Refer to the Scenario Below to Answer the Following Questions

question 61

Multiple Choice

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

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Definitions:

Hypochondriac

A person excessively worried about having a serious illness, often with no basis for such concerns.

Lumbar

Relating to the lower part of the back or the lower spine between the thoracic spine and the sacral region.

Iliac

Pertaining to the ilium, the largest bone of the pelvis.

Hypogastric

Relating to the lower middle region of the abdomen, beneath the umbilical region.