All organizations are affected to some extent by external factors and trends. The impact of these factors and trends could be positive, neutral or negative, some are short-lived whilst others are long-lasting. Analyze a range of external factors and trends currently impacting organizations. Identify organizational priorities arising from the factors and trends analyzed. (AC 1.3)
Businesses operate in an ever changing world. External factors are things outside a business that will have an impact on its success. Their impact can be positive or negative. A business cannot control external factors. All it can do is react to them and make decisions to help it remain successful. The acronym PESTEC is used to help remember the different types of external factors. These are: Political (for example, new legislation); Economic (for example, inflation and unemployment); Social (changes in taste and fashion or the increase in spending power of one group, for example, older people); Technological (for example, being able to sell goods online or using automation in factories); Environmental (for example weather conditions affecting sales or production and growing interest in being “green.”); and Competitive (the impact of a rival firm).
regards to the osmosis of pieces into lumps. Mill operator recognizes pieces and lumps of data, the differentiation being that a piece is comprised of various pieces of data. It is fascinating to take note of that while there is a limited ability to recall lumps of data, how much pieces in every one of those lumps can change broadly (Miller, 1956). Anyway it’s anything but a straightforward instance of having the memorable option huge pieces right away, somewhat that as each piece turns out to be more natural, it very well may be acclimatized into a lump, which is then recollected itself. Recoding is the interaction by which individual pieces are ‘recoded’ and allocated to lumps. Consequently the ends that can be drawn from Miller’s unique work is that, while there is an acknowledged breaking point to the quantity of pieces of data that can be put away in prompt (present moment) memory, how much data inside every one of those lumps can be very high, without unfavorably influencing the review of similar number