James Hope Business School will fast-track your admission into our Short Courses.
James Hope University, Twin Lakes Estate, Chevron Junction, Lekki Epe Expressway, Lagos.
P: (+234) 1 515 0401
Course Duration and Dates: 2 Days, February 27-28, 2024
Course Fee: ₦449,999.00 per participant
Curriculum: Scenario Planning, STEEP Forces, Trends and Market Uncertainties
Participant Mix: C-Suite leaders, decisionmakers, senior management executives, senior managers in diverse companies, and public sector leaders.
Business Case Method: Active Learning, Real-life Practical Insights
Anticipated Faculty: TBA
Course Description: We live in volatile, uncertain, complex, and ambiguous times, as successful leaders need to prepare in advance for any possible scenario by adopting strategies that will allow them to win in the global competitive marketplace.
Why Scenario Planning?
It is a strategic planning method that organisations use to make flexible long-term plans. It was first adopted by the military intelligence in crafting their different scenarios/alternative plans. The scenario is an alternative future or Plan B with these two basic components:
Scenario planning permits blending of the known and the unknown into a limited number of internally consistent views of the future spanning over a wide range of possibilities, e.g. Royal Dutch Shell originally established the power of scenario planning for business in the 1950s as part of its process of generating and evaluating its strategic options – i.e., Shell has been consistently better in oil forecasts than other major oil companies.
Herman Kahn, who is the originator of the scenario planning tool in the 1950s through his work for the US military at the RAND corporation, explained how other corporations, such as General Electric, Apple, SRI International, used the tool very well in combining the utilization of Delphi techniques in scenario planning to providing different alternative futures in the argumentation of scenarios by making the scenarios more profound and creating enough confidence in the entire scenario planning process.
Scenario planning helps leaders to rediscover the original entrepreneurial power of foresight in contexts of change, complexity, and uncertainty. It is precisely in these contexts not in stable times that the real opportunities lie to gain competitive advantage through strategy. Scenarios deal with two worlds of facts and perceptions.
The following questions often arise:
Since volatility, uncertainty, complexity, and ambiguity (VUCA) are basic structural features of today’s global business environment, leaders must confront these dilemmas by understanding the driving forces of STEEP (Social, Technological, Economic, Environmental, and Politics) and its applications in their respective industries.
What is the purpose of the scenario planning class?
To allow better strategic decisions by discovering and framing uncertainties using trends.