Question 1

One ground rule necessary for effective brainstorming is

Accepted Answer

Brainstorming is a free-flowing process in which participants are encouraged to generate as many ideas as possible without judging or evaluating them. The purpose of brainstorming is to generate a large number of ideas in a short amount of time. Therefore, it is important to propose ideas without mentally screening them.

Question 2

Trend extrapolation is

Accepted Answer

Trend extrapolation involves extending present trends into the future. It does not involve intuition or hunches, asking authorities to make guesses, conceptualizing alternative futures, or detecting faulty assumptions.

Question 3

A study of nearly 500 of the world's largest corporations indicated which of the following to be the most widely practiced form of forecasting?

Accepted Answer

Trend extrapolation is the most widely practiced form of forecasting according to a study of nearly 500 of the world's largest corporations. This technique involves analyzing past trends and projecting them into the future to make predictions.

Question 4

Over ________ of large companies use trend extrapolation for forecasting.

Accepted Answer

According to various sources, around 70% of large companies use trend extrapolation as a forecasting method.

Question 5

Faulty underlying assumptions are the most frequent cause of forecasting errors.

Accepted Answer

Faulty underlying assumptions can lead to incorrect predictions, as they form the basis of the forecast. It is essential to verify and update assumptions regularly to improve the accuracy of forecasting.

Question 6

A non-quantitative approach to forecasting that requires simply the presence of people with some knowledge of the situation to be predicted to propose ideas without first mentally screening them is called

Accepted Answer

The non-quantitative approach to forecasting that requires simply the presence of people with some knowledge of the situation to be predicted to propose ideas without first mentally screening them is called brainstorming. The Delphi technique involves multiple rounds of anonymous surveys and feedback to arrive at a consensus forecast, simulations involve creating a model to simulate possible outcomes, signal monitoring involves tracking various indicators to anticipate changes, and scenarios involve constructing narratives about a range of possible futures.

Question 7

________ rests on the assumption that the world is reasonably consistent and changes slowly in the short run.

Accepted Answer

Extrapolation is a technique that is based on the assumption that the past behavior of the variable being studied will continue into the future. This assumption rests on the belief that the world is reasonably consistent and changes slowly in the short run, which is necessary for a reliable projection.

Question 8

Extrapolation rests on the assumption that the world is relatively dynamic and changes quickly in the short run.

Accepted Answer

Extrapolation is based on the assumption that trends in data will continue in the same direction in the future. It does not assume that the world is dynamic and changes quickly in the short run.

Question 9

Regression analysis is an example of which quantitative forecasting technique?

Accepted Answer

Regression analysis is a statistical modeling technique that is commonly used for forecasting.

Question 10

Statistical modeling is a quantitative forecasting technique that attempts to discover causal or at least explanatory factors that link two or more time series together.

Accepted Answer

This statement is true. Statistical modeling involves using data analysis tools and methods to build mathematical models that can help explain and predict the relationship between variables, including time series data. These models can be used to discover patterns, trends, and relationships that can inform decision-making in a variety of fields, from finance and economics to health and social sciences.

Question 11

The most widely used forecasting technique used after trend extrapolation is

Accepted Answer

The answer of The most widely used forecasting technique used...

Question 12

A.C.Nielsen is an example of an outside organization providing a firm with competitive intelligence.

Accepted Answer

A.C. Nielsen is a market research company that provides firms with competitive intelligence on market trends, consumer behavior, and competitor strategies.

Question 13

Which one of the following is not part of the process of developing industry scenarios?

Accepted Answer

Generating at least 15 scenarios is not part of the process of developing industry scenarios. However, the other options listed (examining societal variables, identifying uncertainties in the task environment, making assumptions about future trends, and analyzing the industry situation under each scenario) are all integral components of the process.

Question 14

An industry scenario is a forecasted description of a particular industry's likely future.It is developed by analyzing the probable impact of future societal forces on key groups in a particular industry.

Accepted Answer

An industry scenario is indeed a forecasted description of a particular industry's likely future, developed by analyzing the probable impact of future societal forces on key groups in a particular industry.

Question 15

Discuss the most commonly practiced form of forecasting.

Accepted Answer

The answer of Discuss the most commonly practiced form of...

Question 16

In the EFAS Table,the indicator of how well a particular company is responding to current and expected factors in its external environment is characterized by the

Accepted Answer

The total weighted score in the EFAS (External Factor Analysis Summary) table indicates how well a company is responding to current and expected factors in its external environment.

Question 17

To combat the increasing theft of company secrets,the U.S.government passed the Economic Espionage Act in 1996.

Accepted Answer

The statement is true. The Economic Espionage Act was indeed passed by the U.S. government in 1996 to combat the theft of trade secrets.

Question 18

The technique recommended by the text to organize an analysis of external strategic factors is called

Accepted Answer

The text recommends the EFAS (External Factor Analysis Summary) technique for organizing an analysis of external strategic factors. The other options listed are techniques for analyzing internal factors (IFAS), creating a strategic plan (SWOT), or prioritizing issues (the issues priority matrix). The SFAS (Strategic Factor Analysis Summary) technique is not mentioned in this context.

Question 19

Define competitive intelligence.

Accepted Answer

The answer of Define competitive intelligence....

Quiz 4: Environmental Scanning and Industry Analysis