Scenario Planning Versus Traditional Forecasting

 

Scenario Planning Versus Traditional Forecasting

 

In the process of planning for the future one needs to have this structure that you need to follow if they intention Mr materialize. In doing so there are two ways one can evaluate which approach they want to take . Making a decision that's realize do you expected future achievement is dependent on how setting tools I've been utilized in the process. They had different methods that one can use to achieve an outcome in the future which does have benefits advantages and disadvantages depending on the present if I lay shun or the person wants to follow. That is definitely a challenge of deciding which one is right or wrong but more precisely one needs to focus on which one suits them better in this situation.

 

Scenario planning – in scenario planning one focuses on utilizing information that allows you to predict the changes that may happen in the future. In preparation for all the changes that may likely happen in the future one needs to map out different scenarios or pathways if you put it that way that they will follow if setting actions align themselves. Hence this approach provides multiple outlets for an organization to follow relative to certain actions that are predicted for the future. the advantage of the scenario planning does allow want to be confident that it has multiple paths readily available to follow shoot each scenario present itself. Did this advantage of this approach is that it exploits time consuming to come up with multiple future scenarios and plan for a solution or a pathway for each. Also it is quite a prediction, hence it is uncertain if the future that is predicted and planned for will ever materialized.

 

Traditional Forecasting – In this approach of planning it is very simple straightforward and basic in the sense that he utilizes already known information to plan for future events. Clearly this makes it much easier and less strenuous to plan for the future but it does limit one almost ignore the possibility of any change in the future. So it does have a great benefit that you're looking at information or data of events that happen in the past which I'm mirrored to what is happening in the present, hence don't give confidence that such will happen in the future. This of course shows that he has a great advantage of being measured ask you pretty much see the pattern from the past to the present obviously no change what happened in the future. The critters disadvantage this has is the unknown which may possibly happen for the future. The unknown office change of events throws comfortable whereby using the forecasting planning approach nice one I'm so tired to handle situation of things that presents itself (Mortlock, 2021).

 

Below is it terrible that kind of lays out expectations limitations as well as variables that a affects the scenario planning relative to the traditional forecasting plan. It does highlight the advantages disadvantages and benefits of each one . In most cases it is very important for one to cancel that pick one that suits them or have a flexible opportunity to incorporate both if necessary.

 

Table below is from https://www.leadershipnow.com/leadingblog/2021/05/scenario_planning_vs_forecasti.html



 

References

 

Mortlock, L. (2021). Scenario Planning vs. Forecasting: 6 Questions to Ask to Prepare for a Post-Pandemic Future. https://www.leadershipnow.com/leadingblog/2021/05/scenario_planning_vs_forecasti.html

 

 

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