Answer to Question #272103 in Management for HARSH

Question

Can you explain Political, Economic and Social forces which have had an impact on the business?

Answer 1

Recent political and economic events, as well as changes in the practice and delivery of health and social care, have encouraged managers and professionals to recognize the significance of problem-solving and decision-making abilities. Assessing the impact of political, economic, sociocultural, environmental, and other external factors on health care policy, proposals, and organizational programs, in particular, is becoming a recognized stage of health service strategy development and planning processes. Performing this type of strategic analysis entails diagnosing the major challenges that the organization must solve.

This type of study may be carried out by examining the organizational (external) environment using the PEST-analysis (also known as STEP-analysis), which has been enhanced to include the PESTELI checklist mentioned below. PESTLE Analysis is a great method for understanding the "big picture" of your operational environment, as well as the possibilities and risks that exist within it.