Image by Andrew Shiva
One of the reasons the coronavirus crisis has hit the economy so hard is its unexpected nature.
All too often, companies do not consider critical uncertainties in their business plans. Annual goals extrapolate existing conditions, then something unexpected happens and businesses are caught unprepared, with the results we all see in current revenue forecasts.
A good tool against unpleasant surprises is scenario planning. Pioneered by the RAND Corporation in the 1950s and championed by Shell in the 1970s, when it allowed the company to predict the oil crisis of that decade, it centers around developing several internally consistent alternative futures for a company, organization or country…
To read more visit The Moscow Times.
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