What is scenario planning? Why use it?

All planning, including scenario planning, is used to help management understand future business uncertainties. One critical difference between traditional planning and scenario planning is the timeframe: a scenario is intended for strategic plans of a long term future to answer one or more 'what if' questions. The longer the timeframe considered the more the potential future environment becomes complex, and the less relevant and useful is traditional planning. As uncertainty increases, so alternative future planning methods are required; this is where scenario planning can play a part.

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