Final answer:
Key environmental forces that influence project management and product life cycles include technological advancements, market structure and competition, consumer demands, economic conditions, government policies, and environmental impacts like weather and climate.
Step-by-step explanation:
The key environment forces that affect the management of projects and the life cycle of a product include:
- Technological advancements: As new technologies emerge, they can greatly influence product development cycles and project management strategies.
- Market structure and competition: The degree of competition in an industry determines how quickly a company must move to innovate and bring new products to market.
- Consumer demands: Changing consumer preferences can drive companies to adapt their products and can influence the environmental impact of production.
- Economic conditions: The overall economic climate can influence project budgets, timelines, and prioritization.
- Government policies and regulations: These can directly affect how projects are managed and how products are designed, especially in terms of compliance and environmental standards.
- Environmental impacts: Factors such as weather, climate change, and natural resources availability can alter production costs and project timelines.
For instance, engineers often multitask to meet deadlines, which are crucial for project success. Missing a deadline might mean missing a significant market opportunity, such as in the case of bringing a new video game controller to market before holiday season, or before competitors do. Similarly, in agriculture, changes in weather and climate can affect the cost of production, which in turn affects supply. Therefore, firms must be vigilant and adaptive to these external environment forces.