![]() Identify the key issue or questionįigure out what question is at the core of your uncertainty.įor example, 49% of executives plan to make big investments in technology over the next few years. Plus, you’ll get insight into which strategies will likely have a positive impact regardless of the uncertain future. These steps are the most logical way to get from total uncertainty about the future to anticipating a few specific scenarios.Īt the end, you’ll have a few different scenarios and action plans for possible futures. We’re here to walk you through a scenario planning exercise step-by-step. If you’re feeling a little overwhelmed at the thought of trying to predict even part of the future, never fear. You’ll mitigate risk, protect your business, and be primed for catching good opportunities at the right time. Thinking through possible futures like this means you’ll be able to react more quickly to changing circumstances. They can identify uncertainties - such as resource availability due to the COVID-19 pandemic, the success or failure of other business initiatives, and approval from key stakeholders.Īnd it’s not just for predicting worst-case scenarios - it’s just as useful for making a plan for a positive impact on your business too. Project managers might use scenario planning to try to avoid losing an average of 37% of their budgets due to failures. Scenario planning helps stakeholders at these organizations understand what technologies might pose the biggest threat or challenge to them, and plan ahead to address those challenges. Scenario planning can take place at any level of an organization, from a specific long-term project to strategic planning for the business as a whole.įor instance, 51% of organizations are planning to take action in the next 12 months on emerging technologies that will have a business impact. It’s a good idea to track these possible strategies in a project management software or another tool - where tasks and project objectives can be easily updated as the future unfolds. These action plans are kept on file so teams and businesses can shift at the first sign that one of the different scenarios may be playing out. Then, you’ll create an action plan for a few possible outcomes. You come up with some “what if” scenarios and follow them to their logical end to understand their impact on your business. Get started What is scenario planning? Scenario planning is a business exercise that helps you think through critical uncertainties and anticipate problems in the future of your project, strategy, or organization.Įssentially, it’s sort of like researched storytelling. And along the way, we’ll give you the inside scoop on how - that’s us - can make your scenario planning efforts so much easier. Scenario planning takes some time and effort, but this guide is here to walk you through every step. You can make changes faster, giving your business a competitive advantage. Plus, you can figure out the early warning signs for any big change. Then, you’ll look for strategies and action plans that make the most sense in any given scenario. Scenario planning helps you and your team think through everything that influences your project or business. But we can tell you about a handy little process that gets you closer to predicting and planning for the future. We can’t offer you a crystal ball that will give you all of the answers. Will you get that promotion? Is this new restaurant worth your time? Should you bring a jacket? Will a global pandemic completely change the way we live? It’s not hard to think of a million reasons why predicting the future would be useful.
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