Question

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1. Factor X, an unpredicted event impacting on the economy, potentially has the ability to render an external environment review obsolete overnight. For example, the 1997– 98 ‘Asian currency meltdown’, the bursting of the dot-com bubble in 2001 and the global financial crisis (GFC) that commenced in 2008 and the outbreak of coronavirus in 2020 turned economic forecasts on their head . The entire outlook for many industries changed dramatically, as news of economic doom and gloom emerged as a result of each of these crises. Given the uncertain nature of forecasting the future.

Questions:

1. What can be done to align strategies to the fluid nature of the external environment?
2. How reliable is any review of the external environment?

Answer 1

a)Answer:

As we know unpredictable can be describe something that's unexpected or not known in advance. If we take the example of corono virus, it is an unpredicted event which impact not only any particular geographical region but impact on the worlds whole econmy . Now the question arises "
What can be done to align strategies to the fluid nature of the external environment?"Elements of the external environment include the economy, changes in technology, regulation, competition, socio-economic factors, and others. Several areas within the organization influence HR activities, including top management, organizational strategy and culture, technology, structure, and size.
For this purpose the government of all countries shoud prevent the economy of their own countries..if we will take the example of US or canada, they must follow their strategies which are below described to escape or prevent their econmy.
Frist of all the government shold take the major setps for the peoples of country to save their lives.because masses or manpower is the fundamental source of income,as we know everything depends upon the masses..and without population any territory is useless. For this purpose government should invest more and more for medical equipments like masks, sanitizer s and so on.
The government should start on line education system throughout the whole country because education plays a vital role for the upliftment of any country so education should be safe there.
The government should start a unique system of shoping particularly for daily needs goods.so that the economy could run contineously.
The people of the nation should eat less as possible it can be and let eat to others.
The govt should the government should produce more and more good only those which are essential for present situation according to the demand of people.
The government shold reduce or increase the tax rates so that everyone can fullfill his basic and essential needs of life. As we know there are many people in country who belongs to poverty and when a disaster situation arises there it is obligatory upon government to prosper them.
There are many people in every country who keeps resdy themselves for the sacrifice of country.,the government should find those people and make an volunteer orgization ,to give them opportunities to save their nation.
It is also one of the duty of citizens to protect and safe the nation, government must announced though media that all its is the duty of all the citizens to protect themselves as well as other as possible.
The government should use all the military or other armed forces to dealt with the bad situation or environment of country
The government should cut off some salry of employees (for instance 1,2,or 3 days of month,whatever ) for the safety of nation.
All the richests should give aid the nation to cope with the external or internal situation.
Hope all the above mentioned poitnts will help the world or nation to cope with internal as well as external situation or environment. Fir some time the re should created or there should arise economic crisis but within no time the nation will progress rapidly.

b)answer
As we know the internal situation or environment of country impacts the external situation or environment. During any unpredicted event the situation of country goes worse day to day.External environment plays a critical role in shaping the future of entire industries and those of individual businesses. To keep the business ahead of the competition, managers must continually adjust their strategies to reflect the environment in which their businesses operate.

It is a useful exercise to do an external analysis at the start of the strategy review process. We should gather all of information together to do analysis. After the analysis, we will get an overview of the environment that our business is in, the factors that may affect it, and the issues that require attention in the strategy. In such a type of environment as we mentioned above the situation effect all the country or components of economy less or more. If we talk about the Covid-19 ,its effects wholly all the the economy units in the world.
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