China
Africa
Explore chapters and articles related to this topic
Saving Money with Six Sigma Projects
Published in Kim H. Pries, Jon M. Quigley, Reducing Process Costs with Lean, Six Sigma, and Value Engineering Techniques, 2012
We can also analyze our designs, our processes, and/or test for feasibility. One simple way to do this is to analyze the strengths, weaknesses, the opportunities, and the threats (SWOT, see Figure 8.23) present in whatever it is we are trying to do. At the risk of using another acronym, we can do a PEST analysis: political, environmental, social, and technological factors. It really does not matter what the acronym is—it matters whether or not we put the time and the effort into checking our ideas.
Feasibility Assessment
Published in Keith L. Richards, The Engineering Design Primer, 2020
Pest analysis (political, economic, social and technological) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is part of an external analysis when conducting a strategic analysis or market research and gives an overview of the different macro-environmental factors to be taken into consideration. It is a strategic tool for understanding market growth or decline, business position, potential, and direction for operations.
Conduct risk within the United States financial sector
Published in Journal of Decision Systems, 2020
On further analysis micro-failings were evident within this financial institution (“SEC,” 2015). These micro-failings can in fact be categorised across different strands of a tailored PEST analysis (Sammut-Bonnici & Galea, 2015). Under a PEST analysis, an organisation is able to consider the possible threats or opportunities facing their business by reviewing resources and practices under four headings. These include, political, economic, social and technological. However, for the purposes of categorising micro-failings within financial institutions, a tailored PEST analysis is required as the above headings are not directly translated in the context of the banking sector. Therefore, when developing an SEC enforcement action database, a new set of headings was devised. These include (1) people, (2) economic, (3) structure and (4) technology. Each of these headings refers to the specific elements an enforcement action may relate to. For example, in cases where an individual or a group within a financial institution have engaged in misconduct then this particular aspect of the enforcement action is labelled under the ‘people’ heading. However, this aspect alone may not be the only reason as to why the SEC executed an enforcement action against the financial institution in question. There may also be other elements behind this enforcement action, for example, it may be there was an economic incentive in place for individuals to engage in acts of misconduct. The structure of the financial institution may also have contributed to how these individuals behaved as there may have been limited oversight exercised by a parent entity or another business function. For these reasons, the enforcement action in question will not only have an underlying causation factor that falls under the ‘people’ category of the tailored PEST analysis, it will also have causation factors that fall under the ‘economic’ and ‘structure’ categories as well. From this categorisation process, one can delve deeper and better understand the organisational factors that may encourage misconduct on the part of individuals within a financial institution.