Write a 5-8 page analysis in which you evaluate and synthesize information from various scenario frameworks and choose one of those frameworks to apply to the pharmaceutical industry.
Write a 5-8 page analysis in which you evaluate and synthesize information from various scenario frameworks and choose one of those frameworks to apply to the pharmaceutical industry.
Executives regularly make decisions in the face of uncertainty. When planning the future of the organization, how should leaders make assumptions for the near or long term? Scenario planning is a technique for identifying forward-looking alternative realities in which the organization can sustain itself.
A scenario is defined by Godet and Roubelat (1996, p. 8) as a “description of a future situation and the course of events which allows one to move forward from the original situation to the future situation.” Scenario frameworks are used for preparing for alternative futures but not as a vehicle for forecasting the future.
Business scenarios are used as analytic tools to inform strategic decisions. A business scenario is a view of a possible competitive environment based on a set of assumptions about important uncertainties that face the business and industry and may affect organizational performance. For example, decisions on competitive strategy such as new product development are based on projections of product and market conditions.
Using frameworks, companies can create scenarios, allowing leaders and managers to be more cognizant of the external environment and status of their company. Scenarios can be of three major categories: (1) exploratory, starting from past trends leading to a likely future; (2) anticipatory or plausible built on different definitions of the future, desired or feared (the Oxford method); and (3) probabilistic stance (best case/worst case) (Godet & Roubelat, 1996; Ramirez et al. (2017).
This assessment gives you the opportunity to evaluate the four scenario-building frameworks presented in the readings and apply the frameworks to plan for the future of one segment of the pharmaceutical industry. You will use the Scenario and Alternative Futures Template to complete your assessment.
Answer preview write a 5-8 page analysis in which you evaluate and synthesize information from various scenario frameworks and choose one of those frameworks to apply to the pharmaceutical industry.
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