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Environmental Scanning & Risk Management

Environmental scanning is a process used in strategic planning that assists companies in risk management. Environmental scanning involves considering all factors in the business climate which influence a company's business operations.

  1. Factors

    • Environmental scanning includes scanning internally and externally. External factors include the economy, demographics, government actions and marketing trends. Internal factors include personnel, company structure, abilities and infrastructure.

    Purpose

    • Scans are conducted to gather information used to make strategic business plans. By performing a scan, companies can assess the environmental risks involved executing their plans. The findings of these scans allow businesses to make wise business decisions regarding future operations.

    Details

    • The findings of an environmental scan are summarized in the form of a strengths, weaknesses, opportunities and threats (SWOT) analysis. This analysis offers a good foundation for issues the company should investigate further. Companies take this information and use it for decision-making. The company looks for ways to turn the weaknesses into strengths and the threats into opportunities.

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