Based on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works. Key focal issue Driving forces Critical uncertainties
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Based on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works.
- Key focal issue
- Driving forces
- Critical uncertainties
- Scenario Framework
Step by step
Solved in 2 steps with 3 images
- The article Analysis of Journal Article: Fergnani, A (2022) Corporate Foresight: A New Frontier for Strategy and Management, Academy of Management Perspectives, Vol.36, No.2 pp.820-844. defines and explains the significance of the following key concepts in corporate strategic management: VUCA environment, Corporate Foresight, Resource Based View of the Firm, Dynamic Capabilities Framework, Absorptive Capacity, Environmental Dynamism, Environmental Complexity. Scenario Planning. Provide a brief definition of each of these concepts and explain why it is significant for corporate strategic management. This section of the assignment should be approximately 500 words. To complete this section of the assignment you should start with Fergnani’s work however you might find it useful to supplement this with other scholar’s work on these concepts.1. The threat from substitutes is high when: a.Switching costs are high b.The substitutes are very similar c.Quality of substitute is lower d.Price of the substitute is similar 2..The starting point of scenario planning is the: a.Vision Statement b.Strategic Goal c.Key Focal Issue d.Scenario 3.In scenario planning, driving forces may be identified by: a.Interview with key stakeholder b.Porter’s Five Forces analysis c.STEEP analysis d.All of the foregoing1. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "One Examiner" is hired? 2. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Two Examiners" are hired? 3. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Three Examiners" are hired? 4. If she uses the Opportunity-Loss (aka minmax regret) strategy, how many new examiners will she decide to hire?
- 1. Roger is telling Mary the first three steps in planning an organization. In the correct order, they are ____. Writing a mission statement, creating a vision statement, and strategic planning Strategic planning, creating a mission statement, and creating a vision statement Strategic planning, operational planning, and preparing a vision statement Tactical planning, operational planning, and writing a mission statement Operational planning, creating a mission statement, and developing a hiring plan.7 Compare the components and applications of the models in the Full syllabus under the heading On Business Strategy in Week 5 based on the following Categories of Comparison below. The models are Porter’s Five Forces, SWOT, BCG, and PEST. Categories of Comparison What is the purpose of the model? How do managers use the model in the formulation of strategy? How does the model help to analyze the firm’s “competitive environment”? How would managers use the model to assist them in analyzing their firm’s specific competitive capabilities? How does the model hhelp to analyze the firm’s various businessunits?TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. Several research studies have conclusively proven that planning organizations always outperform 1) non- planning organizations. Most businesses have only the single goal of making 2) The first step in the strategic management process is analyzing the external 3) When a firm integrates backward, it becomes its own 4) Directional plans are clearly defined and leave no room for 5) The first step in goal setting is to evaluate available 6) A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal 7) integration. The final step in the strategic management process is implementing the 8) A strategy defines how a company is going to make 9) When conducting a SWOT analysis, threats are activities the…
- Op1. 4.1 Learning Outcomes: Discuss the role of strategic management. Compare mission, vision, and value statements. Discuss the types and purposes of goals and plans Describe SMART goals and their implementation 4.2 Action Required: Use the website www.samples-help.org.uk/mission-statements to look up for the mission statements of some well-known corporations. 4.3 Test your Knowledge (Question): Evaluate the usefulness of any one of these mission statements for the planning of future strategies for this business1. Select a public company of interest. Using the company's 2018 annualreport, create three strategic financial objectives for 2019. For eachobjective, specify a strategic goal or target. The goals should beconsistent with the company's 2018 financial performance.2. Netflix’s strategy of moving to online video downloads has beenwidely discussed in a number of articles that can be found online.What are the basic objectives of Netflix’s strategy now? What aresome of the major assumptions underlying the strategy? Given whatyou know about discovery -driven planning, do these assumptionsseem reasonable? 3. Explain the role of automated decision systems in businessapplications? 4. How does knowledge management support decision making? Identifyproducts or systems on the Web that help organizations accomplishknowledge management.The article presents a change formula (originally by David Gleicher):C = ƒ(ABD) > X Where:C = the needed changeA = dissatisfied with the status quoB = clear vision of the desired future stateD = practical first steps to the desired future state,X = the perceived cost of making the change. (In this context, “cost” is any negative financial, political, social, or emotional impact.) So, the idea (according to this formula) is that people make the needed changes, if the power of dissatisfaction with the status quo, clear vision of the desired future state & practical first steps to the desired future state can OUTWEIGHT the perceived cost of making the change. Write an essay, where you discuss the content of this formula, and your ideas on how to implement it successfully. Especially, concentrate on the following viewpoint: As a manager/leader, how could you promote the successful change management & change leadership based on this formula AT THE LEVEL OF THE INDIVIDUALS…
- Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…