. Environmental factors are important due to the increasing scarcity of raw materials; pollution targets; doing business as an ethical and sustainable company; carbon footprint targets. Integrating PESTEL with TISM and fuzzy-MICMAC is the novel methodological approach in the present study. Providing premium retail experience using technology (challenge). CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. ETPS STEP. Government should come up with more R&D schemes to promote research in the HCWM filed during the COVID-19 outbreak for developing a sustainable and safer environment. To explore the interrelationships among the various factors under PESTEL dimensions of sustainable HCWM by using total interpretive structural modeling (TISM). PEST stands for political, economic, social, and technological developments. The following rule has been used to multiply the fuzzy matrices: In the present study, MATLAB software has been used to calculate the stabilized FDRM. PEST is an acronym for four sources of change: political, economic, social, and technological. Encyclopedia Article about SWOT Analysis containing - general explication of this research method as an analytical tool in order to visualize and evaluate the strengths, weaknesses, opportunities, and threats of a company, - background about the research outcomes of this research method and the specific use for companies, especially in the tourism industry - a detailed description of the method including typical mistakes - possible combinations of this method with other analytical tools, - and further readings. Prepare reachability matrix and conduct the transitivity checks, For preparing the reachability matrix, the Y in the pair-wise comparison matrix is replaced by 1 and N is replaced by 0. TISM hierarchical digraph depicts the relationships among the various PESTEL dimensions of sustainable HCWM during the COVID-19 outbreak and take the inputs values like: 1 (for relationship existence) and 0 (for no relationship) (Zhao etal., 2020; Hasan etal., 2019). PESTLE Analysis: Prepare the Best Strategies in Advance. (2015), the world has now to shift the focus on greening their healthcare services, including HCWM, while targeting the economic sustainability in the healthcare system during this COVID-19 outbreak. The investigation into the last research question (how can these factors be classified as per their importance for improving the overall performance of the HCWM system?) PESTEL analysis will help in understanding the whole situation, including an extra burden on the existing waste management system from the macro perspective (Mkude and Wimmer, 2015). 1 The results of the study have been presented and discussed in Section 5 and also managerial implications have been highlighted. Here, PESTEL analysis will explore the various political, economic, social, technological, environmental, and legal dimensions which will affect the implementation of sustainable HCWM system within the hospitals and at the waste treatment facilities (Song etal., 2017; Mkude and Wimmer, 2015). PEST is an acronym for four sources of change: political, economic, social, and technological. It examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. BMW PESTLE Analysis examines the various external factors like political, economic, social, technological (PEST) which impacts its business along with legal & environmental factors. To have a fruitful and realistic strategic plan, the organisation needs to have an effective internal and external environmental analysis. Political factors include government policies, leadership, and change; foreign trade policies; internal political issues and trends; tax policy; regulation and de-regulation trends. An official website of the United States government. But in recent times, the pace of change has increased rapidly and changes from many different areas are affecting businesses simultaneously. So, if you've received a challenging PESTLE task at college, don't rush to . The analysis gives an idea of macro-environmental factors that impacts the functioning of a particular business. Hasan Z., Dhir S., Dhir S. Modified total interpretive structural modelling (TISM) of asymmetric motives and its drivers in Indian bilateral CBJV. Bermejo M., Rodrguez-Teijeiro J.D., Illera G., Barroso A., Vil C., Walsh P.D. Thakur V., Mangla S.K. ). However, 45% tax is applicable if someone's income goes above 270,501. The most common variations are shown in the diagram above. It is a widely accepted framework used by senior managers, marketing experts, and professionals. Contributor, P. PESTLE Analysis: Business Environmental Analysis 2015. Key words: Competitive advantage: an asset that allows an organisation to stand out positively and get ahead of its competitors in a particular