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Scenario planning is as much art as science, and prone to a variety of traps (both in process and content) as enumerated by Paul J. H. Schoemaker. [14] More recently scenario planning has been discussed as a tool to improve the strategic agility, by cognitively preparing not only multiple scenarios but also multiple consistent strategies. [10]
Instead, scenario planning is a technique in which multiple outcomes can be developed, their implications assessed, and their likeliness of occurrence evaluated. According to Pierre Wack, scenario planning is about insight, complexity, and subtlety, not about formal analysis and numbers. [61]
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
The model for such an exercise is what the investment management company Pimco did in the 2008 financial crisis, just before what came to be known as Lehman Weekend.
This will include planning-centric software and the tools to support strategic and tactical planning for and across the enterprise, such as: strategy formation and scenario planning software (for example, supporting Sales and operations planning process) performance measurement and evaluation software; project management software
Soldiers training for a worst-case scenario prepare for a simulated underwater helicopter crash. A worst-case scenario is a concept in risk management wherein the planner, in planning for potential disasters, considers the most severe possible outcome that can reasonably be projected to occur in a given situation.
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Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
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