The scenario approach to strategic planning involves
A) using computers to build virtual worlds for top-level managers.
B) honing in on a single prediction of future demand conditions using an iterative planning process.
C) functional managers setting key corporate objectives.
D) formulating plans that are based upon "what if" scenarios about the future.
E) making planning the exclusive domain of top-level managers.

Question

Quizplus · Accepted Answer

The scenario approach to strategic planning involves formulating plans that are based upon "what if" scenarios about the future. This approach helps organizations prepare for unexpected events and changes in market conditions by considering multiple potential scenarios and developing corresponding plans for each one. It is a valuable tool for risk management and can help organizations remain agile and adaptable in a rapidly changing business environment.

The Scenario Approach to Strategic Planning Involves