Learning Kit #11 - W5Q4 - Socio Economic Impact Study

SOCIO-ECONOMIC IMPACT STUDY

• Focus: Examine the socio-economic impacts on business and industry.

• Purpose: Understand community effects and make recommendations.

OBJECTIVES

• Understand how socio-economic factors affect business and industry.

• Evaluate business impacts on the community.

• Formulate recommendations to minimize negative impacts and maximize positive impacts of businesses.

COMMUNITY ENGAGEMENT

• Reflect on visual representations of community and socio-economics.

• Engage in discussions to deepen understanding.

SUSTAINABLE DEVELOPMENT GOALS (SDGs)

• Analyze the SDGs from the 2030 Agenda.

• Identify critical SDGs needing urgent attention.

• Link government programs with relevant SDGs.

SOCIOECONOMICS OVERVIEW

• Definition: Study of how economic activity is influenced by social processes.

• Focus Areas:

  • Social, cultural, and economic impacts on society.

  • Interaction between social and economic factors and environmental effects.

MEASURING SOCIO-ECONOMIC IMPACT

• Importance: Businesses measure socio-economic impacts to maintain operations, improve environments, and innovate.

• Tools: Diverse tools exist with varying assumptions and focuses.

SUSTAINABLE DEVELOPMENT IN DEPTH

• Definition: Meeting present needs without compromising future generation needs.

• Key Concepts:

  • Essential needs of the poor take priority.

  • Limitations imposed by technology and social organization on environmental capacity.

THREE PILLARS OF SUSTAINABLE DEVELOPMENT

• Social Pillar:

  • Focus on community and stakeholders (employees, consumers).

  • Business sustainability relies on community support.

• Environmental Pillar:

  • Concern for natural resources and efficient use to meet present and future needs.

  • Industries to consider environmental impacts, e.g., energy production and large mining.

  • Innovations: Shift to energy-efficient processes and eco-friendly products (e.g., hybrid cars).

• Economic Pillar:

  • Emphasizes the effective management for profitability.

  • Balancing profit with societal and environmental considerations.

SOCIOECONOMIC STUDY COMPONENTS

• Aim: Assess sustainability impact of programs/business ventures.

• Key Questions:

  • Does the action benefit all community segments?

  • Are benefits long-term?

IMPORTANCE OF SOCIOECONOMIC IMPACT STUDY

• Creating Awareness:

  • Informing community about developments and potential societal impacts reduces conflicts.

• Effectiveness Check:

  • Assessing effectiveness of policies/projects like an inspection.

• Community Feedback:

  • Essential for adjusting policies and understanding service demands and trends.

  • Inform business product development based on social changes.

STEPS IN CONDUCTING A SOCIOECONOMIC IMPACT STUDY

1. Define study scope.

2. Identify data collection methods.

3. Analyze data and present findings.

LEARNING REINFORCEMENT

• Task: Conduct a socio-economic impact study on banning plastic use.

• Objective: Gather community sentiment and government perspectives.

• Deliverable: Create a quality questionnaire/survey for data collection.

EVALUATION

• Multiple-choice questions based on learning materials.