Socioeconomic influences

According to PMBOK, socioeconomic influences include a wide range of topics and issues. The project management team must understand that current conditions and trends in this area may have a major effect on its project: a small change here can translate, usually with a time lag, into cataclysmic upheavals in the project itself. Of the many potential socioeconomic influences, several major categories that frequently affect projects are described briefly below.