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Unlockingthe Secret to Business Success: Analysing the Impact of Personnel Knowledge through Structural Equation Model

Author

Listed:
  • Abdul Hameed

    (Health Services Academy, Islamabad, Pakistan.)

  • Tariq Mahmood Ali

    (Health Services Academy, Islamabad, Pakistan.)

Abstract

This study investigated the perceptions of business managers in the furniture sector regarding the relationship between personnel knowledge and business success. A quantitative research approach was used to collect data from business managers working in different furniture sectors in District Chiniot, Lahore, and Gujrat. The study utilized a Likert scale to measure the responses and Structural Equation Model (SEM) to analyse the data. The findings revealed that certain management practices, including safety, laws, motivation of personnel, total quality management, product certification, and competitive positioning, had a significant impact on both personnel knowledge and business success. Furthermore, the study found that factors such as new product development, sales abilities, competitive positioning, and product pricing were highly associated with changes in business success. The study recommends that businesses focus on training their owners first to enhance their employees' skills, which will ultimately lead to increased productivity and highlight the importance of skill development.

Suggested Citation

  • Abdul Hameed & Tariq Mahmood Ali, 2023. "Unlockingthe Secret to Business Success: Analysing the Impact of Personnel Knowledge through Structural Equation Model," Journal of Economic Sciences, Federal Urdu University Islamabad, Department of Economics, vol. 2(1), pages 27-38, June.
    • Handle: RePEc:azm:journl:v:2:y:2023:i:1:p:27-38
    DOI: 10.55603/jes.v2i1.a3
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    More about this item

    Keywords

    Business managers; furniture sector; personnel knowledge; structural equation model; management practices; skill development; training services;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M53 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Training
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables

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