Refer to the scenario below to answer the following questions.
Forecasting (Scenario)
Imagine that you are a manager in the construction industry in Calgary, Alberta. Calgary has recently been experiencing rapid growth, bringing with it increased demand for construction services and more intense competition. The provincial government has been easing restrictions on public land use and has promoted a business-friendly environment to attract more corporations to the area. Furthermore, the oil business is booming, and there is a severe shortage of housing and worker accommodations in the oil-producing regions. However, you are also aware of how quickly these factors can change and the impact that a change in government or a decline in the price of oil can have on the construction industry. Given these considerations, you try to develop a forecast to help plan your company's future.
-You begin to screen large amounts of information to anticipate and interpret changes in the environment. This is a technique called __________.
A) competitor analysis
B) environmental scanning
C) benchmarking
D) qualitative forecasting
E) time series analysis

Question

Quizplus · Accepted Answer

Environmental scanning is the technique of screening large amounts of information to anticipate and interpret changes in the environment. The other options, such as competitor analysis and benchmarking, are more specific techniques that do not encompass the entire process of developing a forecast. Qualitative forecasting and time series analysis are specific types of forecasting techniques, but they do not necessarily involve the initial process of gathering and interpreting environmental information.

Refer to the Scenario Below to Answer the Following Questions