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

---

Definitions:

Organizational Goals

Organizational Goals are the strategic objectives that a company aims to achieve, which guide its operations and decision-making processes.

Motivation

The internal or external forces that stimulate desire and energy in people to be continually interested and committed to a job, role, or subject, or to make an effort to attain a goal.

Hiring Practices

The methods and procedures that employers use to recruit, select, and onboard new employees.

Formal Planning Processes

A structured approach organizations use to define their objectives, strategies, and actions to achieve their goals.