Define the term scenario planning in risk management, Project Management

Assignment Help:

Define the term Scenario Planning in risk management.

Scenario planning:

It is about perceiving uncertainties for example identification of risks and the growth of pre-emptive courses of action, when the event or scenario was to arise. This is an attempt to build plausible views of a number of various possible futures for while operating in circumstances of high uncertainty. This planning is a powerful business tool. It is not about predicting the future but also exploring the future. When management can be more alert of what could occur they are more probable to be capable to deal along with it when it does. By using scenario planning can equip management to consider constructively regarding the future and to plan for that more precisely.

This is about setting up systems for monitoring what really does occur in such a way which management are capable to appreciate and respond effectively to changes which may evolve over time.


Related Discussions:- Define the term scenario planning in risk management

Risk management, how do I create a risk management plan

how do I create a risk management plan

Processes and customer involvement, Processes and Customer Involvement ...

Processes and Customer Involvement Many processes are designed keeping in mind that value is provided by involving the customer in the delivery of the final product.  The invo

What is dummy activity in job operation of a project, What is dummy activit...

What is dummy activity in job operation of a project? Dummy Activity: All projects consist of a number of job operations or tasks that are termed as activities. An activi

A Grid Analysis (Weighted Scoring Model) to, I need a decision matrix- a Gr...

I need a decision matrix- a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330 I need the acual model calculated based

Processes by market orientation , Processes by Market Orientation Pro...

Processes by Market Orientation Processes can  also be categorized on the basis  of four  marker orientations: Make to Stock (MTS): the goods usually are standard mat

Importance of undertaking a project completion review, L Company, a manufac...

L Company, a manufacturer of family cars, has invested in a robotic painting system for its cars Ensuring the right quality of paintwork on each car is a critical success factor fo

Objectives of iso 9000, Objectives of ISO 9000 The basic objectives o...

Objectives of ISO 9000 The basic objectives of ISO 9000are : 1. To facilitate international trade of goods and services. 2. To obtain competitiveness by obtaining

Approaches of soft systems methodology and socio-technical, Why are approac...

Why are approaches as like the Soft Systems Methodology, Business Process Reengineering and the Socio-Technical Approach relevant to IS project managers? The development of inf

Skills helpful in project and programm support office, What skills are help...

What skills are helpful when working in Project and Programme support office? The skills which are most helpful probably include in Project and Programme support office: a.

Procurement , Functions of Purchasing Department

Functions of Purchasing Department

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd