article thumbnail

Scenario Planning vs. Forecasting: 6 Questions to Ask to Prepare for a Post-Pandemic Future

Leading Blog

There is often confusion between scenario planning and forecasting, with the terms used interchangeably and inconsistently. Scenario planning is focused on the future and involves defining different stories behind different paths that will lead to that future.

article thumbnail

Crisis Management in the Digital Age: Lessons for 2024’s Unpredictable Economy

N2Growth Blog

Engaging in risk management and scenario planning is also paramount. It is important to create detailed emergency plans that cover various potential outcomes, such as supply chain disruptions, sudden shifts in demand, or regulatory changes.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Exploring Alternate Futures Can Help Identify Future Leaders

N2Growth Blog

In their annual survey on the management and planning tools used by thousands of companies around the world, Bain and Company show a consistent and deserved popularity of scenario planning. Those who know scenario planning know that its value isn’t in “predicting the future.” Some companies do.

article thumbnail

What Space Exploration and Health Care Can Teach You About Navigating Uncertainty

Harvard Business Review

Start by proactively envisioning worst-case scenarios through brainstorming sessions, scenario planning, and risk assessments. Space exploration and health care have cornered the market in this level of preparation. Then, prepare for such emergencies through training and practice.

article thumbnail

Crisis Management: The Ultimate Test of a Leader | In the CEO.

In the CEO Afterlife

Separately, but on the same topic, a question for you, John: How do you feel about “scenario planning” exercises as a way to try to imagine and think through the most probable crises that may confront a particular company or organization? and that guy tried to take my head off, without success.

article thumbnail

Paul J.H. Schoemaker: A second interview by Bob Morris

First Friday Book Synopsis

Schoemaker is a pioneer in the field of decision sciences, among the first to combine the practical ideas of decision theory, behavioral economics, scenario planning, and risk management into a set of strategic decision-making tools for managers.

article thumbnail

Board Performance Optimization: Beyond Compliance Towards Excellence

N2Growth Blog

The concept delves more deeply than mere regulatory compliance, stretching towards a proactive approach that involves risk anticipation, scenario planning, and sound decision-making processes. One may question the value of these improvement strategies without a system to measure their success effectively.