Use of Scenario Planning By Managers
The basic concepts of the process are relatively simple. In terms of the overall approach to forecasting, they can be divided into three main groups of activities (which are, generally speaking, common to all long range forecasting processes):
- Environmental analysis
- Scenario planning
- Corporate strategy
The first of these groups quite simply comprises the normal environmental analysis. This is almost exactly the same as that which should be undertaken as the first stage of any serious long-range planning. However, the quality of this analysis is especially important in the context of scenario planning.
The central part represents the specific techniques - covered here - which differentiate the scenario forecasting process from the others in long-range planning.
The final group represents all the subsequent processes which go towards producing the corporate strategy and plans. Again, the requirements are slightly different but in general they follow all the rules of sound long-range planning.
Read more about this topic: Scenario Planning
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