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Activity 1B
Objective To understand about reviewing political, economic, social, legal, technological and policy context.
Political
These factors determine the extent to which a government may influence the economy or a certain industry. A government may impose a new tax or duty due to which entire revenue generating structures of organizations might change. Political factors include tax policies, Fiscal policy, trade tariffs etc. that a government may levy around the fiscal year and it may affect the business environment. Example Index Terms – Embargoes & Sanctions, Coups.
Economic
These factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects. A rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Economic factors include inflation rate, interest rates, foreign exchange rates, economic growth patterns etc. It also accounts for the FDI (foreign direct investment) depending on certain specific industries who’re undergoing this analysis. Example Index Terms – Ownership Changes, Bankruptcy, Company Relocations.
Societal
These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics etc. Example Index Terms – Child Labor Laws, E Coli, Medical Ethics.
Technological
These factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to automation, research and development, workforce; anything that would disrupt the course of company to conduct business. Example Index Terms – Computer Crime, Labor Shortages, Labor Disputes.
Legal
These factors have both external and internal sides. There are certain laws that affect the business environment in a certain country while there are certain policies that companies maintain for themselves. Legal analysis takes into account both of these angles and then charts out the strategies in light of these legislations. Example Index Terms – Class Actions; Fines & Penalties, Patent Infringement
From: LexisNexis (Access: March 2021)
Read the explaination of Political, Economic, Societal, Technological and Legal categories, then apply these to the case study of Bicycle Retail Shop.
You must explain how these risks may influence the shop in accordance with the current risk.
Question 2:
Activity 1C
Estimated Time 30 Minutes
Objective
To review strengths and weaknesses of existing arrangements
To document critical success factors, goals or objectives for area included in scope.
Identify at least two strengths and weaknesses of WHS risk management approaches which have been implemented within the Bicycle Shop (a provided case study).
How can critical success factors, goals or objectives advocate risk management achievement in the organisation?
Identify two critical success factors which would assist the bike shop (a risk assessment case study) to acheive the risk management processes relating to WHS.

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