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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
One group will normally specialize in one aspect like operations or government regulations. Managing the interrelation of PESTLE factors requires teamwork in the enterprise planning process. A sample framework for general analysis is the SWOT analysis. Another is the Balanced Scorecard for performance measurement analysis. [6]
Before starting the process there are several factors that need to be considered which include the purpose of the scanning, who will be participating in the processes and the amount of time and the resources that will be allocated for the duration of the scanning process. The second step of the scanning process is gathering the information.
Environmental governance refers to the processes of decision-making involved in the control and management of the environment and natural resources. International Union for Conservation of Nature (IUCN), define environmental governance as the "multi-level interactions (i.e., local, national, international/global) among, but not limited to, three main actors, i.e., state, market, and civil ...
According to Porter, "a nation does not inherit but instead creates the most important factors of production—such as skilled human resources or a scientific base". [1] A lack of less important factors, such as an unskilled labor force or access to raw materials, can be mediated through technology or by implementing what Porter calls "a global ...
Production planning is the future of production. It can help in efficient manufacturing or setting up of a production site by facilitating required needs. [2] A production plan is made periodically for a specific time period, called the planning horizon.
State based control can be thought of as an extension of the unit operation concept in the process industry. [7] Processes are designed with unit operations. With state-based control the control design is divided into units and those units further divided into states, with the proper operating discipline for each state designed in.
PEST stands for political, economical, social and technological factors. Two more factors, the legal and environmental factor, are defined within the PESTLE analysis. [5] To explain these environmental factors, it is necessary to say that most of the factors depend on each other and that they change over the years.