ABSTRACT
This chapter details the limitations of traditional five-year strategic plans due to their short time horizon, the norm of basing them on a single view of the future, and their susceptibility to optimism bias. Readers will learn how scenario planning can help address these limitations, and about other strengths that scenario planning brings to strategizing, namely challenging decision-maker assumptions, facilitating new mental models of the future, not requiring consensus, and its ability to build strategic flexibility and timing within organizations.
