International Project Management - Chances and Risks and the Impact of Intercultural Differences on Projects of the HSH Nordbank AG

Table of Contents

1. Introduction

1.1. OBJECTIVES

1.2. SCOPE

1.3. THESIS STRUCTURE

2. Presentation of HSH Nordbank AG

3. Theoretical Foundations

3.1. PROJECT MANAGEMENT

3.1.1. Project

3.1.2. Management

3.1.3. Project Management Tasks

3.1.4. Classic Project Management

3.1.4.1. Phase I: Concept

3.1.4.2. Phase II: Planning

3.1.4.3. Phase III: Controlling

3.1.4.4. Phase IV: Termination

3.1.5. Success Factors

3.2. CULTURAL DIMENSIONS

3.2.1. Power Distance

3.2.2. Individualism / Collectivism

3.2.3. Masculinity / Femininity

3.2.4. Uncertainty Avoidance

3.2.5. Long-Term Orientation

3.2.6. International Comparison

3.3. INTERNATIONAL PROJECT MANAGEMENT

3.3.1. Management Style and Motivation

3.3.2. Cultural Preparation

3.3.3. Team Analysis

3.3.4. ERPG Concept

3.4. IMPACT OF MULTICULTURALITY

3.4.1. Chances / Opportunities

3.4.2. Risks / Disadvantages

4. Status Quo Analysis

4.1. PROJECT MANAGEMENT AT HSH NORDBANK AG

4.1.1. Management Concept

4.1.2. Method and Approach

4.1.3. International Projects

4.2. INTERCULTURAL DIFFERENCES

4.2.1. Hofstede’s System of Cultural Classification

4.2.2. Interview Findings by Nationality

4.2.2.1. Germany vs. USA

4.2.2.2. Germany vs. Great Britain

4.2.2.3. Germany vs. Denmark

4.2.2.4. Germany vs. Singapore

4.3. HUMAN RESOURCES DEVELOPMENT

4.3.1. Language Training

4.3.2. Project Management Training

4.3.2. Intercultural Training

5. Target Concept

5.1. UNIFYING INTERNATIONAL PROJECT MANAGEMENT

5.1.1. Project Management Departments within the Branches

5.1.2. Worldwide Training in Project Management

5.2. PROMOTION OF CULTURAL DIVERSITY

5.2.1. Change in Management Concept

5.2.2. Development of Culture-Oriented Methodologies

5.3. CULTURAL PREPARATION FOR INTERNATIONAL PROJECTS

5.3.1. Language Training

5.3.2. Intercultural Training

5.4. TEAM DEVELOPMENT

5.4.1. Team Development Workshop

5.4.2. Match Set-up

6. Economical Evaluation

6.1. BENEFITS

6.1.1. Material Benefits

6.1.2. Non-Material Benefits

6.2. COSTS

6.2.1. Unifying International Project Management

6.2.2. Language and Cultural Training

6.2.3. Team Development

6.3. CALCULATED KEY FIGURES

7. Summary

Objective and Research Focus

The primary objective of this thesis is to examine the role of intercultural differences within international projects and to assess their impact on projects at HSH Nordbank AG. The research seeks to identify how cultural diversity affects project efficiency, address potential risks, and propose a strategic target concept to enhance performance through cultural competence and improved project management practices.

• The influence of cultural dimensions on international project management success.
• Status quo analysis of project management practices and cultural awareness at HSH Nordbank AG.
• Evaluation of chances and risks associated with multicultural team environments.
• Development of a target concept including training, team development, and cultural methodology alignment.
• Economic evaluation of proposed improvements using key performance indicators.

Excerpt from the Book

Summary of Chapters

1. Introduction: Outlines the increasing global nature of business, the necessity of intercultural competence in international projects, and establishes the scope and objectives for HSH Nordbank AG.

2. Presentation of HSH Nordbank AG: Provides an overview of the company's background, ownership structure, and international presence following its 2003 merger.

3. Theoretical Foundations: Establishes core project management theory and details Geert Hofstede’s cultural dimensions, providing a framework for evaluating cross-cultural professional interactions.

4. Status Quo Analysis: Evaluates current project management at HSH Nordbank AG, presenting results from a cultural survey and interviews with staff regarding international projects.

5. Target Concept: Proposes strategic improvements, including unified management structures, worldwide training, and culture-oriented methodologies to leverage diversity.

6. Economical Evaluation: Conducts a cost-benefit analysis of the proposed recommendations, calculating payback periods and ROI to demonstrate financial viability.

7. Summary: Concludes the thesis by reviewing research findings and reiterating the strategic importance of managing cultural diversity for HSH’s future competitiveness.

Keywords

International Project Management, HSH Nordbank AG, Cultural Dimensions, Geert Hofstede, Multicultural Teams, Project Success Factors, Human Resources Development, Intercultural Training, Team Development, Economical Evaluation, ROI, Communication Barriers, Global Business, Project Controlling, Cultural Diversity.

Frequently Asked Questions

What is the fundamental focus of this thesis?

The thesis focuses on the significance of intercultural differences and their specific impact on the international project landscape within HSH Nordbank AG.

What are the primary thematic fields covered?

The work covers classic project management principles, Geert Hofstede’s cultural models, human resources development, and economic evaluation techniques for project improvement.

What is the central research goal?

The goal is to determine whether variations in project success result from cultural differences and to outline strategies for project managers to mitigate these risks or capitalize on them.

Which scientific methodology is applied?

The research methodology includes an extensive literature review, a quantitative cultural survey of HSH employees based on Hofstede’s model, and 17 qualitative interviews with key project staff.

What topics are addressed in the main body?

The main body investigates the current project management practices at HSH, analyzes intercultural frictions using survey and interview data, and develops a comprehensive target concept for operational improvement.

Which keywords best describe this study?

Key terms include International Project Management, Cultural Dimensions, Hofstede, Multicultural Teams, and Economic Evaluation.

How does HSH Nordbank AG currently approach international projects?

According to the status quo analysis, HSH predominantly follows an ethnocentric management approach with tight, standardized procedures centralized at the German head office.

What specific economic benefits does the author expect from the proposed changes?

The author calculates significant potential savings in labor costs, reduced reliance on external consultants, and improved efficiency, estimating an ROI of 232% for the implementation of the target concept.