Based on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works. Implications Early Warning Signals
Based on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works. Implications Early Warning Signals
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Based on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works.
- Implications
- Early Warning Signals
![A SCENARIO FRAMEWORK is a 2x2 matrix
made up of the two critical uncertainties with
high vs. low spectrums. The two axes create four
different scenarios to be addressed, such as high
regulatory environment/low brand image and low
regulatory environment/low brand image.
53
SCENARIOS are based on the four quadrants
and represent plausible visions of the
potential future. There are no "right" or "wrong"
scenarios. Instead, they are viable outcomes meant
to force participants to think about factors that
could change the future of the company.
6 NARRATIVES are written descriptions or stories
about each scenario. They should be logical,
consistent with the scenario, and be persuasive to
stretch people's thinking. Each narrative should also
link the scenario back to the present time and how
the world got there. The narrative basically tells the
story as if it had already happened.
IMPLICATIONS are ways to deal with each of
the scenarios. Participants go back to the key
focal issue to identify the company's strengths,
weaknesses, and options to address gaps in
capabilities for the different scenarios.
EARLY WARNING SIGNALS are leading
O indicators suggesting which scenario(s) is (are)
most likely. Good early warning indicators help
companies assess their readiness and make course](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e067029-99c4-4bb1-be82-8f450ae7592b%2F6254a25d-6bf9-47dd-8490-4ac7a33daa7f%2F6c4mgfq_processed.png&w=3840&q=75)
Transcribed Image Text:A SCENARIO FRAMEWORK is a 2x2 matrix
made up of the two critical uncertainties with
high vs. low spectrums. The two axes create four
different scenarios to be addressed, such as high
regulatory environment/low brand image and low
regulatory environment/low brand image.
53
SCENARIOS are based on the four quadrants
and represent plausible visions of the
potential future. There are no "right" or "wrong"
scenarios. Instead, they are viable outcomes meant
to force participants to think about factors that
could change the future of the company.
6 NARRATIVES are written descriptions or stories
about each scenario. They should be logical,
consistent with the scenario, and be persuasive to
stretch people's thinking. Each narrative should also
link the scenario back to the present time and how
the world got there. The narrative basically tells the
story as if it had already happened.
IMPLICATIONS are ways to deal with each of
the scenarios. Participants go back to the key
focal issue to identify the company's strengths,
weaknesses, and options to address gaps in
capabilities for the different scenarios.
EARLY WARNING SIGNALS are leading
O indicators suggesting which scenario(s) is (are)
most likely. Good early warning indicators help
companies assess their readiness and make course
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Understanding Business](https://www.bartleby.com/isbn_cover_images/9781259929434/9781259929434_smallCoverImage.gif)
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
![Management (14th Edition)](https://www.bartleby.com/isbn_cover_images/9780134527604/9780134527604_smallCoverImage.gif)
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
![Spreadsheet Modeling & Decision Analysis: A Pract…](https://www.bartleby.com/isbn_cover_images/9781305947412/9781305947412_smallCoverImage.gif)
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
![Understanding Business](https://www.bartleby.com/isbn_cover_images/9781259929434/9781259929434_smallCoverImage.gif)
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
![Management (14th Edition)](https://www.bartleby.com/isbn_cover_images/9780134527604/9780134527604_smallCoverImage.gif)
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
![Spreadsheet Modeling & Decision Analysis: A Pract…](https://www.bartleby.com/isbn_cover_images/9781305947412/9781305947412_smallCoverImage.gif)
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
![Management Information Systems: Managing The Digi…](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780135191798/9780135191798_smallCoverImage.jpg)
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
![Business Essentials (12th Edition) (What's New in…](https://www.bartleby.com/isbn_cover_images/9780134728391/9780134728391_smallCoverImage.gif)
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
![Fundamentals of Management (10th Edition)](https://www.bartleby.com/isbn_cover_images/9780134237473/9780134237473_smallCoverImage.gif)
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON