3.6.3 - Scenario Planning

Question 1

What is scenario planning

Answer 1

• Scenario planning is the process of anticipating possible changes in a business’s situation and devising ways of dealing with them. It incorporates the features of contingency planning.

Question 2

What are some key risks to look out for

Answer 2

1. natural disasters
2. IT systems failure
3. loss of key staff

Question 3

What are the degrees of risk mitigation

Answer 3

• There are degrees of risk mitigation and these depend of specific contextual influences and the overall attitude of the decision-makers in the business.

1. Risk acceptance
2. Risk avoidance
3. Risk limitation
4. Risk transference

Question 4

How can you plan for risk mitigation

Answer 4

• 1. Business continuity
• 2. Succession planning

Question 5

What is business continuity

Answer 5

• Business Continuity (BC) is defined as the capability of the business to continue delivery of products or services at acceptable levels following a disruptive incident
• it is about devising plans and strategies that will enable the business to continue operations and enable it to recover quickly and effectively from any type disruption whatever its size or cause.

Question 6

What is succession planning

Answer 6

• Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company.