Read SCENARIO and complete ASSIGNMENT(attached). Read instructions for length and requirements, business and finance homework help

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After reading the relevant SCENARIO (ATTACHED), you will write answers to all questions following the required case (ASSIGNMENT (ATTACHED). Book can be found here: https://books.google.com/books?id=-jMdBQAAQBAJ&pg=...


Directions to complete case study

Using information from Reading-Chpt. 1 (attached) and from outside reading, respond to each question below as regards the corresponding case study (don't forget to number each response) in approximately 2-3 paragraphs per question. All cited material must include both internal citations and a complete reference list at the end of the paper. A cover sheet should minimally indicate the Case Study number, the name of the course, the student's name and the date.

How to Write a Case Study

You have to think like a practicing manager if you want to analyze a case successfully. As part of your analysis, it is necessary, but not sufficient to answer the following questions in enough depth to show that you have performed more than a superficial reading of the case’s content, and subsequently applied relevant theory.

  • What is the issue being presented or analyzed in the case? Focus on the main issue in the case if more than one topic is presented. Use your judgment to decide on which issue is the one that is potentially most costly to an organization if left unresolved. There are more kinds of cost to be considered than economic costs. Do not neglect them in your analysis.
  • Where did the issue take place? Consider this because you need to take into account cultural and environmental considerations that may differ from those of the United States, in your analysis.
  • When did the issue take place? There may be historic and environmental considerations different from those of the United States, which should be taken into account in your analysis.
  • Who was affected by the issues? In other words, who are the stakeholders inside and outside of the organization that need to be considered when formulating an analysis, and possible response to the situation?
  • Why did the issue occur? This may involve conjecture on your part. It is all right to speculate; just identify your speculation as such. In an empirical case, causal factors may be identified as such.
  • How would you, as a manager, apply the insights gained from the case to improve an (your) organization’s operations?

I expect to read narrative answers that are written in grammatically correct, well-formulated English sentences. Each paragraph should be organized around a single topic, and transitions should flow logically from one paragraph to the next.

If you have questions about your writing, you are more than welcome to contact me and we can work through ways to improve your answers.

Case:

Please read the exercise and submit the materials required in Step 1 and Step 2. Steps 1 and 2 are all that is required for this case / exercise.

