Scenario D: Use the information in the following paragraph to answer the four qu

Question

Scenario D: Use the information in the following paragraph to answer the four questions that follow.

Jane works for a small company, which processes and cans tomatoes and other vegetables. She reports to the CFO. It is her job to predict the costs of raw materials for the next five years. She uses various research sources including the media to learn who the competitors are and what they have been doing. In fact, she subscribes to an analyst e-newsletter that tells her about crop availability and weather conditions all around the globe. Every month she develops a spreadsheet for her boss indicating the type of weather conditions expected in each area of the world and, thus, the availability of particular crops and likely costs of these vegetables. She is also involved in a team that is investigating how to cut canning costs. They have recently met with Allen Cans Corp., a company that manufactures and cans pickles, sandwich toppings, and jams. Allen Cans is considered the top company in the canning industry. Jane’s team is comparing their processes to those of Allen Cans to see how they might improve.

The spreadsheet that Jane creates gives her a chance to use

Question 20 options:

forecasting.

competitive intelligence.

environmental scanning.

benchmarking.

scenario development.

forecasting.

competitive intelligence.

environmental scanning.

benchmarking.

scenario development.

Explanation / Answer

Before answering, let us first understand the meaning of every term mentioned in the options:

Forecasting: It refers to the process of making predictions about the future of the variables under study and finding out how will they change in the near future.

Competitive Intelligence: it is a process of collecting information about the competition present so that the company can use that information and hence compete better in the near future.

Environmental Scanning: it refers to the process of scanning the internal as well as external environment of the business using different techniques such as SWOT analysis, PESTLE analysis etc.

Benchmarking: it refers to setting the benchmark for the company by identifying the company who is performing best and then comparing the functions with that company.

Scenario Development: it is a techniques which helps in making different combinations of various factors and then framing the entire picture of the environment for the firm.

In the above case, Jane has created a spreadsheet that indicates the weather conditions and availability of crops and their likely costs. With the help of the spreadsheet, scenario development is possible. As it gives combinations of different factors (weather conditions and availability of the crop).

Hence the answer is Scenario Development.

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