Project on Global Financial Crisis and Its Impact on Business Management in Australia

This project aims to examine the impact of the global financial crisis on business management in Australia. It will investigate the issues faced by business management during the crisis, possible techniques to overcome the volatility, and factors that affect business management.

Running Head: PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON
BUSINESS MANAGEMENT IN AUSTRALIA 1
Project on Global Financial Crisis and Its Impact on Business Management in Australia
Name:
Institution Affiliation:

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
MANAGEMENT IN AUSTRALIA 2
Introduction or background to the research issues
The magnitude of crisis in financial sector in business management in most regions
around the globe calls for essential reassessment of all sectors of economic scholarship and
business operations. The need for reassessment includes accounting examination. The full
influence of economic crisis began in late days of 2008 on every aspect of finance (Xu, Jiang,
Fargher, & Carson, 2011). Changes that lead to financial crisis in business management arise
from the culmination of several factors such as advancement in technological usage, responses to
ever-changing marketplaces and wider economic environment, alteration in trend of
demographic and customer-driven demand among other several factors. It is clear that universe
posses several previous economic crises, but presently world of business management is
experiencing worst worldwide financial catastrophe after economic disasters of Immense
Recession (Solomon, 2012). The insinuations of catastrophe extend from the US, chief cause to
disaster to Europe together with other rising as well as developed nations. The financial crisis in
business management began with distinction from banking, insurance, together with mortgage
organizations, to become economic disaster influencing Australian wealth in kind, shed as
outline over numerous economic sectors.
The project is of major importance as it will help in addressing the factors that affect
business management. It is clear that delivery of appropriate services in business with limited
finances has remained to be arguably challenging task to business managers in the present
business community. The project will increase the understanding and learning of different ideas
that are vital at improving the quality of business management in Australia (Iyortsuun &

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
MANAGEMENT IN AUSTRALIA 3
Akpusuugh, 2014). It will address the gap of focusing on how global financial crisis in business
management led to corresponding recession among industrialized countries resulting in declining
in operations in the global markets. From this research, business management will see the need
of dealing with major events that tend to arm of threatening their stakeholders and daily
operations. The project on financial crisis in business management in Australia is important as it
aims to address different gaps that exist in the market. It will be essential on finding impacts that
financial crisis has on Australian market and finding appropriate ways of how to handle any
harmful influence on markets (Arora & Kalsie, 2017). The study is essential as it helps in
addressing some of the ways that business operators should be aware of on how financial crisis
can spread to different business operations. The study is also vital as it target at discovering the
possible techniques that can be utilized to overcome the volatility in the business management
around Australia. This project will address the gap that has existed on failure by several
investigators to fully understand and address the aspects of economy of businesses influenced by
financial crisis. In conclusion, this project will aim at addressing few salient points of the manner
the global financial crisis of 2008 as led to several changes in the management of business
operations around Australian community (Kryukova & Asenova, 2015). Therefore, lessons learnt
from this project will be vital for operations of individuals as they will help them in preparing
individually as well as organizationally for the next major shifts that might happen in line with
business management operations.
Research objectives

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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The major aim of this project will be to examine different roots of universal financial
disasters and its influences on business management in Australia (Dermine, 2013). The primary
objective will assist in finding the best strategies that can be used by different business managers
to control the occurrences of the crisis in their line of operations.
Other specific research objectives
i. To examine the issues that business management in Australia face during global financial
crisis
ii. To investigate the possible techniques that can be used to overcome the volatility of financial
crisis in business management in Australia
iii. To examine different business management factors that the crisis effects
Research question
This project target to give appropriate answer to specific inquiry intended to examine global
financial crisis its impacts on business management I n Australia
Primary question
What are issues faced by business management in Australia due to global financial crisis
Secondary questions
1) What are the approaches and ways in which financial crisis in business management led to
decline in operations?
2) What are the factors that affect business management in Australia?

