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Week 3 Assignment 1
Student Full Name
Strayer University
BUS499 Business Administration Capstone
Dr. Grizzell
Date
1|Page
Recent economic standards demand corresponding adjustments in different dimensions of
management perspectives. Initial management practices have proven to be inadequate in dealing
with the current highly dynamic business environment. Besides the situation has forced
organizations and economies to be more complex hence calling for more evolved, more
acceptable and complex perspectives on management of organizations. These changes have
introduced new operational risks, system risks, people and technological risks
(Feldman,
2012).
As well, globalization’s focus on political structures and expansion of business operations by
employing international strategies through political, environmental, socioeconomic and
technological advancements has dramatically affected the initial factors of business even in the
banking industry (Steger, 2017). More so, globalization has boosted competitive advantage of
institutions through cutting down on expenses into having a higher number of consumers,
services, and products. More specifically the banking industry has undergone tremendous
changes in the past and continuing decade. Economic development in the United States due to
globalization is evident in the global markets, cross-cultural management, foreign trade, resource
imperative, foreign investment, competition, culture and legal effects (Gaston & Khalid, 2010).
In foreign trade, for instance, globalization has developed it across the world into much higher
levels than before. It has fueled the independence of the United States economy...