3.6 Explain Tools And Techniques Used To Determine Factors Which Infleunce And Impact Projects Flashcards
What does PESTLE stand for ?
PESTLE stands for Political , economic , sociological , technological , legal and environmental
What does conducting a PESTLE analysis do for project professionals and how?
By conducting a PESTLE Analysis project professionals are able to evaluate
external factors that can affect the project success or failure .
Such as assessing how changes in the governments regulations or policies and social and economic trends can affect the project
Why is a PESTLE analysis important , how , and why ?
A PESTLE analysis is important because it helps project professionals identify potential risks and opportunities and as a result develop strategies to mitigate the threats and take advantage of the opportunities
What does PESTLE analysis help systematically , how and the results ?
PESTLE analysis helps in systematically evaluating these factors such as understanding the projects technological requirements , or whether the project is constrained by environmental conditions allowing for strategic planning and informed decision making by considering broader external environments
What does SWOT stand for ?
SWOT stands for Strengths , weaknesses , threats and opportunities
What does a swot analysis enable a project professional to do and the effect ?
A swot analysis enables a project professional to evaluate both the external internal factors that may impact the project
Enabling effective resource allocation , risk management and goal setting
When conducting a SWOT what can a project professional assess ?
A project professional can assess a projects strengths and weaknesses in terms of resource and capabilities and also identify the project potential threats and opportunities and then develop strategies to capitalise on the opportunities and mitigate the threats.
What does VUCA stand for ?
VUCA stands for Volatility , uncertainty , certainty and ambiguity
What does VUCA enable in regards to what a and example ?
VUCA enables a project professional to evaluate and assess the project external factors in regards to the projects complexity , ambiguity and unpredictability for example assessing the how emerging technologies can impact the project
What does VUCA analysis help project professionals do ?
A VUCA analysis helps project professions develop strategies to cope with project external environments such as building flexibility in a project plans where VUCA encourages adaptability in the face of constant change fostering resilience
