PEST (Political, Economic, Social and Technological Environments)
In the field of procurement, PEST is an acronym used to define the Political, Economic, Social and Technological environments in which a project takes place. It is a methodology for assessing the external factors that may influence the success or failure of a project. By understanding the impact of these different forces, organizations can develop strategies to capitalize on opportunities while avoiding any potential threats. PEST analysis helps ensure projects are conducted with due diligence and attention to detail, leading to greater profitability and operational efficiency.