sector. Competitive strategy: methodology implemented with the aim of maximising the success of the business through innovation and greater advantages than those of the competition. Economic situation: the overall position of an entity, determined by all of its political, economic and social elements. The findings have revealed that Hyatt is a popular brand and well-known hotel in the world. On the other hand, Hotel The Cox Today, Cox's Bazar is a local popular hotel. These techniques have been combined for the following reasons: firstly, PESTEL analysis being a multifaceted approach, helps in capturing the strategic forces present in the macro-environment and supports the decision-making in the organization (Pan etal., 2019; Song etal., 2017). Computing stabilized fuzzy-MICMAC matrix. 2 0 obj Therefore, the present study also includes the two experts from the COVID-19 treatment hospitals. The origin of the Haitian cholera outbreak strain. The TISM digraph based on the interrelationships among the dimensions of sustainable HCWM, will assist the hospitals administration to understand the role of every PESTEL dimension for implementing the sustainable HCWM during the COVID-19 outbreak. Townend W.K., Cheeseman C., Edgar J., Tudor T. Factors driving the development of healthcare waste management in the United Kingdom over the past 60 years. % In the present study, the following PESTEL dimensions of sustainable HCWM have been in the autonomous group: community displacements and disturbances during COVID-19 outbreak (SOC 1); and compensation for the local community (SOC 3). Budak A., Ustundag A. Network theory and SARS: predicting outbreak diversity. PESTLE analysis is a strategic framework adopted by corporations for risk management. These dimensions are having low driving power and very high dependence power. Research Limitations: The new tools suggested are propositional in nature. Fuzzy-MICMAC analysis classified all 17 PESTEL dimensions into four groups depending upon their driving and dependence powers. In 1967, the American scholar and Harvard professor Francis Aguilar developed the PEST analysis concept, later known as PESTLE analysis. Provides relevant industry reports; find the industry your company operates in. Findings: The study of SWOT analysis identified several important limitations in the SWOT analysis; principal amongst them being lack of temporal perspective, lack of lower sub-system application in organisation, absence of factor identification and lack of action orientation. In this paper, we have discussed the procedure of writing company focussed case study based on a newly developed company analysis framework. PESTLIED STEEPLED. The study adopts the TISM approach and revealed that the separate policy framework for targeting political, legal and environmental issues form the basis of the sustainable HCWM during the COVID-19 outbreak. The present study also utilizes the fuzzy-MICMAC approach to highlight the critical success factors of sustainable HCWM during the COVID-19 outbreak (Thakur and Ramesh, 2016). One of the models of this kind is the so-called PESTEL (or PESTLE) analysis. Fuzzy-MICMAC analysis divides all the 17 PESTEL dimensions of sustainable HCWM into four categories depending upon their driving and dependence powers in the overall system: autonomous group, dependent group, linkage group and independent group. As the HCWs coming from corona positive patients will keep on mounting with an increasing number of infected patients, the handling and disposal will continue to pose considerable challenges to healthcare facilities. Government should intervene with the new investment policies separately for urban and rural areas. Hospitals management, wastes collection and outsourcing, handling staff and other operational issues. These are the sources and citations used to research PESTLE analysis. Company analysis is the important type of case method in Research Methodology and is commonly used by the beginners of scholarly research. Fourthly, the fuzzy-MICMAC analysis combined with TISM will help in capturing the relationships among elements more precisely than conventional MICMAC (Zhao etal., 2020). Managerial Implications: The proposed tools will force organisations to take two important steps in their strategic planning. Thereafter, the study has applied a TISM methodology to model the factors under PESTEL dimensions of sustainable HCWM during the COVID-19 outbreak (Zorpas, 2020; Zhao etal., 2020). During the outbreak emergency period, the Government may think of special financial policies to promote the waste handling industry. McDonald's Corporation's strategies address issues in the external business environment, such as the ones identified in this PESTEL/PESTLE analysis of the global fast-food restaurant