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Chapter 1 Process models of change (part 2) 1 The impact of change sequences on the outcome of the change process This tutorial considers the impact of reactive or selfreinforcing sequences and examines how they can affect change agents’ ability to determine outcomes and manage change trajectories. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 2 The impact of sequence on outcome Teleological and dialectical theories suggest that members of a system have considerable freedom to construct change trajectories. The nature of the change sequence (whether reactive or selfreinforcing) will affect the extent to which those leading the change will be able to realise this possibility. A B C D E The way an earlier event will impact on later events depends on how others respond. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 3 Reactive sequences Dialectical theories focus on the conflicting goals of those involved in a situation. These conflicts give rise to reactive sequences in which one party challenges another party’s attempt to secure a particular change. A B = critical C D E F junctures © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 4 Reactive sequences Reactive sequences highlight the importance of not only working to set a viable direction for change but also acting in ways that will align all those involved to support it. Those leading a change can attempt to avoid conflict by formulating a vision that accommodates the interests of many constituencies (bosses, peers, subordinates, customers, suppliers, bankers) but it may not always be possible to satisfy them all and therefore some may resist the change. A B = critical C D E F junctures © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 5 BA-cabin crew dispute (an example of reactive sequences) A proposal to reduce the number of cabin crew was resisted. Actions and reactions, including strikes, suspensions and dismissals, continued for 18 months. See chapter 1 for a detailed account of how this example illustrates the impact of reactive sequences. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. © PhotoDisc/Getty images 6 Self-reinforcing sequences Self-reinforcing sequences occur when a decision or action produces positive feedback that reinforces earlier events and supports the direction of change. There are three drivers of self-reinforcing sequences: • increasing returns • psychological commitment to past decisions • cognitive biases. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 7 1. Increasing returns A particular technology which is first to market or widely adopted by early users (the QUERTY keyboard and VHS video format) may generate increasing returns and achieve a decisive advantage over competing technologies (the Dvorak keyboard and Betamax video format). QWERTY keyboard 1873 © Macmillan Australia/Primary Library/Alan Dvorak keyboard 1932 ... even though it may not be the most efficient alternative. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 8 Four conditions promote increasing returns • Set-up costs • Learning • Coordination • Adaptive expectations © ImageSource © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 9 NOKIA – Sticking with a winning formula for too long For almost two decades hardware had delivered increasing returns for Nokia and had been the source of the company’s profitability. See chapter 1 for a detailed account of how this example illustrates the impact of self reinforcing sequences that are based on increasing returns. © PhotoDisc/Getty © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 10 2. Psychological commitment to past decisions Two factors appear to encourage the escalation of commitment: 1. The leader’s need to demonstrate competence and justify an earlier decision. This can take the form of self justification to protect their own self image or justification to others in order to prove to them that an earlier decision was not wrong. 2. A response to a perceived pressure for consistency. In many organisational settings there is a perception that change managers who are consistent in their actions are better leaders than those who switch from one course of action to another. This self-reinforcing mechanism often makes it difficult to change course, even when those leading the change are aware that a series of past decisions have been sub-optimal. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 11 Failure of the FiReContol project The project was launched in 2004 with a budget of £70 million, but following a series of delays and difficulties, was terminated in December 2010 with none of the original objectives achieved and a minimum of £469 million being wasted. See chapter 1 for a detailed account of how this example illustrates the impact of self reinforcing sequences that are based on the escalation of commitment. © GETTY © PhotoDisc/Getty Images © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 12 3. Cognitive biases and interpretive frames Those leading the change can become so committed to a project that they only pay attention to information that supports their own position. This cognitive bias may be reinforced if: 1. The leader(s) have a history of past successes 2. Members of the leadership team suppress dissent and impede reality testing © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 13 Unrealistic goals for change at Direct Banking A new CEO was appointed and quickly announced his intention to introduce Voice Activation and Routing (VAR) technology. © CORBIS See chapter 1 for a detailed account of how this example illustrates the impact of self reinforcing sequences that are based on cognitive biases. © ImageSource © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 14 Path dependence An important feature of many self-reinforcing sequences is that early steps in a particular direction can produce further movement in the same direction. Path dependence begins with some critical events ( ) that trigger a pattern of self-reinforcing practices which eventually squeeze out alternatives and limit the change manager’s scope for action. A critical event constrains future possibilities Few constraints on the leader’s’ freedom to act New critical events further constrain possibilities A pattern of events begins to dominate and diverts the leader’s attention away from alternatives © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. Range of possible futures Leader locked in to a particular way of functioning 15 Minimising the impact of reactive and self-reinforcing sequences Leaders can be less effective than they might be because they fail to recognise some of the dynamics that affect outcomes. Reactive sequences Change agents can improve their effectiveness by scanning their environment for threats and by anticipating resistance or responding quickly when others fail to support their actions. Self-reinforcing sequences A minimum condition for breaking out of the path dependency that is often associated with self-reinforcing sequences is the restoration of choice. Change managers need to do whatever they can to maintain an awareness of and the freedom to adopt alternative courses of action. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 16 Complex patterns Change often unfolds as a pattern of punctuated equilibrium which involves an alternation between: • self-reinforcing sequences, during which increasing returns and other forces promote the development of routines that narrow the scope for action, and • reactive sequences where negative reactions and a hostile context can trigger discontinuities that push the change in a new direction. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. 17 Improving the practice of change management In order to minimise any negative impact from reactive and selfreinforcing sequences those leading change need to be able to: • step back and observe what is going on, including their own and others’ behaviour, • identify critical junctures and subsequent patterns – some of which may be difficult to discern, and • explore alternative ways of acting that might deliver superior outcomes. © John Hayes (2014), The Theory and Practice of Change Management, 4th ed. © PHOTODISC 18 The scenario A long-established bank is facing strong competition from new entrants into the retail banking market. The new entrants have acquired some high-street branches but specialize in the provision of telephone and internet banking services. Conse- quently, they have a lower cost base because they do not carry the overheads asso- ciated with a large branch network. The operations board of the traditional bank is busy working on a number of important projects and does not seem to have recognized the potential impact of the new competition on their market share and margins. You are a member of the operations board and you have given a lot of thought to the problem. You believe that the only viable strategy is to reduce the size of the existing branch network in order to reduce overheads, but to do so in a way that will lead to an increase in net revenue per customer. At this stage, you have not Copyrighte cess perspective thought through all the details of the strategy. For example, should the branches targeted for closure be city centre branches occupying expensive properties, but providing services for high net worth customers who the bank would be reluctant to lose, or small rural branches occupying less expensive premises but with fewer customers of high net worth to the bank? Step 1 You have brainstormed a list of possible actions that could provide the basis for a way forward. These are listed below in Table 1.1. You are invited to review and revise this list of actions and use your experience to: • Delete any items that, on reflection, you feel are unimportant or irrelevant. • Add, in the space provided at the bottom of Table 1.1, any other actions that you feel should be included. You are allowed to add up to four additional actions. • Think about how the actions might be sequenced from start to finish. For each action, identify whether you think it should occur early or late in the change management process. You can record this view in the space provided on the right-hand side of the table. Table 1.1 Possible actions that will inform the strategy taken by the bank Early Late 1 Identify key stakeholders who might be affected by the change 2 Provide a counselling service and retraining for those who are to be displaced 3 Inform staff how they, personally, will be affected by the closure plan 5 Identify a project leader and set up a branch closure team 6 Announce the scope and scale of the closure plan to all staff 7 Brief key managers about the problem and win their support for the closure plan 8 Identify which branches are to be closed 9 Review the success (or otherwise) of the closure programme and disseminate throughout the organization any lessons learned about change management 10 Identify the information that will be required in order to decide the number and location of branches to be closed in order to achieve targeted benefits 11 Announce closure plan to existing customers 12 Train members of the branch closure team in change management skills 13 Identify (and quantify) benefits sought from closures 14 Develop a personnel package for displaced staff 15 Assess effects of the closures on other aspects of the bank's functioning 16 Plan any training that may be required for staff who are to be reassigned to other work 17 Hold team meetings to brief staff about the closure plans and indicate when they will be informed about how they (personally will be affected by the change 18 Identify what steps could be taken to retain high value customers affected by the closures 20 Issue newsletter outlining progress towards full implementation 21 Decide who should be involved in analysing the information relating to whether a closure plan will deliver sufficient benefits to justify the costs involved 22 Seek views of customers who might be affected by the closures about what issues should be given attention 23 Seek views of branch staff about the issues that will have to be given attention if the closure plan is to be successfully accomplished 24 Post-implementation, provide feedback to staff about how the change is affecting performance 25 Initiate programme to make properties suitable for disposal (eg, remove vaults) 26 Celebrate successes and build on them in order to motivate people to continue working to improve the bank's competitive position 27 Decide on date for first closures 28 Identify any personal gains or losses that might be perceived by those employees who will be affected by the closures 29 Specify timetable for implementing the closure plan 30 Consider what might be done to motivate employees to accept the change 31 Issue a press release about the closure plan 32 Monitor progress against timetable and anticipated benefits 33 Explore the best way of disposing of redundant properties 34 Identify social banking issues raised by the closures (eg. what will happen to customers without transport when their local branch closes) 35 Plan what will happen to displaced staff (redeployment, early retirement, redundancy) 36 Arrange an awayday for members of the ops board to focus their thinking on emerging threats and opportunities 38 Reflect on how well the change is progressing and discuss with colleagues what else could be done to ensure the change is successful 39 Decide who should be involved in identifying which branches are to be closed Step 2 Consider your list of action statements and assemble them into a plan. • Identify the sequence of actions from start to finish, recognizing that some actions may occur in parallel or be repeated. • Identify relationships between actions in your plan and consider how different actions might be grouped together form separate steps or distinctive parts of your plan. • Summarize your plan as a flow diagram. For help with this, visit the companion website at www.palgrave.com/companion/hayes-change-management for a list of the action statements you can drag and drop into a flow diagram. This will enable you to experiment with different ways of sequencing actions, and group- ing them into categories that reflect the main steps in your approach to manag- ing the change process. You might find it useful to compare the change model you developed here to manage the branch closures with the model presented at the end of Chapter 2. As you read the remaining chapters of this book, you might also find it helpful to reflect on how the content of each chapter might influence your approach to managing this kind of change.
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Explanation & Answer

