Scenario Planning (Edexcel A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Scenario planning definition
Scenario planning definition
Method to explore uncertainties & prepare for opportunities
3 benefits of scenario planning
3 benefits of scenario planning
Clarifies uncertainties, educates managers, improves understanding
Steps in scenario planning process
Steps in scenario planning process
Five steps
Number of scenarios businesses focus on
Number of scenarios businesses focus on
5 most likely scenarios
3 key scenarios businesses face
3 key scenarios businesses face
Natural disasters, IT failures, loss of key staff
% of firms ceasing if lose key person
% of firms ceasing if lose key person
55%
Business continuity plan purpose
Business continuity plan purpose
Shows how to operate after incident & return to normal quickly
Stage 1 of business continuity planning
Stage 1 of business continuity planning
Business impact analysis - identifies essential functions
Succession planning definition
Succession planning definition
Identifying & developing employees for future key roles
Key limitation of scenario planning
Key limitation of scenario planning
Time-consuming and expensive to implement