Sample of Australian Client.doc - Running head SCENARIO PLANNING 1 Scenario Planning Student Name Name of University SCENARIO PLANNING 2 Scenario

Sample of Australian Client.doc - Running head SCENARIO...

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Running head: SCENARIO PLANNING 1 Scenario Planning Student Name Name of University
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SCENARIO PLANNING 2 Scenario Planning Literature Review There is a considerable variety in the history of scenario planning. It has been helping the managers since ages so that they can make decisions for a current time by having in mind the possibilities for the future. Such possibilities are appropriate and in the best interest o managers, environment and overall safety when the future is more predictable with less amount of uncertainty. The most important thing that remains in the outside world in this situation is the complex nature of change taking place in the business surrounding. The managers have to deal with such a change and then manage the scenarios accordingly. Scenario planning is a type of strategic planning in which the unpredictabilities are handled with the help of proper structuring. So, if the managers are concerned about the chances of improvement in the business environment so that it can prosper in turbulent times, scenario planning is considered as the best possible solution for such situation (Ringland & Schwartz, 1998). Especially in the 21 st century, the adaptation of the businesses according to the changing scenario of an environment has become a significant challenge for the managers. This is essential for the longevity and survival of the organisations (Burt et al., 2006). A study conducted by Burt et al. (2006) indicates how scenario planning takes part in the exploration of the environment while considering the role of PEST analysis which includes the components of political, environmental, social as well as technological aspects. The limitations that may apply to these approaches along with the alternative frameworks that can be used for these approaches are discussed here. This is really important for the understanding and analysis of the surrounding environment as well as it becomes easy to adapt according to the situation and environment. This research uses a case study example for illustrating the advantages that might occur because of scenario planning.
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SCENARIO PLANNING 3 Another study conducted by Peterson et al. (2003) focused on the decisions that are taken in a conservative manner so that people can act according to their expectations for the future. There limited expectations in this highly unpredictable world and there are huge chances of getting the expectations wrong in this world. By the help of scenario planning, a flexible approach is formulated so that the framework for conservative policies can be made. This is most important when the companies are encountered with the irreducible and uncontrollable uncertainties. In scenario planning, there are multiple contrasting scenarios observed to analyse the future values of the decisions that the company is about to take. This is the best way of analysing the huge amount of information available in a systematic manner for the shared understanding patterns. There are
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