Attached.

Running head: PRACTICE CHANGE MANAGEMENT

Practice Change Management
Institutional Affiliation
Date

1

PRACTICE CHANGE MANAGEMENT

2

The Issue Being Presented in This Case
In this scenario, the issue is about management cost of the banking sector. There are
instances where when a firm expands into a new market; several overhead costs must be
incurred. Similarly, the banking sector in most cases always experiences additional costs that
must bring down many other crucial activities being undertaken due to financial constraints.
When a bank engages with retail banking, especially in a market segment with a stiff
completion, it is more likely that some of its branches closed due to reasons that rely on the high
cost of maintenance of office rent, managerial salaries, and wages. Therefore, high-cost element
is a major focus of concern. Some of the resolutions that the scenario has put into consideration
are closing some of the city branches that will see the cost of paying rent cut down.
Location Where This Issue Took Place
The issue is taking place within banking sector of developing nation. Developing nations
at some points have diverse cultural and environmental issues that will always affect sensitive
sectors of the economy such as the banking sector. The provision of internet and mobile banking
in developing countries has been influenced by cultural settings along with environmental issues.
A culture such as people carrying out small scale business has been an imperative issue that has
been affecting the expansion of banking sector in the rural setup.
Additionally, those customers within urban setup always provide a high potential for
profit gains since they have investment ability. This scenario expects a closure of some of the
banking branches in areas where there is low customer traffic. This will mean a transfer of
services from the closed branches to more vibrant areas where the bank can make significant
gains. The elements of disposal within banking sector are paramount such that, it deals with a

PRACTICE CHANGE MANAGEMENT

3

diversity of environmental along with a mix of culture that will at long last effect total outcomes
and making any gains call for the right investment decisions.
When the Issue Took Place
This issue must have taken place in the last ten years. Technological development has
taken a long journey with the last ten years have seen a lot of changes in the banking sector.
From the scenario, the issue took place for the last decade when internet and telephone banking
were taking their course. In the historical point of view, mobile banking in the developed nations
came into existence due to the diversification of banking sector as a result of stiff competition
within the banking sector (Hayes, 2014). It is clear that since the inception of internet banking,
much has changed in the way people do their banking and this has opened up a new chapter with
the most technologically advanced bank having a competitive edge.
On the other hand, the historical background of telephone bank...


Anonymous
Excellent resource! Really helped me get the gist of things.

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