Based on the picture below, explain each briefly like you are teaching this to your students. Also, give an example if possible.StrengthsLimitationsRole of Management Accountant on rankings. Focusing on two could miss othercritical potential forces. There will be differingopinions about the implications of uncertainties,sometimes motivated by individuals' incentivesand personal biases. Further, there is usually morecorrections as needed earlier than if they had noearly warning signals.Strengths: Instead of assuming there is one bestanswer to a strategic question, scenario planningconsiders different possibilities for different futures. than just one key focal issue. The analysis canIt considers multiple uncertainties simultaneously.Unlike simulation modeling, it requires subjectivethinking as well as quantitative analysis. It isespecially helpful when: uncertainty is high, therehave been costly surprises in the past, currentstrategic thinking is weak, and there seem to befew opportunities to pursue. Further, identifyingearly warning signals is a good practice no matterwhich strategic planning tool is used.Limitations: Scenario planning is based on justalso be difficult to do well. It generally requires anumber of participants from different areas of thecompany and can take a long time to completethe exercise.Role of the management accountant: As withother strategic planning tools, managementaccountants can lead or facilitate the process.More specifically, they help identify key focalissues, driving forces, and early warning indicators.They can also represent different stakeholders'views and assess the logic of the narratives. .two critical uncertainties that are chosen based

Answered: Based on the picture below, explain…

Based on the picture below, explain each briefly like you are teaching this to your students. Also, give an example if possible. Strengths Limitations Role of Management Accountant

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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