Environmental scanning is the process of acquiring , interpreting and controlling flows of environmental information by the organizations in order not to be blindsided by threats, unprepared for opportunities, or ineffective in managing interdependencies with resource controllers and other important stakeholders. High velocity environment refers to a phenomenon in industries that exhibit perpetual state of change. The change triggering events are so dramatic that major portions of prior cognitive frameworks of the environment, which are traditionally highly resistant to change, are rendered ineffective in helping managers make sense of and act within the environment. In high velocity environments, quick adaptation to the environmental changes which in turn require quick noticing and interpretation of the environment stimuli, is a prerequisites for survival. This paper tries to understand the process of noticing and interpreting environment in an organization in a high velocity environment with the help of cognitive perspective of the environment where organizations enact on their environment.