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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3) What are the possible techniques and approaches that can be set in place to overcome the
volatility caused by financial crisis to business management in Australia markets?
These vital questions used in this survey will eventually aid in giving appropriate responses
to essential target of this project. The survey inquiries will essential in enlightening fundamental
justification for diverse approaches that Australian authority and business operators can be used
to prepare in combating instances of global financial crisis in business management in the area
(Meng, 2015). Consequently, outcomes from these investigative inquiries will remain helpful in
offering appropriate options or techniques that the Australian authority and business managers
can follow appropriately to combat financial crisis in business management in their daily
operations.
Research hypotheses
In the light of work of literature on universel financial catastrophe and its impact on
business management in Australia, this project aims at testing the following research hypotheses
in order to arrive at a conclusion.
Hypothesis 1
H0: Universe financial disaster has influence on management of business in Australia.
H1: Universe financial disaster does not have influence on the business management in
Australia

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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Hypothesis 2
H0: Universal economic crisis has negative influences on business management in
Australia
H1: Economic crisis has constructive influence on business management in Australia
Hypothesis 3
H0: There is no significant correlation regarding the Global financial crisis and business
management in Australia
H1: There is significant correlation regarding the Global financial crisis and business
management in Australia
Importance and significance of research plan
Global economic crisis on business management of between 2008 and 2009 remain to be
an essential economic occasion that has resulted in various affects on the different markets.
Crisis generated in the US and impacted the nations such as UK, Australia, China, Japan,
Canada, Spain, and France among many nations (Xia & Dimov, 2017). The idea of investigating
impacts of financial crisis and its impacts on business management in Australia is crucial as it
helps to understand how business operators can improve their operations. The crisis has affected
the economic conditions of Australia making it vital for investigation. The project is useful as it
will assist different business stakeholders to understand effective ways of operating their
businesses by conducting a range of models of management (Oino, 2018). The attained model

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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can assist business managers to attain their set mission, goals, and vision during the era that they
experience universe financial disaster.
Outcomes of this project can be vital in enabling business operators to understand
effective ways of utilizing human resources well with the motive of attaining desirable outcomes
in the business management process in Australia. The success of this research can be noticeable
moment of economic catastrophe where economic resources that are available for management
of business are quite scared for their operations (Ahid & Augustine, 2012). Therefore, this
research will have different benefits to various business management units in the process of
evaluating human elements that might seem to lead to diverse influences on their operations.
Moreover, significance of this proposed study will assist in attaining best financial schemes for
managing business in Australia. Furthermore, the issue of financial disaster together with its
effect in business management within Australia is worth of research (Bapat, 2012). The
examination can assist in ensuring that business managers do not impose several chares in the
form of charges for their service provision, as there will be appropriate recommendations that
can apply to improve management to provide massive responses in dealing with instances of
global economic crisis. The outcomes of the research will lead to reaction to the crisis that will
aid the entire management of business to possess a healthy connection between different
governmental departments leading to eradication of cases of corruption in Australia that might
lead to the economic crisis in management of business.
Proposed research methods

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The type of sample survey design that will apply to this investigation will concentrate on
the effects that financial crisis has on business management in Australia. The examination will
use qualitative sample survey design. The design will assist researcher to concentrate on data that
are deeply for analysis. The data attained using the design remains to be non-arithmetic and
incorporate application of survey questions that are non-prepared questionnaires along with
discussions of the focus groups (Pinnuck, 2011). However, another survey design will include
quantitative or casual research method that will aid surveyors to focus particularly on data in
numerical format and comprise of use of well-structured questions in the investigation while
gathering essential data from the interviewees. The use of descriptive statistics that include
finding central tendency, variations such as average mean, statistical variance, with standard
deviation and regressions models for information collected through quantitative research design
is essential in analysis of impacts that financial crisis has on business management in Australia.
The descriptive statistics will help in ensuring that gathered data and its process focus on the
sample of business managers, stakeholders, and customers that are affected by a crisis during
their operations (Wegman, 2012). The use of well-structured surveys will help in getting primary
data by help of other research methods of collecting data such as observations, interviewing key
informant, and discussion among focus group. There are three kinds of research philosophy that
the investigator can use such as positivism, interpretive, and realism. However, this project has to
undertake positivism philosophy since impact of financial crisis on business management in
Australia can be understood by analyzing the obtained information. Only information relating to
the impact of financial crisis in business management in Australia will be analyzed.
The regression model that will be of great use in this research will be

