Why does external analysis usually start with the macro$-$environment & proceed to industry analysis?

A$)$ This is just a convention that has developed over time. It does not matter what order the analysis is done in

B$)$ Because managers know about the operating environment already but need to study those issues they do not interact with on a daily basis such as PEST factors.

C$)$ Because it is important that the data on the operating environment data is very up$-$to$-$date so this should be collected last.

D$)$ Because knowledge of the wider environment facilitates a more grounded interpretation of the operating environment as the wider context shaping the industry. is understood better