Into the Future
Imagine that you are a manager in the construction industry in Perth, Australia.Recently, Perth has been experiencing rapid growth, bringing with it increased demand for construction and increased competition.Furthermore, the increasingly conservative Western Australian state political environment has been easing restrictions on public land use and, in general, been very friendly toward most businesses.However, there is an election coming up that could change these relations and the economy could change rapidly, strongly affecting the construction industry.You are trying to forecast the future to decide what directions the company should pursue.
-Refer to Into the Future (Scenario).As manager, your screening of large amounts of information in order to detect emerging trends in the construction industry and create scenarios is known as ________.
A)competitor intelligence
B)customer evaluation
C)econometric models
D)environmental scanning
E)time-series analysis

Question

Quizplus · Accepted Answer

Environmental scanning refers to the process of gathering and analyzing information about external factors that can affect a business or industry, such as economic trends, political changes, social attitudes, and technological advances. As a manager in the construction industry, you need to engage in environmental scanning in order to detect emerging trends and develop insights into the future direction of the industry. Competitor intelligence and customer evaluation are important activities as well, but they focus more narrowly on specific aspects of the business environment. Econometric models and time-series analysis are techniques for analyzing data, but they are not the same as the process of scanning the environment for emerging trends.

Into the Future Imagine That You Are a Manager in the Construction Industry