Scenario Planning versus Traditional Forecasting

Scenario Planning definition According to Schultz Financial Group scenario planning is “The process of visualizing what future conditions or events are probable, what their consequences or effects would be like, and how to respond to, or benefit from them.” An example would be visualizing the benefits and risks of making 4G communications everywhere. Many people believe that the radiation created from this can cause cancer and would become a greater risk than reward. Others feel that this information is false, and we would get a greater benefit than risk in faster telecommunications. The other side of the coin needs to be examined as well. What would happen if we continued using 3G and chose not to upgrade? Would our communications suffer? Would other countries that utilize 4G gain an advantage over us? Trying to understand the many scenarios created by dec...