scenario planning

Question 1

scenario planning

Answer 1

identifies alternative future scenarios and makes plans to deal with each

Question 2

steps in scenario planning

Answer 2

• Identify possible trends and issues
• Build possible scenarios
• Plan response
• Identify the most likely scenarios
• implement planned response when needed

Question 3

risk assessment

Answer 3

examining what might cause harm to people and identifying precautions to protect them
usually used to comply with health and safety law

Question 4

possible scenarios

Answer 4

natural disaster - multinationals more at risk than firms in uk
IT system failure - risk of cyber attack or system failure especially concern for larger businesses
loss of key staff

Question 5

risk mitigation plans

Answer 5

Identify, assess and prioritise risks and plan responses to deal with the impact of these risks on the operation of the business

Question 6

business continuity plan

Answer 6

Shows how a business will operate after a serious incident and how it expects to return to normal in the quickest time possible

Question 7

business continuity plan steps

Answer 7

• carry out a business impact analysis - see what business’s main functions and processes are
• formulate recovery strategies
• develop a detailed plan to ensure recovery strategies are carried out well
• test strategy and train staff with these new plans

Question 8

succession planning

Answer 8

identifying and developing current employees who have potential to occupy key roles in the future

Question 9

succession planning steps

Answer 9

• identify characteristics they should possess
• decide if they want internal or external candidates
• undertake a rigorous selection process
• make decision
• implement training or ‘shadowing’