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The fist technique is PEST analysis. It is a technique that helps to understand the external environmental factors that affects the industry and some specific external factors that may prevent your organization from achieving its aims. PEST is an acronym that refers to: Political, Economic, Social and Technological factors in an economy and their respective risks that they bring to the organization. Another technique that can be used is Porter's Five Forces analysis which refers to all the forces that influence the organization, the industry of the organization and the market of the organization. It helps to analyze why the organization is performing or not performing in the industry. The five forces of Porter are: (A) the threat of new entrants (B) threat of substitute products or services (C) the bargaining power of suppliers and buyers (D) the competitors and (E) intensity of rivalry in the industry. Another important tool that can be used is the SWOT analysis. This is an acronym for that stands for Strengths, Weaknesses,Opportunities and Threats to the business.
dear sir,
thank you providing the answer,following is the answer you provided which i agree with.
The fist technique is PEST analysis. It is a technique that helps to understand the external environmental factors that affects the industry and some specific external factors that may prevent your organization from achieving its aims. PEST is an acronym that refers to: Political, Economic, Social and Technological factors in an economy and their respective risks that they bring to the organization. Another technique that can be used is Porter's Five Forces analysis which refers to all the forces that influence the organization, the industry of the organization and the market of the organization. It helps to analyze why the organization is performing or not performing in the industry. The five forces of Porter are: (A) the threat of new entrants (B) threat of substitute products or services (C) the bargaining power of suppliers and buyers (D) the competitors and (E) intensity of rivalry in the industry. Another important tool that can be used is the SWOT analysis. This is an acronym for that stands for Strengths, Weaknesses,Opportunities and Threats to the business.
The type of technique I rely in determing the risk to my organization is risk assessment. There are 5 steps in doing this. They first is identification of hazards. The second is what or who can be harmed by the hazards. The third is evaluation of the risks and development of controls. The 4th is record of findings by the company and 5th is review and update of the risk assemmnet
PEST and I believe SWOTT (Strengths, weakness, Opportunities, threats if we do, threats if dont do) analysis is another better way! both in combination would give more details. In addition maintain a risk register showing impact vs probability and keeping it updated would be the most efficient way to deal with any risks related to the organization. Better to keep a Risk Manager who shall always be dealing with Market situation and analyzing new risks and helping to avoid the threats and avail the opportunities.
