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 Major Environmental Factors That Impact International Project Selection | PM Tools - PM Tools

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Major Environmental Factors That Impact International Project Selection

A company that chooses to implement an international project is obligated to conduct a thorough research in order to understand if such project is viable and can be brought to life in a certain country. Numerous factors have to be taken into consideration and investigated; it has to be done objectively from the point of view of the host country in which business will be performed. Thus the home company can ensure the realization of the project in specified terms with regards to projected profits and spending funds.

While analyzing foreign environment companies have to pay close attention to various factors that will effect, or help if used efficiently, future success of business in a new economy. First of all it is necessary to carefully examine the firm’s competitive position and understand if a project is able to bring profit in the global industry. Adequate financial resources, successful global ventures in the past, risk levels that a company is able to undertake and growing international demand are those few questions that need to posed before a firm can make any projections as to doing business abroad. There are also factors that are directly connected to specific projects and situations and that influence the outcome of the venture and have to be considered.

In case when a company is ready to start international project in terms of its internal situation, it has to study issues and challenges that are caused by macro economical and other environmental factors. Legal and political factors are essential for the implementation of the project abroad and each country has its own laws and regulations that could be of negative or positive influence which greatly depends on the nature of business. Economic condition of the host county is a core issue in deciding where and when project will be carried out and if it is feasible at all. Such environmental issues as GDP, inflation fluctuations and population growth have to be considered in order to comprehend conditions in which business will operate. Infrastructure and geography are among other factors that will affect the project or not allow its execution in case a host county has severe weather conditions or undeveloped infrastructure; for instance unpaved roads and no electrical power can easily fail the project in the very beginning and thus knowing such conditions is necessary. Security of the country in which project will be developed is essential as well, people make things happen and if they are in a dangerous environment it is priory impossible to do business. Workers who are knowledgeable about cultural differences in a host country are more likely to perform successfully as traditions and holidays can play a huge role in certain marketing campaigns and serve for the good image of the company.

Working in a foreign country requires a great deal of preparation and assessment of all possible differences that business is about to encounter. As was already said major role is deciding whether of not the project will be successful is comprehending macro environment of a new country. Studying its economical condition, security levels and infrastructure system is a core competence of a company who wants to be more successful that its competitors. In case when all of those factors are studied and considered advantageous for a new enterprise it is important to bear in mind that cultural differences can make all efforts void. Thus such countries as the United States must attentively analyze what changes have to be made in the business plan and what people are best suit for the its implementation. Often companies hire professionals already experienced in such ventures with foreign education who speak two or more languages. Those intermediaries who are familiar with host country’s traditions and have social connections are great helpers in establishing a good image of the company abroad and in avoiding mistakes in a setting up period.

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