Scenario Planning Final.edited

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Running head: CONTINGENCY PLANNING 1

Contingency Planning

Student’s Name:

Institutional Affiliation:

CONTINGENCY PLANNING 2

Contingency Planning

The current business world is very dynamic and requires flexibility in management to

cope up with emerging business needs. Scarinci (2014) defines contingency planning as

strategic processes organizations establish to battle business uncertainties impeding routine

activities. The major elements of contingency planning are business continuity planning

which detail actions to be employed should a particular risk strike and scenario planning and

scenario planning which explores possible future events and how to counter them for long

term business sustainability (Ali & Luther, 2020). This paper will major in discussing

scenario planning, its importance, considerations to make while implementing it and give

examples of the common types of scenario planning.

Benefits of Scenario Planning

The first importance of scenario planning is that it allows for holistic planning.

According to Amer et al. (2013), scenario planning gives an all-round future planning as it is

inclusive enough of key events and situations that would affect the position of a firm in the

long-term. Scenario planning outlines the implications of the proposed courses of actions. Ali

& Luther (2020) highlight that a well-executed scenario planning provides the consequences

to every course of action taken in combating an uncertainty. Clearly outlined effects of

various courses of action increase the decision-making acuity.

Scenario planning acts as a guide to fall back to when making non-emergency

decisions (Ali & Luther, 2020). It is evident that employees stay in a frim cannot always be

guaranteed. Therefore, the detailed copy of a scenario plan might come handy and guide the

organization when befell by the predicted predicament. Moreover, scenario planning acts as a

record for future reference for decision making. Amer et al. (2013) point out that scenario

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Running head: CONTINGENCY PLANNING Contingency Planning Student’s Name: Institutional Affiliation: 1 CONTINGENCY PLANNING 2 Contingency Planning The current business world is very dynamic and requires flexibility in management to cope up with emerging business needs. Scarinci (2014) defines contingency planning as strategic processes organizations establish to battle business uncertainties impeding routine activities. The major elements of contingency planning are business continuity planning which detail actions to be employed should a particular risk strike and scenario planning and scenario planning which explores possible future events and how to counter them for long term business sustainability (Ali & Luther, 2020). This paper will major in discussing scenario planning, its importance, considerations to make while implementing it and give examples of the common types of scenario planning. Benefits of Scenario Planning The first importance of scenario planning is that it allows for holistic planning. According to Amer et al. (2013), scenario planning gives an all-round future planning as it is inclusive enough of key events and situations that would affect the position of a firm in the long-term. Scenario planning outlines the implications of the proposed courses of actions. Ali & Luther (2020) highlight that a well-executed scenario planning provides the consequences to every course of action taken in combating an uncertainty. Clearly outlined effects of various ...
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Tags: computer science business management Contingency Planning emerging threats scenario planning