MBA 755 - Reflections on Module 5 Concepts

What trend and pattern information does your organization pay attention to?

The market trends that have the most effect on my current organization are those in the steel market and petroleum products market. Our products are made mostly from steel, therefore trends in that market will have the largest effect on our bottom line. Many of our products are also filled with products derived from petroleum refineries, such as propane or helium. Any problems in these markets will also have the most effect on our production.

Could scenario planning be effectively used in your organization?

Scenario planning has been and is efffectively used in my company. It provides a means to be proactive and have an idea of what decisions might be necessary in the future.

In what ways could you personally use scenario planning?

Personal life scenario planning is somewhat accomplished by reviewing potential needs in the event of unexpected illness, injury, or death. Insurance planning is often done as part of this planning where one looks at “what if this happened?” Would my spouse work or not? Would the kids get a college education? What if my house burned down? And the list goes on and on… By looking at these potential scenarios, I can better plan for the future.

What do you see as the principal disadvantages of employing the scenario approach to strategic planning?

The biggest disadvantage in my opinion is that you can never simulate everything. There is always a “people factor” involved, and people are dynamic. Thoughts, wants and desires change. People change. And there is no software that is yet sophisticated enough to run through every possible human reaction.

October 28, 2007 | Filed Under MBA 755 

Comments

Leave a Reply