chain business. Political factors indicate that businesses are highly motivated to be opened in the Herefordshire area because the country, in such a way, encourages economic stability and financial . letme Aratrmalar Dergisi Journal of Business Research-Trk ! In India, the Ministry of Environment, Forest and Climate Change (MoEF), in collaboration with State Pollution Control Boards of different states (SPCB) regulates the safe disposal and recycling of the wastes (Thakur and Ramesh, 2017). Available: Kindle; paperback Cost: $4.75; $7.99. ECDC; 2020. Also, the frequent and regular sanitization of the workplace should be done by using innovative contact-free techniques like: using drones, contactless sanitization machines, etc. The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper. CIPD members can use our online journals to find articles from over 300 journal titles relevant to HR. Several new developments like Artificial Intelligence, IoT, Machine Learning, Deep Learning, are being made in the technology field and if a company fails to match up the trend it may lose its position in the market. As per the report published on health economics in The Economic Times (2018), the HCWM market will touch USD 13.62 billion by 2025 and the bio-medical waste market will expand with a compound annual growth rate of 8.14%. And lastly, how can the factors of sustainable HCWM be classified as per their importance for improving the overall performance during the COVID-19 outbreak? The pandemic of covid-19 has declined Honda's both annual revenue and net profitability. Coca Cola' advertising expenses accounted for more than $3 billion in 2012 and increased firm's sales and brand recognition. Evaluate the impact of these factors on the company.3. A journey of health reform in Australia. TISM is very useful in defining the interrelationships among all the identified factors under PESTEL dimensions and articulates the problem in a simplified structure (Raut etal., 2018; Thakur and Ramesh, 2016). GUID:FB370F13-9221-4DFE-B1D6-B2B29D8635C5. Tesla's case involves the remote or macro-environment of the automotive industry, the energy generation industry, and the energy storage industry. Why is it successful? represents the research framework opted for the present study, where the factors of sustainable HCWM during the COVID-19 outbreak, have analyzed in three phases: Proposed research framework for PESTEL dimensions of sustainable HCWM. The relaxed tax structure during this pandemic and Government investment policies will enhance the PPP model for handling the infectious wastes during the health outbreaks and also develop a better infrastructure for infection free treatment of HCW. Trending of fitness and yoga among millennials (opportunity). TISM framework will facilitate the hospitals administration and waste handlers to pinpointing the short-term and long-term objectives for managing the HCW efficiently during the COVID-19 outbreak (Raut etal., 2018). As per the study conducted on the assessment of groundwater quality in Tamilnadu, India, chromium level of up to 275mg/L was found, which is 1000 times higher than WHOs recommendations for safe drinking water (Rao etal., 2011). The PESTLE analysis refers to the screening of political, economic, sociological, technological, legal, and environmental aspects of the macro environment. about navigating our updated article layout. PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental factors. This will often provide links to Annual Reports; financial reports such as 10-K, 10-Q, and 8-K; and corporate social responsibility reports. Technologically innovative products (challenge). One of the critical steps in controlling the spread of the infection is to handle the healthcare wastes (HCW) coming from the COVID-19 treatment centers more carefully. Such a study facilitates the identification of business threats and opportunities and aids in strategic decision-making. Federal government websites often end in .gov or .mil. Economic information can be found in the Products & Market - Demand Determinants section. Kumar H., Singh M.K., Gupta M.P. De Jong M.D., Simmons C.P., Thanh T.T., Hien V.M., Smith G.J., Chau T.N.B., Qui P.T. The .gov means its official. PESTEL is the most vital factor affecting the expansion of country. ISBN 978-1-62620-998-5 8. PEST analysis works best when the environmental factors are analyzed from the perspective of the Srm's resources, capabilities, and core competences. Government investment policies during COVID-19 outbreak (ECO 1). Thereafter, a series of iterations are run to identify all the elements at different levels in the hierarchical structure, as explained by Zhao etal. One study conducted in Wuhan, China, which is also considered as the epicentre for the COVID-19 