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Executive Doctorate “Perceived Environmental Uncertainty Executive Doctorate “Perceived Environmental Uncertainty: Examining The Implications For Strategy Development Processes Across Barclays Bank PLC” Thesis Final Version Lead Supervisor: Professor Malcolm McDonald Panel Supervisor: Doctor Frank Fishwick Panel Chair: Doctor Joe Jaina Author: Jansen Ryder Acknowledgements: Barclays Bank PLC Version: 1.9 (Final Version) File Name: t:ryderj/finalthesis.doc Issued: 26th September 2005 Cranfield School of Management Executive Doctorate – Final Thesis DISTRIBUTION LIST Professor Cliff Bowman Internal Examiner, Cranfield School of Management Doctor Frank Fishwick Panel Supervisor, Cranfield School of Management Peter Herbert Executive Sponsor, Barclays Bank PLC Doctor Joe Jaina Panel Chairman, Cranfield School of Management Professor Simon Knox Faculty, Cranfield School of Management Professor Malcolm McDonald Lead Supervisor, Cranfield School of Management Professor Nigel Piercy External Examiner, Warwick Business School Copies to: Office Copy Executive Doctorate, Cranfield School Of Management Programme Library Group Strategy & Planning, Barclays Bank PLC FILE SOURCE u://texas/ryderj/university/dba/finalthesis.doc DOCUMENT CHANGE RECORD Date Version Updated By Change Details 17/05/04 1.0 (Initial Version) Jansen Ryder New Issue 31/07/04 1.1 (1st Draft) Jansen Ryder Updated Version Following Sign-Off To Project 1 11/08/04 1.2 (2nd Draft) Jansen Ryder First Issue Of Project 2 To Supervisory Panel 25/09/04 1.3 (3rd Draft) Jansen Ryder Inclusion Of Panel Comments On Project 2 31/10/04 1.4 (4th Draft) JansenRyder Re-IssueOfProject2FollowingFeedbackFromPanel 26/11/04 1.5 (5th Draft) Jansen Ryder First Issue Of Project 3 To Supervisory Panel 31/12/04 1.6 (6th Draft) JansenRyder Re-IssueOfProject3FollowingFeedbackFromPanel 31/01/05 1.7 (Final Draft) Jansen Ryder Issue Of Final Draft Version For Mock Viva 04/03/05 1.8 (Viva Voce Version) Jansen Ryder Issue Of Final Version For Viva Voce 26/09/05 1.9 (Final Version) Jansen Ryder Publication Of Final Version Following Viva Voce Acknowledgments The completion of this Executive Doctorate would not have been possible without the love, devotion, patience and support of my wife Tania, and my daughter Natasha Louise. The contribution of my sponsor Barclays Bank PLC is acknowledged with gratitude. Appreciation is also extended to all my colleagues across Barclays who contributed to the completion of this research. My thanks go also to Judith Pennington for her thorough and excellent copy-editing throughout the various stages of the research programme. The invaluable contribution, dedication, patience and professionalism of Dr Frank Fishwick are acknowledged with gratitude. The inestimable commercial insight, experience and professionalism of Professor Malcolm McDonald are acknowledged with gratitude. 1.9 (Final Version) © Cranfield University 2005 Page i of viii Cranfield School of Management Executive Doctorate – Final Thesis TABLE OF CONTENTS 1. RESEARCH ABSTRACT................................................................................................... 1 2. INTRODUCTION................................................................................................................ 2 2.1 Background...................................................................................................................................................2 2.1.1 The Origins Of Barclays Bank PLC ..........................................................................................................................2 2.1.2 Barclays: Building A Reputation As An Innovator And Pioneer ..............................................................................5 2.1.3 The Strategy Development Process: Value-Based Management ...............................................................................6 2.1.4 Barclays: Introducing The Portfolio Of Businesses...................................................................................................7 2.1.5 Barclays’ Performance In 2003: The Creation Of Shareholder Value.......................................................................8 2.1.6 The Creation Of Shareholder Value: Economic Profit ..............................................................................................9 2.1.7 Mapping The Future For Barclays: The Current Strategy .......................................................................................10 3. OVERALL SYNOPSIS: Linking The Research Projects .............................................. 11 3.1 Identifying The Managerial Issue.............................................................................................................11 3.1.1 Strategy Development Processes Across A Portfolio Of Businesses.......................................................................11 3.1.2 Breaking The Managerial Issue Down Into Its Component Parts............................................................................13 3.2 Theoretical Overview: Synthesis Of The Literature Review..................................................................14 3.2.1 The Linking Of Two Theoretical Concepts .............................................................................................................14 3.2.2 Summarising Key Theoretical Arguments Informing The Research........................................................................15 3.2.3 Linking Theoretical Arguments To Frame The Research Question.........................................................................18 3.3 Identifying The Research Gap ..................................................................................................................19 3.3.1 The Research Question............................................................................................................................................19 3.4 The Research Programme .........................................................................................................................20 3.4.1 Project 1...................................................................................................................................................................20 3.4.1.1 The Literature Review............................................................................................................................................................20 3.4.1.1.1 Strategy Development Processes ....................................................................................................................................20 3.4.1.1.2 Perceived Environmental Uncertainty............................................................................................................................21 3.4.1.1.3 Managing For Value: Introducing The Ability To Cope ................................................................................................22 3.4.1.2 The Research Design And Methodology................................................................................................................................23 3.4.1.2.1 Research Design.............................................................................................................................................................23 3.4.1.2.2 Research Methodology...................................................................................................................................................23 3.4.2 Project 2: Perceived Environmental Uncertainty.....................................................................................................26 3.4.2.1 Setting The Context For The Qualitative Exploration...........................................................................................................26 3.4.2.2 Qualitative Exploration: Key Findings..................................................................................................................................27 3.4.2.3 Quantitative Exploration: Key Findings................................................................................................................................33 3.4.2.4 Project 2: Conclusions...........................................................................................................................................................35 3.4.3 Project 3: Strategy Development Processes.............................................................................................................36 3.4.3.1 Key Methodological Findings................................................................................................................................................36 3.4.3.2 Key Empirical Findings.........................................................................................................................................................36 3.4.3.3 Key Inductive Findings..........................................................................................................................................................37 3.4.3.4 Project 3: Conclusions...........................................................................................................................................................38 3.4.4 Linking The Research Projects................................................................................................................................40 3.4.4.1 Addressing The Managerial Issue .........................................................................................................................................40 3.4.4.2 Key Links – Findings .............................................................................................................................................................41
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