When Companies Like Home Depot and Lowes Analyze the External

question 74

True/False

When companies like Home Depot and Lowes analyze the external environment they are trying to understand how demographic trends might impact future profitability.

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Definitions:

Scientific Study

The systematic investigation and exploration of natural phenomena, typically involving experimentation and observation to gather evidence and establish facts.

Job Analysis

The process of gathering, documenting, and analyzing information about job duties, responsibilities, necessary skills, outcomes, and work environment of a specific job.

Workforce Planning

The process used by managers to determine their needs with regard to human resources including retaining their talented employees, promoting employees, as well as removing poor performers.

Critical Elements

Fundamental components or aspects that are essential for the success or effectiveness of a system, process, or strategy.