outbreak, has shown that after the coronavirus outbreak the daily quantity of medical wastes generated has increased from 0.6kg/patient to 2.5kg/patient (Yu etal., 2020). For the first time, the Ministry of Environment & Forest (MoEF) introduced the biomedical waste rules in July 1998, which were further revised from time to time in the subsequent years: 2000, 2003, 2011 and 2016 (Datta etal., 2018). Here, the reachability sets and antecedent sets for all the PESTEL dimensions of sustainable HCWM are defined as discussed in by Jena etal. . It is a widely accepted framework used by senior managers, marketing experts, and professionals. According to a statistical estimate by MacroTrends, the annual revenue of Tesla was 28.176 billion dollars. and transmitted securely. With recent developments due to the COVID-19 outbreak, the definition of medical waste has also changed. The Indian media has also reported various incidents of open dumping of the infectious wastes (PPE kits, masks, gloves, face shields, etc.). The BDRM is prepared by converting the diagonal entries in the final reachability matrix into 0. (1), the FDRM is converted into a stabilized fuzzy-MICMAC matrix. Also, the WASH practitioners should be adequately trained to use personal protective equipment (PPE). HHS Vulnerability Disclosure, Help World Health Organization; 2020. Tracking based supply chain (collection, storage and transportation) of HCW (TEC 2). Conducting regional specific studies may add some more dimensions to the existing list. Hence, HCW handling and management have become a crucial part in controlling the spread of the COVID-19 virus. Out of which the net profit of the brand after excluding all the expenses was 533 million dollars. It is the analysis of six major macro-environmental factors, namely political, economic, social, technological, legal and environmental factors (Oxford University Press, 2010). Analyzed the barriers to implementing sustainable practices using TISM and MICMAC approach. The Governments willingness and support are crucial for ensuring sustainable practices in any industry, especially when it is related to the handling of byproducts produced (Thakur and Mangla, 2019; Townend etal., 2009). endobj Hence, for ensuring sustainable HCWM during the COVID-19 outbreak, the implementation of dependent group dimensions requires all the other dimensions in the system to enhance their performance. The PESTEL analysis provides overview of political, economical, legal, social, technological and environmental factors that affect functioning of UK country hotel. operates in a complex and dynamic environment characterized by regulatory changes . It aids decision-making and strategic planning. Critical examination of the PESTEL Analysis Model Authors: Ronald Buye Abstract Organizations are composed of group of people working together for a common purpose to achieve desired goals .. For developing the knowledge base, six experts (shown in Table3), who are responsible for managerial and technical decision-making on implementing HCWM practices, have been involved through the structured interviews for depicting the established relationships. Moreover, the tracking based supply chain of HCW (TEC 2) should be designed to track the movement of each bag of HCW down to the supply chain from hospitals to the waste treatment facilities. The implications for the hospitals managers and waste treatment facilities have been suggested to develop the HCWM during the COVID-19 outbreak (highlighted in 5.1). It aids in SWOT analysis as well. These independent dimensions feed as the inputs for developing the sustainable HCWM system during the COVID-19 outbreak. A PESTEL analysis is a framework or tool used by marketers to analyze and monitor the macro-environmental (external marketing environment) factors that have an impact on an organization, company, or industry. ). Francis was an American scholar and Harvard professor. PESTLE analysis is a framework that describes factors of external environment that affect an organization. The findings of this paper have argued that both hotels have some strength that can be used for business growths, some weaknesses that need to be improved, some opportunities that can be achieved, and some threats that need to be protected. The lack of awareness among the people about handling the infected disposable items and poor education about handling the infectious wastes are the main hurdle for sustainable HCWM (World Health Organization, 2020; Windfeld and Brooks, 2015; Botelho, 2012). Before The latest amendments in the BMW rules, published in March 2016, where more focus was given to storage, collection, transportation, and safe disposal of the infectious wastes to protect the environment (Datta etal., 2018). The PESTEL/PESTLE Analysis