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
MANAGEMENT IN AUSTRALIA 9
Sales during financial crisis = b0 + b1 +b2 +b3 + b4 + ε
The independent variable in this model will be competitors in the market and location of a
business. The dependent variable includes employees, advert used by different business and
amount of sales during economic crisis.
Data and data collection
There are two different kinds of methods that will be used to gather vital data. One
method will be primary data collection as well as secondary collection of data. The primary
collection technique of data is achieved when the investigator is gathering data from direct
survey of marketplaces through use of personal interview or questionnaire (Shaikh, Gopan, &
Shafiq, 2011). In contrast, collection of secondary data through questionnaire technique remains
to be one where information is gathered from some relevant basis that include periodical articles,
websites, and administration publications of various surveys among other sources. The collection
of data in this project is secondary. It is secondary since mutually qualitative together with
quantitative information has been attained from various periodical articles along with news items
(Akinbami, 2012). All data concerning impacts of universal financial crisis on possessions
market of Australia has been acquired from various basis. Moreover, project is founded on
secondary information. However, some of limitations of using such methods of data collection
include finance, time, and availability that affect operations. Due to limitation of time,
investigator might ignore several essential. Lack of appropriate data from secondary sources may
not yield proper results out of survey (Shrivastava & Busch, 2013). Additionally, finance is the

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major contributor to research within academic aspect. Lack of adequate finance may prohibit the
investigator to attain further information in detail.
Population, sampling unit, and sample frames
For researcher to obtain the random sample from the population of business managers in
Australia, the project would obtain the sample of Australian businesses with over twenty
workers. The list can either be obtained from employer of business organizations. Selected
elements or persons in this study will be employers within different businesses that have in one
way or the other been hit by global financial crisis (Joseph, 2013). The focus on a frame on
organization with at least twenty workers is essential in ensuring that every individual in the
population is identified so they will possess the equal chance for selection as the element in the
study. The sampling frame in this study includes workers, employers, directors of businesses in
Australia, and government officials responsible for business management in the region.
Suggested statistical analysis
Data analysis of this project can be analyzed statistically or through by approach of
examining the facts that pertain universe financial catastrophe and its impact on business
management in Australia. The technique of qualitative examination can be attained through
probable factors upsetting and investigating business management state (Arup, 2013).
Additionally, quantitative information such as property charges and extra indicators of finances
can be examined with assistance of devices of statistics such as regression. The use of regression
will aid in identification of the statistical significance of different factors in influencing business
management in Australia. Furthermore, since the gathered data will be big, information will be

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analyzed by using of different computer packages such as packages for statistics meant for social
scientists (SPSS) and statistical formulas. Data are expected t be analyzed as well as presented
manually in the form of charts and tables for ideal understanding by every party that has interest
in the outcome of the project (van Hoorn, 2013). Besides, data analysis of this project will offer
direct answers in this survey. However, use of percentages and frequencies in different graphs
and charts can apply to express different opinions of various respondents.
Statistical regression model that will be essential in analysis of data will be in the form of
Sales of an organization = b0 + b1 +b2 +b3+ b4 + ε
b1 presents employees in different business operations
b2 present Advert used by business management
b3=Location of business in towns within Australia
b4 = Competitors in Australian market
ε = error in the analysis
All these signs will help in achieving the set objectives and hypothesis of the research as set
during the initial plan of the investigation.
Limitations and further research
The outcomes of this study can stay compromised by several factors that include the need
for more time for the process of investigation to reach its completion. Besides, inadequate funds
to help in conducting every activity as planned in this survey might result in attaining of

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appropriate retreat that in most cases comprises the outcome of survey in the process of the
review (Attig, Boubakri, El Ghoul, & Guedhami, 2015). Therefore, this project has to
concentrate on changes that come with the use of system for environmental management in the
business sector with the developed design of investigation around Australian markets. The main
use of the design of survey is to help in improving the review that is more complex and involved
with the views of research respondents. Furthermore, another limitation in this survey may
happen during course of choosing important basis of attaining secondary information to be used
in appraisal (Sternberg, 2013). Use of qualitative approach within this study may pay attention to
in-depth data that is non-numerical as well as incorporating the use of different inquiries that are
non-structured in the questionnaires, main informant interviews, together with focused on group
discussions (Edogbanya, 2013). Therefore, this study needs appropriate technique of collection
of data in order to attain the set objective.
The investigation on financial crisis on business operations in Australia may be
insufficient in sense that required respondents might be inadequate to attain appropriate process
of arriving at decision. Other of respondents might react to inquiries obligate to them through
providing false information that might lead to harmful influences on the result of this survey
(Dang, Moshirian, Subrahmanyam, & Zhang, 2014). The outcome of investigation can also be
comprised of the need for extra research time for the investigation to attain its completion.
Computation of data might not succeed due to turnout of insufficient reserves together with time
restrictions in process of learning different elements that guide to economic crisis on business
management. Additionally, other limitations in this investigation might occur in course of
choosing major basis of attaining back-up data to be used in reviewing procedure (Krusinskas,

