productivity, and performance

Understanding strategies for digital government transformation: A strategic action fields perspective

Digital technologies are transforming public service provision by affecting governments, technology vendors, and citizens, as well as their interactions. However, digital government transformation (DGT) is complex and challenging, with governments often lacking clear strategic adjustments during their digital journeys. This study discusses six strategic factors, including business environment, digital infrastructure, financial capability, innovation capability, information security, and public demand, and identifies the configurations that lead to a significant increase in digital government performance. Based on the theory of strategic action fields, we developed a theoretical framework to understand the DGT process and changes in configurations. Based on a novel Multiple Time Differencing Qualitative Comparative Analysis (MTD/QCA) method, the analysis of 31 provincial regions in Chinese mainland over four years derived 13 distinct solutions in the three basic stages of DGT: exploration, concentration, and complementation. These findings reveal the complexity of DGT from an evolutionary perspective and indicate that these factors do not work in isolation, but in combination with others to promote DGT. Understanding the configurational relationships of these factors can help governments adjust their strategies across the three stages of DGT.

Mergers and Acquisition in the Fashion Industry

On August 10th, 2023, Tapestry Inc., the parent company of renowned fashion brand Coach, announced a definitive agreement to acquire Capri Holdings Limited, which owns the iconic brands Michael Kors, Versace, and Jimmy Choo. This move signals the companys aspirations to establish a powerful global portfolio of ironic luxury brands, one that would rival European conglomerates LVMH, Richemont, and Kering. Merger and Acquisition is a strategic tool utilized by organizations worldwide to adapt to the demands of todays dynamic business environment. This strategy has gained significant attention and prominence in the fashion industry. Therefore, this study employs profitability metrics, liquidity metrics, and credit metrics to assess the post-merger financial performance of a select group of fashion companies, thereby gauging the effectiveness of the M&A tool. Results of this study show that there are no significant improvements in financial performance following the merger and acquisition.

Achieving Organisational Effectiveness: A Leadership Framework Based on the Complexity Perspective

This paper aims to provide insights into the daunting task leaders face towards achieving organisational effectiveness in the changing and demanding business environment. We propose a leadership framework to explore the effects of different leadership roles on the organisations’ outcomes. In the proposed framework, organisations were observed as complex adaptive systems (CAS). A survey was conducted among private sector employees from companies operating in Serbia to verify the proposed framework. Answers from 277 respondents were analysed using Structural Equation Modelling (SEM). The applied framework provides valuable insights into the influences of different leadership roles - operational, entrepreneurial, and enabling - on organisational effectiveness. Organisational effectiveness was observed through the lens of business-related performance outcomes, organisational units’ outcomes, and individual outcomes, all together reflecting innovation, adaptability, quality, cooperation, employees’ motivation, job satisfaction, work stress level, and job insecurity. Research analysis provides evidence on the influence of complexity leadership on companies' outcomes. Additional insights are provided, having in mind that differences in the impact have been detected based on the managerial and non-managerial positions held.

Influence of Human Resource Management on Work Efficiency of Healthcare Professionals

Background: World Health Organization (WHO) defines human resource pl anning in the healthcare industry as "The process of estimating the number of people, knowledge, skills, and attitudes needed to achieve a set of goals".Human resource planning is the most important part of the work of organizational management. Objective: The aim of the study was to point out the importance of timely and optimal planning of human resources and their impact on the work efficiency of healthcare professionals. Methods: This research is a comparative, descriptive-analytical study which used a questionnaire created according to the Likert model. The questionnaire containes statements related to factors affecting work efficiency, work analysis, position systematization, human resource planning, professional selection, work process design, management and manager's style, etc. Results and Discussion: A total of 450 respondents (healthcare professionals, both docotrs and nurses) participated in this research. Participation (inclusion) critaria in the research is employment in healthcare institutions in Canton Sarajevo, of different ages, of both genders. The planning process begins with a quality job analysis and human resource analysis to get an answer to several very important questions. How many people are needed to realize the set goals of the organization? What kind of people are needed: what skills, knowledge, and abilities? How to attract the necessary people (internal, external filling, selection procedure). How to adjust the current employee’s training so that they can adequately respond to all work tasks in the future, more demanding business environment of the health organization? The lack of human resources that have the necessary skills and knowledge, and the burden of inadequate resources (disabled workers), have slowed down the development of many companies. We are experiencing significant negative manifestation on the existing staff through reduced work efficiency and reduced quality of health care provided. Due to the above, it is necessary to timely plan human resources as an integral part of planning, business, and development of the entire organization. The planning of human resources in a health institution is influenced by the following factors: a) institutional factors b) level of health care c) type of health care institutiond) size of health care institution e) infrastructure of the existing institution. Conclusion: Human resource planning is a fundamental management activity from which all other activities arise,and contents of human resource management planes are based.

