Enterprise Environmental Factors
This is a very common input into the PMBOK Guide’s processes and can cover a lot of ground. They are all the environmental factors that surround and influence your project. If you want to make sure your project succeeds then you will need to be familiar with many different factors within your company and some other external factors that will eventually have an influence on your projects.
It’s a good idea to invest some time searching on your company’s organizational structure and how each of the different departments operates. This will give you a good overview on how your company works and it will let you consider those processes while making your plans. You should also be familiar with your company’s overall strategy and make sure that your projects always support your company’s strategic objectives.
Market conditions can also play a special role within your plans. If you are aware of the overall state of the marketplace for your project like knowing how well your product will sell on the market to make a profit then you can always plan right about it. You may also need to bring some external products or services to your project, and then you must know how much they cost, their availability, and who provides them in order to estimate the cost on your project.
There are some policies and regulations within your company that you will sure have to know and consider. If your company requires you to follow strict documentation rules and specifications you must take that into consideration. You must also pay attention into your company’s personnel administration policies such as the outsourcing policy. There could also be special laws where the work is being performed or where the product will be sold and don’t forget that government regulations on the product or service you are creating will affect your project.
Your stakeholders have a certain risk tolerance, there’s a certain degree of risk they will withstand. They may be high tolerant to risk and that may allow you to worry a little bit less about risk management, but if they are not tolerant about risk then they will influence on how we plan and execute risk management.
Enterprise Environmental Factors are important and you must consider these factors while planning and get to know how they will influence your project.