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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2015). Essential content present on the website usage makes the investigators face challenges in
compiling the final arrangement of data that shall be used in the examination.
Conclusions and contribution of the project
The proposed project will be essential in business management in different towns around
Australia. It will enable most business managers to work on ideas of having best strategies of
managing their operations. The survey makes these managers and directors of business in
Australia markets to be able to overcome weak processed impacted by the economic crisis.
Therefore, through this project, business stakeholders can focus to move towards more ideas that
are collaborative of their operations by offering essential and quality services without
interruptions from financial aspects. Once the project comes to completion then, management of
businesses can be capable of going ahead of all functional elements of the production along with
the provision of quality services as well as goods. The outcome could be the extension of the
theoretical model of new era in business management as operations of businesses in present
markets demand for different styles of management approaches. These approaches when attained
can offer the best answer to the problematic central mystery that result to cases of crisis in
financial sector around different businesses. Moreover, the outcome will ensure that future
operations of organizations focus on demanding clear accountability that uses the modern tools
of organization useful in management of financial resources to yield efficient together with
effective services and goods to Australians. Therefore, appropriate business management through
the attained results can contribute to improvement of financial standards of a company by

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
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offering quality services and products, as cases of financial crisis might be minimal or rare of the
available resources goes to appropriate utilization.

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Akinbami, F. (2012). Retail Financial Products and the Global Financial Crisis. SSRN Electronic
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Arora, A., & Kalsie, A. (2017). Impact of US Financial Crisis on GDP of BRICS Economies: An
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10.1177/0972150917713509
Arup, C. (2013). The Global Financial Crisis: Learning from Regulatory and Governance
Studies. Law & Policy, 32(3), 363-381. doi: 10.1111/j.1467-9930.2010.00322.x
Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2015). The Global Financial Crisis,
Family Control, and Dividend Policy. Financial Management, 45(2), 291-313. doi:
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Bapat, D. (2012). Efficiency for Indian public sector and private sector banks in India:
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Dang, T., Moshirian, F., Subrahmanyam, A., & Zhang, B. (2014). Global Financial Crisis,
Liquidity Shocks and Global Financial Stability. SSRN Electronic Journal. doi:
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Dermine, J. (2013). Bank Regulations after the Global Financial Crisis: Good Intentions and
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036x.2013.12017.x
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Kryukova, O., & Asenova, E. (2015). Global Financial Crisis Impact On Single-Industry Towns’
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Sternberg, E. (2013). Ethical Misconduct and the Global Financial Crisis. Economic Affairs,
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2561.2010.00118.x

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APPENDICES
APPENDIX I: Questionnaire for the participants (Business managers, workers, directors,
and other stakeholders)
Section 1
1. Age distribution
Between 18 to 22 ( )
Between 23 to 27 ( )
Between 28 to 32 ( )
Between 33 to 37 ( )
Between 38 to 42 ( )
Between 43 to 47 ( )
Between 48 to 52 ( )
Between 53 to 57 ( )
Between 58 to 62 ( )
Above 63 ( )
2. Gender
Male ( )

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Female ( )
3. Responsibility in an organization
Worker ( )
Manager ( )
Director ( )
Intern ( )
4. Have you heard of global financial crisis that affect business management in an
organization?
Yes ( )
No ( )
5. Approximately, how frequently do economic crisis affect your operations in Australian
market?
Daily ( )
Weekly ( )
Monthly ( )
On special occasion ( )
6. Where did you learn about global financial crisis?

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Media ( )
Friends ( )
Workmates ( )
Other ( )
7. Does Australian government have better ways of controlling financial crisis that affect
business management in the region?
Yes ( )
No ( )
8. If yes, how many are they?
One ( )
Two ( )
Three ( )
More than three ( )
Not sure ( )
9. In your own opinion, is the number adequate to serve the idea of business management
satisfactorily?
Yes ( )
No ( )

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10. If No, what do you suggest that Australian government should set in place to help in
controlling financial crisis that affect management of businesses?
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_______________________________
Section 2 Impact of economic crisis and countermeasures
12. What effect has universal financial crisis caused to operations of your organization
from 2008?
Considerably negative influence
Somewhat negative influence
No influence
Somewhat positive influence
Considerably positive effect
13. Following financial crisis influence on your company when did or expect the sales of
organization to reach at its lowest level?
Oct – Dec 2008
January – March of 2009
April – June of 2009

