| Scenario planning is identifying a specific set of uncertainties, or different “realities” of what might happen in the future of your business. It sounds simple, and possibly not worth the trouble or specific effort, however, building this set of assumptions is probably the best thing you can ever do to help guide your business in the long term. Farmers, for example, use scenario planning to predict whether the harvest will be good or bad, depending on the weather. It helps them forecast not just their sales but also their future investments. Military institutions use scenario planning in their operations to cope with unlikely situations, anticipating the consequences of every event. In this case, scenario planning can mean the difference between life and death. |
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