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PEST.
Last seen on: NY Times Crossword 19 Oct 21, Tuesday
Random information on the term “PEST”:
PEST analysis (political, economic, socio-cultural 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 doing 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.
Variants that build on the PEST framework include:
There is also STEER, which considers sociocultural, technological, economic, ecological, and regulatory factors, but does not specifically include political factors.
The PESTLE analysis is a tool used as situational analysis for business evaluation purposes. This tool is one of the most frequently applied models in the evaluation of the highly dynamic external business environment. Aside from business, it is now being employed as a method in research due to its usefulness. A growing number of studies applied this analytical tool in different sustainable projects, including the evaluation of external factors affecting management decisions for coastal zone and freshwater resources, development of sustainable buildings, sustainable energy solutions, and transportation.