Contemporary Issues in Business Essay Example | Topics and Well Written Essays - 2500 words - 1

Contemporary Issues in Business - Essay Example In fact, planning is not about predicting the future, but preparing for it disregarding the fact of which future will eventually come true (Wade, 2012, p.31). Therefore, scenario planning is about trying to formulate plans that are addressing the what-if scenarios in the future (Hill and Jones, 2009, p.26). It is therefore easy to understand that scenario planning is a used tool for flexible long-term plans, which also allows decision makers to understand the nature and impact of uncertainties that affect the world (Northumbria University, 2014). This technically does not mean forecasting the future, but eventually preparing for the future to come based on the possible scenarios to take place. After all, scenarios are considered to be as strong supports for strategic planning (Zahradnickova and Vacik, 2014, p.665). The reason why there is a need to prepare for the future with various plans addressing the what-if concerns is due to the fact that the business environment is affected by many forces. This leads to the point that in the actual business, scenario planning is considered as an analytical tool that allows the business people to prepare things in the future, because it allows them to develop a framework that can lead them further to develop visions for the future as they analyse the environmental forces in the environment that can hinder growth. In the business environment, an organisation is faced with various forces such as politics, economics, social, economics, technological and legal concerns. These are important factors that could substantially affect the business outcomes. In the first place, there are various cases by which the success of an organisation depends on the prevailing legal concerns in an organisation. On the other hand, the success of a certain brand for instance ma y depend on the prevailing social trend that people accept in the society.