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Business-contemporary issues in business

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Making a scenario planning program also enables an organisation to be able to be able to better comprehend external as well as internal business related dynamics (Walton 2008). The third factor has to do with ensuring that business organisations have the opportunity to benefit from analysing the feedback when they implement the actions that are suggested. By employing scenario planning, an organisation may be able to gain a broader vision by utilising new processes as well as alternative views which help them to recognise potential opportunities as well as risks of continuing with the traditional process of planning (Wang 2009). Scenario planning also helps an organisation to be able to realise the importance of any new business techniques that may help in directing its strategic focus as well as investment decisions. The existence of a plan to deal with potential difficulties will also ensure that an organisation reacts quickly once any complications arise. These factors are all helpful toward ensuring that an organisation makes the best decisions for its present as well as future.In the recent past, the failures suffered by businesses in different industries have shown the importance of having crisis management plans. According to Van der Heijden (2005) business –related disruptions can be extremely costly for any organisation. In the modern world, problems that could affect businesses are not just limited to the stock market or the local environment. They could include natural disasters such as hurricanes and tornadoes, and man-made problems such as terrorist attacks. Other factors that could negatively affect businesses include workplace incidences such as strikes and cybercrimes. Organisations using scenario planning are well able to anticipate large scale community changes and decide on the best responses to prepare even before those changes take place.Scenario planning is important because it contributes to risk management principles. Scenario planning can help organisations to be able to deal with potential risks even before they materialise. It is also important because it helps businesses to be able to reduce potential uncertainties by bringing clarity to issues that are envisioned in a potentially chaotic future (Russell, Kortea, and Chermack 2006). Scenario planning also supports the adoption of better communication initiatives. Usually,
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preview essay on Business-contemporary issues in business
  • Pages: 10 (2500 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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