Sudden Economic Changes Research Articles

Anti-crisis design for operational management of the restaurant business in Ukrain

The object of this research is the impact of the crisis caused by military actions in Ukraine on the restaurant business. The study aims to examine the adaptation strategies that restaurants use for survival and development in the face of sudden economic changes and increasing uncertainty. The problems addressed in the study include responding to the loss of customers, rising food prices, decreasing cash flows, and a shortage of qualified workers. The main findings of the study showed that restaurants that successfully adapt implement comprehensive changes: from digitalizing ordering and delivery processes to revising menus and optimizing resource use. These steps not only reduce costs but also improve operational efficiency, which is crucial for maintaining customer loyalty and attracting new customers. Specifically, restaurants that invested in digitalization (e. g., electronic menus, online ordering, and inventory management systems) reported a 30–40 % increase in sales compared to those that did not implement such changes. Restaurants that implemented strategies for staff retention and cost optimization reduced staff turnover by 25 % and increased productivity by 20 %. The results are explained by the implementation of innovative approaches and strategic rethinking of business models, which allow quick responses to changing market conditions and consumer needs. Effective use of digital technologies and optimization of internal processes have become key success factors. The data obtained have significant theoretical and practical value, as they can be used to develop recommendations aimed at improving the resilience and adaptability of the hospitality industry in crisis conditions. These results help understand how managers can use strategic planning to optimize business processes and ensure enterprise stability. The importance of the research is also highlighted by identifying future research directions that can help the restaurant business more effectively adapt to changing market conditions and global crises.

Nowcasting short-term indicators with machine learning methods

The monthly European Union (EU) harmonized Short-term Business Statistics (STS) represents one of the most important sources for the assessment of the European economy. Timeliness of STS is of fundamental importance for policy makers to be able to react adequately to sudden economic changes. In the past time lags between reference periods and release dates have been quite considerable. However, European countries selected various approaches to shorten release times like optimizing the short-term statistics sample or increasing efforts to access and integrate administrative data. In this paper different machine learning algorithms for early estimation of missing survey data are evaluated in order to further improve timeliness of Austrian STS data and to increase granularity of early estimates as well. Currently a multivariate time series model is used for early estimation of economic indexes for the highly aggregated level of Total Industry and Construction. This model could be adapted to the level of NACE-Divisions with the exception of a few Divisions with small populations. The quality of the results could be improved for several NACE-Divisions and variables with machine learning methods. However, for the prediction of a few branches with small populations alternative methods have to be developed.

Management of Cash Flows during Covid-19

Any company, regardless of size or field of activity, can face several strategic and tactical challenges, especially when there are sudden economic changes, caused by emergencies and unexpected events, such as Covid-19. In order to adapt to ever-changing circumstances and opportunities, many companies are forced to make fundamental changes to their strategies and pay more attention to treasury management in order to achieve sustainable development.

Varieties of Capitalism and Strategic Management: Managing Performance in Multinationals after the Global Financial Crisis

This paper examines the varieties of capitalism thesis for its implications for strategy and strategic management. It considers the grounds for an integrated approach to strategic management, which will make firms less susceptible to sudden economic change in global markets. The paper is structured into four parts. In the first, the nature of the varieties of capitalism thesis is examined (Hall P. A. and Soskice D. (2001). ‘An introduction to varieties of capitalism’. In P. A. Hall and D. (eds), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, pp. 1–68. Oxford: Oxford University Press). In the second part, two distinct strands of theory and research in strategic management (the outside‐in and inside‐out views of strategy) are considered, and how these might condition thinking about strategy, management and organizational learning. The third part explores convergence in strategic management, and explicates a model from research at Nissan, which brings core competencies and dynamic capabilities to the strategic management of the large multinational firm. The fourth part concludes with a critical assessment of the varieties of capitalism and the likelihood of a convergent strategic management after the global financial crisis.

The carnage wrought by major economic change: ecological study of traffic related mortality and the reunification of Germany.

Objective: To document the effects of sudden economic change on death rates for occupants of cars in the former German Democratic Republic (East Germany).Design: Ecological time series study of East...

TECHNOLOGICAL VULNERABILITY: A NEGLECTED AREA IN POLICY-MAKING

Many technological systems are vulnerable to threats such as military attack, sabotage, sudden economic change or social disaffection. There are various ways to reduce such vulnerabilities, such as direct planning, diversification and self-reliance, but current policy-making takes little cognisance of the issue.