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July – September 2009
Initial half of 2010
Latter half of 2010
From January of 2011
Not certain
14. When did sales of organization get better to pre-economic crisis stage (previous to 2008
September)?
Oct – Dec of 2008
January – March of 2009
April – June of 2009
July – September 2009
Initial half of 2010
Latter half of 2010
From January of 2011
Not certain
15. What actions have the organization use in the past twelve months from time of
universal financial crisis took hold?
Annulment or delay of fresh deal or facility venture

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Sliming down of present management sector of business
Shutting or pulling out of business foundation that includes section its base
Improved competence through mixing of business management within company (strengthening
of extra foundation, a change to foundations in Australia)
Adjustments of working opportunity
Increment in value of sales
Drop in prices of transactions
Review by traders (edge in numbers of traders, shift to less costly suppliers)
Evaluation of organizations that deliver goods and services
Launch of advanced business management
Reduction in charges through improved efficiency of sales together with production
No measures have been set in place
Other ( )
16. In your own opinion, do effects of financial crisis reduces operations of business
management in Australia?
Yes ( )
No ( )
Explain

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______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________
17. In your opinion what are the major factors that need improvement for the business
management to increase further during period of financial crisis in Australia?
………………………………………………………………………………………………………
………………………………………………………………………………………………………
………………………………………………………………………………
18. Does management of business in your organization get affected during financial crisis?
Yes ( )
No ( )
If yes, how often do financial crisis affect business operations?
………………………………………………………………………………………………………
………………………………………………………………………………………………………
……………………………………………………………………………………….

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19. How regularly do you receive the information on financial crisis through
advertisement in public and social media concerning the need to improved business
management in Australia?
Rarely ( )
Sometimes ( )
Often ( )
20. Are there any other related services that you may need to deal with financial crisis to
improve business management in Australia?
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________
21. Compared to the past years, to what extent will your organization decrease or increase
capital investment over the next years?
Increase of at least fifty percent
Forty percent increase
Thirty percent increase
Twenty percent increase
Ten percent increase

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No change reduction
Ten percent decrease
Twenty percent decrease
Thirty percent decrease
Forty percent decrease
Decrease of at least fifty percent
Not sure
22. Do financial crisis hugely impact operations of businesses in Australian markets?
I concur
I strongly concur
I somewhat concur
I somewhat differ
Reject
I strongly differ
I cannot say
23. What are the possible techniques and approaches that can be set in place to
overcome the volatility caused by financial crisis to business management in
Australia markets?
Proper government regulations

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Collaborations with different stakeholders
Funding businesses
Reducing taxes on businesses
Borrowing operation ideas from well-established organizations
Others
24. Financial crisis has negative impacts on business management in Australia?
I concur
I strongly concur
I somewhat concur
I somewhat differ
Reject
I strongly differ
I cannot say
25. Is there significant correlation regarding the Global financial crisis and business
management in Australia?
I concur
I strongly concur
I somewhat concur

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I somewhat differ
Reject
I strongly differ
I cannot say
26. Do global financial crisis have influence on the business management in Australia?
I concur
I strongly concur
I somewhat concur
I somewhat differ
Reject
I strongly differ
I cannot say
27. Have you received any form of fundings or sponsorship during period management of
business was facing financial crisis?
Yes ( )
No ( )
If yes, state the organization that funding your operations and the sum of money you received
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________

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28. What are some of the charges that you have covered for management of business
during financial crisis in Australia?
I had to cover charges of management of operations
I had covered costs of increasing products
I had to cover costs of traveling
I had not incurred any cost
I do not know

PROJECT ON GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON BUSINESS
MANAGEMENT IN AUSTRALIA 31
APPENDIX II
CONSENT FORM FOR BUSINESS MANAGERS, WORKERS, AND DIRECTORS
Through signing of this form, I concur to participate in this project examine titled (Global
Financial Crisis together with its Impacts on Business Management in Australia).
I declare that:
 I have read or heard this data as well as content read to me and or translated to me and in
the language that I am fluent in and comfortable with throughout the process.
 I have gotten a chance to inquire more, and all inquiries have adequately been answered
 I understand that I might pull out from this survey at any moment without penalty or loss
of benefits
The Respondent’s Signature ------------------------------- Date --------------------------
The Witness’s Signature --------------------------------------Date--------------------------