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Key Topics
Requirement
Strategic Management
Solution
Answer 1.
The external fit is known as the alignment between the functions of the organization and its existing environment. When the functional strategies of a business organization are aligned to the HR systems of another organization to be in sync the external environment, it is known as external fit. When the organization faces positive changes in its performance due to the alignment between the environmental contingencies and organizational contingencies it is said that external fit exists in the organization (Ferreira, 2013). External fit plays an important role in improving the strategic performance of an organization. It can be said that the organization which has better external fit between HR systems and strategy have higher performance than organizations which a less external fit. Thus, it can be said that having an external fit in organizations help them in achieving competitive advantage in the existing market.
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Answer 2.
Measurement of Business Strategy
The strategy is considered as a set of policies, objectives, and plans that enforce together, define the approach and scope of the organization to success and survival. Effectiveness of business strategy is measured on the basis of three concepts:
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Consistency: The foremost aspect of the business strategy is that they should be consistent with the objective of the organization. The business strategy of an organization should not present mutually inconsistent policies and goals. Inconsistent business strategies hamper the overall profitability of the organization.
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Consonance: It is necessary that strategy should be adaptive and flexible. Due to the adaptive and flexible nature, they can efficiently deal with the critical and external environment changes occurring within the organization (Campbell, 2016).
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Feasibility: It is an important aspect which is judged by every strategic decision-maker. The strategy should neither overtax available resources nor develop unsolvable and critical problems.
Measurement of External fit
The external fit of an organization is judged on the basis of nature of business strategy. The nature of strategy influences the external fit in a significant manner. This is because the different strategies have a strong implication on different HR practices and will affect the achievement of External fit. If the nature of strategy is as per predetermined HR practices, it will able to achieve high success in the market.
Measurement of Productivity and Business Performance
Productivity and business performance of an organization are measured on the basis of following models:
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Economic Value Added: This model helps the business author to measure the overall financial performance of the organization. EVA measure both the larger performance and specific performance of the organization (Zairi, 2012).
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Quality Management: Quality of the business performance is evaluated through total quality management and Baldridge National Quality program. This will provide a glimpse of the business performance of an organization in a significant manner.
Answer 3.
The research methodology adopted by the authors is primary research. Branch interviews and observations were performed by the author to collect the necessary data. All financial and operation data collection was done by SIA personnel and verified by the author later to draw the significant information from them. With the help of primary research, the author is able to collect the required information in a significant manner.
Answer 4.
The mean and the standard deviation of Fit index and Proindex are 0 and 1 because these are considered mathematical convenient. It is considered the most likely value. The standard normal distribution is considered as a special case of normal distribution. General normal distribution can change in standard normal distribution with the help of the following equation:
z = (X - μ) / σ
In this equation X is considered as a normal random variable, σ is the standard deviation of X, and μ is the mean of X.
Answer 5.
An exogenous variable is considered as a variable that is not influenced by other variables in the system. An exogenous variable affects the dependent variable in two ways. They affect the dependent variable directly and indirectly without any mediation in direct effects models (Berliner, 2014). All such models are calculated empirically by allowing every exogenous variable to serve as a dependent variable in a large series of different regression equations.
Answer 6 Is any finding(s) different from traditional knowledge?
No, any findings of the paper are not different from any traditional knowledge. External fit allows the author in the significantly alignment of different business strategies. This will help the author in collecting the required information (Cordero, 2016). Measurement of business performance and strategies enable the organization to find any alteration needs. As per the traditional way significantly analysis of designed business strategies enables an organization to gain a competitive advantage in the available market.
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Ferreira, F. N. H., Proença, J. F., Spencer, R., & Cova, B. (2013). The transition from products to solutions: External business model fit and dynamics. Industrial Marketing Management, 42(7), 1093-1101.
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Berliner, D. C. (2014). Exogenous Variables and Value-Added Assessments: A Fatal Flaw. Teachers College Record, 116(1), n1.
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Cordero, J. M., Polo, C., Santín, D., & Sicilia, G. (2016). Monte?Carlo Comparison of Conditional Nonparametric Methods and Traditional Approaches to Include Exogenous Variables. Pacific Economic Review, 21(4), 483-497.
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Zairi, M. (2012). Measuring performance for business results. Springer Science & Business Media.
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Campbell, D. L. (2016). Measurement matters: Productivity-adjusted weighted average relative price indices. Journal of International Money and Finance, 61, 45-81.
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