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Strategies for Business Sustainability Doc

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Added on  2020-12-29

Strategies for Business Sustainability Doc

   Added on 2020-12-29

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Table of ContentsINTRODUCTION...........................................................................................................................1Introduction to Scenario planning...............................................................................................1Describe critical elements in constructing successful scenarios.................................................2Evaluate Utility of scenario planning in preparing company for climate changed future..........2Appendix..........................................................................................................................................4Notes...........................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONFor businesses to be successful, sustainability is considered as powerful and defining ideathat creates profit for its shareholders, while preventing the environment. Every dayorganisations are supposed to find new strategies to develop solutions for environmental andsocial problems. Therefore, for this scenario planning is a method that they can use to makeflexible long term plans. The report will demonstrate the concept of scenario planning includingcritical elements. Introduction to Scenario planning.Scenario planning is a method also known as scenario thinking or analysis. This methodis used by various organisations to build flexible long term plans. Apart from this, it refers to apractice of making varying courses of action for a business to apply it according to the events *situations known as scenarios. In the year 1950, scenarios refers to the strategic foresight toexplore the future and during that time Kahn used them to evaluate different military strategies.Moreover, I have explained about scenarios to many people that they have been used since yearsto guide government policies & plans (Buurman and Babovic, 2016). Scenario planning addresses:Current environmental problems, events and trends that are of great concern for decisionmakers in the organisation. Elements that exist in the surroundings that are considered certain or predictable.Other components that are uncertain such as; trend breakers, discontinuities in thebusiness, prior unencountered events. As per my opinion, Scenario planning is supposed to use when a company is facing criticaldecisions for the future, and the business environment is complex & dynamic. In this case,scenarios provide many benefits over traditional prediction techniques. The reason I think aboutwhy should organisations should implement scenario planning is; first they can use this approachto risk management, to create new rules of competition. Moreover, it has been determined thatfor effective scenario planning they must use it properly so that managers can make goodbusiness judgements (Field, ed., 2014). 1
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