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Scenario planning differs from contingency planning, sensitivity analysis and computer simulations. [33] Contingency planning is a "What if" tool, that only takes into account one uncertainty. However, scenario planning considers combinations of uncertainties in each scenario.
Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. [1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment.
Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. [3] Strategic foresight happens when any planner uses scanned inputs, forecasts, alternative futures exploration, analysis and feedback to produce or alter plans and actions of the organization. [4] [5] Scenario planning plays a prominent role in ...
Instead, scenario planning is a technique in which multiple outcomes can be developed, their implications assessed, and their likeliness of occurrence evaluated. According to Pierre Wack , scenario planning is about insight, complexity, and subtlety, not about formal analysis and numbers.
All strategic plans should be built upon a grounded, validated and accepted set of strategic assumptions. Any strategic plan or decision is only as good as the strategic assumptions upon which it is based. Strategic assumptions surface and are usually identified when scenario planning is undertaken during a strategic planning process.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Backcasting from principles is used within the world of creation, design, policy, strategy, science and are seen as principles or constraints which define success [citation needed]. Contrary to backcasting from scenarios, which uses defined scenario's or visuals of a future, it uses principles to be met to define a desired future.
A complicated system is the sum of its parts. In principle, it can be deconstructed into smaller simpler components. While difficult, complicated problems are theoretically solvable with additional resources, specialized expertise, analytical, reductionist, simplification, decomposition techniques, scenario planning, and following good practices.