Financing Challenges of Cameroon’s Small and Medium Enterprises (SMEs)

Cameroon’s small and medium enterprises (SMEs) are vital contributors to economic growth and employment opportunities, making its sustained success imperative. However, SMEs grapple with a myriad of issues that impede their development trajectory. Challenges related to financial access, profitability, resilience, and growth are intertwined and necessitate a holistic examination. One significant challenge is the limited access to financing options, hindering SMEs from investing in growth and innovation. Investigating the effectiveness of government policies and financial institutions in facilitating SME access to capital is crucial. Furthermore, market dynamics, cost structures, and competition often constrain SME profitability. Research can illuminate strategies to enhance profitability through efficiency and value creation. SME survival in Cameroon’s dynamic business environment demands an exploration of the barriers and the challenges. This inquiry explores these complexities by exploring the literature through current and emerging literature. The aim is to shed light on the dynamics of small business financing in Cameroon to create a research discussion that other researchers and policymakers will build on.

Organizational climate and its effects on job satisfaction: A case study

Today, organizations are increasingly recognizing the importance of organizational climate in human resource management and business success. As work dynamics, employee expectations and the demands of an everchanging business environment evolve, it plays a crucial role in the success and sustainability of organizations. For this reason, organizational climate influences aspects such as emotional well-being, motivation and commitment, stress reduction, as well as effective communication and professional development. In view of this, the present research aims to evaluate the influence of organizational climate on the job satisfaction of the staff of a public sector General Hospital in Villahermosa, Tabasco, in order to generate a conceptual model based on the dimensions established by the analysis of the current context of the Hospital. The study has a quantitative approach of a transectional, explanatory type, carried out by collecting data through the application of a previously validated measurement instrument.

Educational Transformation: Optimization in the Teaching of Logistics in International Business through the Application of Artificial Intelligence in Higher Education Institutions

This study focuses on "Educational Transformation: Optimization in the Teaching of Logistics in International Business through the Application of Artificial Intelligence in Higher Education Institutions". The research addresses the need to adapt academic training to the changing demands of the global business environment, especially in the field of logistics in international business. It is proposed to explore the integration of artificial intelligence (AI) as a catalyst to optimize teaching in higher education institutions. The methodology used includes the review and analysis of academic research, case studies and practical experiences related to the application of AI in logistics teaching. It focuses on the population of higher educational institutions offering programs in logistics and international business, and the sample is selected in a stratified manner to address the diversity of pedagogical approaches and educational levels. Preliminary results suggest that the implementation of AI-based tools, such as simulations and predictive analytics, has significantly improved students' acquisition of practical skills. Interactivity and participation have also seen a notable increase. Despite the challenges associated with teacher training and ethical educational data management, research suggests that the integration of artificial intelligence in logistics teaching represents a positive evolution in academic training, effectively preparing students for the Logistical challenges of the global business landscape.

EXPLORING THE ADOPTION OF DYNAMIC CAPABILITIES STRATEGIES IN CONTEMPORARY BUSINESS PRACTICE

The dynamic and rapidly changing business environment demands companies to continuously adapt and align their resources to achieve sustainable growth and success. The adoption of continuous changes in internal business processes is an essential part for any business to survive in an ever-changing business scenario. This study presents a detailed analysis of the existing literature on dynamic capabilities from a theoretical as well as real-life application point of view. This paper is an in-depth case study which examines the dynamic capabilities strategy approach employed by Company X, a non-government organization, to achieve business growth to cultural building, product expansion, brand development and strategic partnership. This case study is based on a personal interview and survey conducted with the Chief Business Operator and key members of the senior team at Company X. The findings of this research stress on the significance of dynamic capabilities strategies and the critical role it plays in enhancing the business performance, for maximum optimization of resources, and demonstrate the positive impact that correct implementation of these strategies can have on efficiency and innovation in business operations. This study aims to provide insights on practical implementation using a case example along with recommendations for businesses that seek to adopt dynamic capabilities to achieve long term success.

