Browse Definitions :
Definition

scenario planning

Scenario planning is the practice of creating varying courses of action for a business to implement based on potential events and situations, known as scenarios.

Potential business-related scenarios include changes to the market, problems with the supply chain, product releases from competitors, personnel changes and environmental events -- among an almost infinite number of other possibilities. 

Having planning in place allows the business to respond to conditions more quickly and effectively. The practice allows a business to be more prepared for events that could cause risk or, alternatively, create opportunities that might be missed if the scenarios are not foreseen. 

Tools such as what if scenario analysis (WISA) automate some of the processes involved to facilitate planning. WISA is a process that allows the user to see how changing specific inputs, such as costs, human resources and supply availability, affects outcomes such as the total cost or delivery date of a project. 

See a video introduction to scenario analysis:

This was last updated in March 2015

Continue Reading About scenario planning

SearchCompliance
  • pure risk

    Pure risk refers to risks that are beyond human control and result in a loss or no loss with no possibility of financial gain.

  • risk reporting

    Risk reporting is a method of identifying risks tied to or potentially impacting an organization's business processes.

  • risk profile

    A risk profile is a quantitative analysis of the types of threats an organization, asset, project or individual faces.

SearchSecurity
  • script kiddie

    Script kiddie is a derogative term that computer hackers coined to refer to immature, but often just as dangerous, exploiters of ...

  • cipher

    In cryptography, a cipher is an algorithm for encrypting and decrypting data.

  • What is risk analysis?

    Risk analysis is the process of identifying and analyzing potential issues that could negatively impact key business initiatives ...

SearchHealthIT
SearchDisasterRecovery
  • What is risk mitigation?

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • fault-tolerant

    Fault-tolerant technology is a capability of a computer system, electronic system or network to deliver uninterrupted service, ...

  • synchronous replication

    Synchronous replication is the process of copying data over a storage area network, local area network or wide area network so ...

SearchStorage
  • gigabyte (GB)

    A gigabyte (GB) -- pronounced with two hard Gs -- is a unit of data storage capacity that is roughly equivalent to 1 billion ...

  • MRAM (magnetoresistive random access memory)

    MRAM (magnetoresistive random access memory) is a method of storing data bits using magnetic states instead of the electrical ...

  • storage volume

    A storage volume is an identifiable unit of data storage. It can be a removable hard disk, but it does not have to be a unit that...

Close