model is a tool for managers to understand the influence of the external environment on businesses. It's free to sign up and bid on jobs. The recent COVID-19 outbreak has also put the healthcare services at the alarming positions worldwide. Relaxed tax structure will help the HCW handlers to set up new facilities and import the latest technologies to treat the infectious wastes with minimum carbon prints. PESTEL is a strategic analytical tool used to assess external factors affecting businesses. Curing the active cases of COVID-19 infected patients, as well as nipping the spread of the infection in the whole society, have come out as significant challenges for the World Health Organization (WHO) and all States Governments. The COVID-19 Pandemic Is Generating Tons of Medical Waste. In this blog, we will look at what a PESTEL analysis is used for as well as the advantages and disadvantages of using it in a business setting. Analyzed the barriers of implementing HCWM practices using ISM and fuzzy-MICMAC analysis. The scope of the current study is to provide the cleaner and sustainable healthcare services worldwide, while fighting against COVID-19 outbreak. Defining elements of sustainable HCWM during the COVID-19 outbreak, Step 2. <> In the present study, the fuzzy-MICMAC analysis includes the following three steps: Step 1. Modified environmental policy for fighting against COVID-19 outbreak (ENV 1). Regulatory framework will define the separate procedures and policies for handling the infectious wastes. Not only the infectious nature of the COVID-19 infected HCW, but the sudden increase in the generation rates of wastes, is also a significant challenge to the hospitals managers. These strategic factors are opportunities or threats that impact business performance relative to competitors, such as Google , Microsoft , Amazon , Samsung, IBM , Dell, HP, Sony , Lenovo, Huawei, and LG. These are systematic factors that are beyond ones control and businesses need to chart out strategies keeping the results in view to peacefully coexist and keep on gaining revenues despite the concurrent situation. Hence, considering the synergetic effects of combined PESTEL-TISM and fuzzy-MICMAC, the present study has used these tools to analyze the sustainable dimensions of HCWM during the COVID-19 outbreak. What to Consider for PESTEL/PEST Analysis. Although, the existing legislations have the provisions for handling the infectious wastes, but, sudden COVID-19 outbreak has posed many threats in terms of extra infectious wastes coming out from the infected people. These dimensions are placed at the bottom of the hierarchy and influence all other dimensions above them. Strategists seek to understand external factors and evaluate how business models will have to evolve to adapt to their environment. Sun Y., Lei L., Zhou W., Chen C., He Y., Sun J. Legal (L): The regulatory and legal compliance like consumer protection laws, environmental laws, labor laws, industrial regulations, licenses and permits, and intellectual property play a major role in shaping a companys policies and practices. TISM-Fuzzy MICMAC approach for selecting a city for smart city transformation in India. Interpretive logic of pair-wise comparisons. Autonomous group: Dimensions falling under this group will be having very low driving and dependence power. (Saeidi-Mobarakeh etal., 2020; Yu etal., 2020; Budak and Ustundag, 2017; Shi etal., 2009) but, focussing on developing the sustainable HCWM during COVID-19 outbreak is the unique contribution of the present study. Ensuring the implementation of BMW handling rules, regular audits, compiling records. The study applied a PESTEL analysis to identify the 17 dimensions of sustainable HCWM during the COVID-19 outbreak under six main dimensions: political, economic, social, technological, environmental and legal. Rao G.T., Rao V.G., Ranganathan K., Surinaidu L., Mahesh J., Ramesh G. Assessment of groundwater contamination from a hazardous dump site in Ranipet, Tamil Nadu, India. After identifying the PESTEL dimensions, the hierarchical as well as non-hierarchical interrelationships among these dimensions have been explored using TISM (Zhao etal., 2020; Zorpas, 2020). Through the PPP model structure, the disposal capacity of the treatment facilities can be enhanced and the extra burden during the COVID-19 outbreak can be managed more efficiently. PPP model for handling HCW during COVID-19 outbreak (POL 2) and financial subsidies to HCW handlers (POL 3) dimensions have been placed in the middle of the TISM model and also fuzzy-MICMAC analysis has identified these two dimensions as the most important by placing them in the linkage group (Malek and Desai, 2019). PPP model will help in setting up a quick response HCWM system and infrastructure