Algorithms for making custom solutions in the digital economy

The purpose of the article is to find ways to solve the problem of making custom solutions in conditions of uncertainty, risk, poorly structured processes for the development of new product designs with characteristics that meet the rapidly changing needs of the business environment. The solution uses the method of prioritization with expert assessments. The author identifies the existing shortcomings of the methods of prioritization and suggests changes and additions that eliminate the shortcomings in relation to the problem being solved. The developed model, when used in management decision-making, allows us to identify the best functions of the product for their inclusion in the design of an innovative model, to make a rating of the significance of functional properties for the consumer and the manufacturer, which contributes to maximizing demand and competitiveness of the created model, operational innovative changes in the properties of the product corresponding to the rapidly changing demands of the competitive business environment. The article is intended for business leaders, researchers, university students.

Towards successful organizational change management: New process model identification

The ever-evolving corporate landscape, catalyzed by the COVID-19 pandemic and rapid advancements in information technologies, has given rise to a new organizational philosophy. As novel sectors emerge and new forms of work and business processes unfold, change becomes a necessity integrated into companies' survival strategies. The dynamic, diverse, and discontinuous nature of the contemporary business environment demands a deeper understanding of organizational changes. Despite the prevalence of change, a significant number of initiated change programs fail, emphasizing the need for effective change management. While numerous change management theories exist, empirical validation and practical testing are often lacking, creating a gap between theory and application. This paper presents a critical exploration of prominent process models of organizational change, aiming to identify a unified diagnostic process model that addresses existing shortcomings and leverages the strengths of these models. The research identifies ten common phases in various process models, leading to the formulation of a 10F process model of organizational change. This model encompasses crucial stages such as problem diagnosis, creating a sense of urgency, establishing leadership roles, vision creation, planning, communication, implementation, short-term results, stabilization, and monitoring. The 10F model offers a comprehensive framework for understanding and managing diverse organizational changes. This research contributes to bridging the gap between theory and practice, providing valuable insights for managers, researchers, and practitioners engaged in organizational change initiatives.

EFFECT OF CORPORATE DIVERSIFICATION STRATEGIES ON THE FINANCIAL PERFORMANCE OF INDUSTRIAL GOODS IN NIGERIA

Business environment in Nigeria is becoming increasingly competitive, uncertain and complex. These changes are happening so fast that organisations that desire to remain in business must speedily adapt and adopt new strategies to meet the demands of the dynamic business environment. The research determines the effect of corporate diversification strategies on the financial performance of industrial goods. The research espoused the ex-post facto data from annual reports of the selected listed industrial goods companies on the Nigerian Stock Exchange (NSE) from 2012 to 2021. The least square regression analysis was used to evaluate the effect of the independent variables on the dependent variable. It was found that Income diversification has no significant effect on the return on assets of industrial goods companies in Nigeria. Also the study revealed that business segment diversification has considerable effect on the return on assets of industrial goods companies in Nigeria. It recommends that policy makers should promote policies that encourage listed firms to practice corporate diversification and companies should evaluate their strengths and weaknesses to enable them leverage on the opportunities presented by corporate diversification. Also, parent companies should ensure they are strategic while engaging in business segment diversification strategies.
 Keywords: Corporate Diversification, Financial Performance, Industrial Goods, Business Environment, Opportunities.

