Strategy

VectsssssssssssssScenario Planning

Corporate leaders tend to make assumptions such as:
  1. The strategy formulated will indeed work.
  2. The strategy formulated will indeed work.
  3. The strategy formulated will indeed work.
  4. The strategy formulated will indeed work.

Scenario Planning will examine the external and internal driving forces for the purpose of formulating the different consistent and plausible scenarios that the organization can face in the future. It will strive to visualize peoples’ mental models and their decision making process. It can help managers recognize, consider and reflect on the uncertainties they are likely to face by identifying trends and uncertainties. A manager can construct scenarios to overcome the usual errors in decision-making, overconfidence and tunnel vision.

 

Untitled-19 Strategy Management

Strategic Management is a set of managerial decisions and actions that determines the long – run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control. Strategic Management has developed into several phases. From basic financial planning to forecast based planning to externally oriented planning to Strategic Management. Research has revealed that organizations that engage in strategic management generally out-perform those that do not. It includes the following steps:
  1. Environmental Scanning
  2. Environmental Scanning
  3. Environmental Scanning
  4. Environmental Scanning