in the COVID-19 hospitals. PPP model for handling HCW during COVID-19 outbreak (POL 2). ECDC . (2020) and Thakur and Anbanandam (2017). The company report will include its brands and competitors, with links to current news articles, court cases, and intellectual property. sharing sensitive information, make sure youre on a federal Legal factors include health and safety; equal opportunities; advertising standards; consumer rights and laws; product labeling and product safety. Zika virus outbreak on Yap Island, Federated States OF Micronesia. The PES-TLE analysis is used to sort the state of every of the panels and find which one has the most impact. Minh N.H., Minh T.B., Watanabe M., Kunisue T., Monirith I., Tanabe S. Open dumping site in Asian developing countries: a potential source of polychlorinated dibenzo-p-dioxins and polychlorinated dibenzofurans. Thereafter, the binary interpretive matrix for 17 PESTEL dimensions of sustainable HCWM, has been prepared by converting all the direct relationships as well as the significant transitive links into 1 (Zhao etal., 2020). Coca Cola holds the largest beverage market share in the world (about 40%). Appendix 4 represents the interpretive logic-knowledge base for all the interactions among the PESTEL dimensions of sustainable HCWM. Thirdly, only the qualitative inputs have been considered for representing the PESTEL dimensions of sustainable HCWM, which can be further validated by conducting the empirical study on a large scale by applying structural equation modeling (SEM). Deploying the tracking system in the bags carrying COVID-19 infected wastes, will ensure the proper records maintaining and safe handling of HCW till the final disposal. Its insurance industry remains in infancy despite being in existence for 60 years. History has witnessed the various pandemics like: SARS (Meyers etal., 2005), H5N1 (De Jong etal., 2006), H1N1 swine flu (Coburn etal., 2009), HIV (Fischl etal., 1992), Dengue (Radke etal., 2012), Plague (Rayor, 1985), Ebola (Bermejo etal., 2006), Cholera (Chin etal., 2011), Zika Virus (Duffy etal., 2009), COVID 19 (Rothan and Byrareddy, 2020), etc. ProQuest. DHL is based in more than 220 countries including Singapore, which will be the chosen country to be focused on in this essay. A nonpartisan fact tank that studies "U.S. politics and policy; journalism and media; internet, science and technology; religion and public life; Hispanic trends; global attitudes and trends; and U.S. social and demographic trends.". The healthcare organizations and pollution control boards need to adopt sustainable HCWM practices, especially during the COVID-19 outbreak, to reduce the viruss spread and protect society from the infection. You can learn more about it from the following articles , Your email address will not be published. Nestle S.A. is a Swiss food & beverage multinational company. (2017). Then, the TISM methodology developed a hierarchical digraph of all the 17 dimensions of sustainable HCWM based on the interrelationships. Internationalisation of the Spanish fashion brand Zara. The COVID-19 outbreak has put extra pressure on the hospitals to manage their infectious wastes from the treatment of corona-virus infected people. These paper overviews several theoretical . Hence, the role of reverse supply chain becomes crucial to protect the society and environment from the infectious HCW (Qdais etal., 2020; Yu etal., 2020). (2020) added that not only techno-economic assessment is required to set up a sustainable waste management system, but, also the society has a significant role in managing the COVID-19 outbreak. Economic (E): Economic factors significantly affects the business decisions related to the demand, supply, and pricing of goods or services. 4. The most significant disadvantage of the model is that PESTLE analysis is only based on an assessment of the external environment. Coronavirus Disease 2019 (COVID-19) Pandemic: Increased Transmission in the EU/EEA and the UK Seventh Update, 25 March 2020. As per Caniato etal. A PESTEL analysis is an acronym for a tool used to identify the macro (external) forces facing an organisation. Kanmani S., Gandhimathi R. Assessment of heavy metal contamination in soil due to leachate migration from an open dumping site. Strategy development in the framework of waste management. Fig. Throughout the world, steep growth has been noticed in the generation rates of the HCW, while treating the COVID-19 patients. It evaluates various threats and opportunities posed by an external environmentand devises mechanisms to deal with those threats. The BDRM matrix also ignores the transitivity relationships. Defining the contextual relationships among the PESTEL dimensions of sustainable HCWM.
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