Algorithms for Making Managerial Decisions in the Digital Economy

For solving the existing problems such as loss of sales and customer dissatisfaction, it is necessary to improve promptly the properties of manufactured products in accordance with the dynamically changing market demands. This requires the development of special methods and models for making managerial decisions in conditions of uncertainty and risk. Such decisions could become an algorithm for artificial intelligence of digital technologies, which determines the relevance of the study. The subject of the study is choosing the most significant decisions in conditions of uncertainty and risk. The goal is to find opportunities for making informed decisions for poorly structured, non-formalized processes when developing new product designs with characteristics that meet the rapidly changing needs of the business environment. The solution uses the method of prioritization with expert assessments, groupings, comparisons. The result of the research is the development of a priority setting model with the identification of existing shortcomings and the proposal of changes and additions that eliminate shortcomings in relation to the problem being solved. The author concluded: the developed model, when used in management decisions, allows us to determine the best functions of the product for their inclusion in the design of the innovative model; to make a rating of the significance of functional properties for the consumer and the manufacturer. The development of a methodology with the elimination of the shortcomings of previous studies is a scientific novelty. The obtained methodology contributes to maximizing the demand and competitiveness of the management model, operational innovative changes in the properties of the product corresponding to the rapidly changing demands of the competitive business environment and can be used in the formation of a knowledge base in neural networks of digital technologies. It solves the problem of responding to dynamic changes in consumer preferences, as well as introducing technological innovations in the production of goods, that entail changes in the company’s business processes focused on improving the quality of the final product, which determines the success of strategic business development. The companies’ management may apply the results of the research in the development of corporate governance strategies, researchers, university students, etc.

Managerial Interpersonal Competencies - Benefiting from Learning Organization Characteristics in SMEs

Abstract To succeed in today’s ever-changing business environment, enterprises must rely heavily on their own abilities to learn and manage acquired knowledge. In this sense, the concept of learning organization has been proposed as an ideal type of organization for competing and surviving in the contemporary, highly demanding business environment. The presumption that employees will be more open to discussions, new ideas, to acknowledge and correct their own mistakes in a favorable and supportive work environment implies that managers potentially play significant roles in developing such environments. The behavioral approach that managers take in interpersonal dynamics with their subordinates stands out as a particularly important factor in developing favorable work environments for learning and change, i.e., encouraging employees to engage in, for them, often risky and unpleasant processes of learning and changing their initial ideas, standpoints and eventually mental models. In the relevant literature, these topics have been explored a number of times in large enterprises, while they are, with a few exceptions, mostly neglected in the case of small- and medium-sized enterprises (SMEs). Therefore, the purpose of this paper is to investigate the role that managers’ interpersonal competencies (MIC) have in the emergence and the development of learning organization characteristics (LOC) in their enterprises. In addition, this paper investigates the effects of the interrelationship between MIC and LOC on overall managerial effectiveness in order to gain a deeper insight into the potential managerial and organizational benefits of the dynamics between MIC and LOC. To provide answers to the stated research agenda, empirical research has been conducted on the sample of 87 employees and managers from Croatian SMEs. Collected data were processed via SPSS 23.0 and Microsoft Excel. Results obtained suggest that there is a significant interplay between MIC and LOC and that LOC may play a positive mediating role in the effect of MIC on managerial effectiveness.

MENINGKATKAN KINERJA PERUSAHAAN LOGISTIK DENGAN PENDEKATAN PENGENDALIAN OPERASIONAL

In achieving good corporate performance, the business environment demands to establish a division designed to carry out monitoring with the aim of increasing value and improving company operations. Operational control can help monitoring activities because the auditor will see how far the organization's goals have been achieved and whether the company's operating activities have been carried out effectively and efficiently. Operational control will ensure the functions and responsibilities of each ornament in the company to carry out their duties properly in accordance with the provisions, policies and regulations and ensure that audit results in the form of recommendations for improvement have been carried out to improve company performance. This study was conducted to determine the effect of operational control on the performance of logistics companies either simultaneously or partially. This study used instrument testing and analyzed using descriptive analysis, then hypothesis testing was carried out using regression analysis. The data used is primary data through questionnaires with a sample of 50 respondents who are auditees from the operations and marketing division, accounting and finance division, human resources division, and the food and beverage (fb) division who are permanent employees at logistics companies in North Sumatra. Based on the results of data processing, it can be seen that operational control has a significant positive effect on the performance of logistics companies.