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Forecasting and Innovation

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Planning

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Scenario Planning over Forecasting

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  There are moments in history where traditional forecasting methods have failed (Ademmer & Boysen-Hogrefe, 2022) . While it is not possible to completely what will occur in the future. Organizations can attempt to predict what may occur based on historical precedent and accumulated data (Klimberg et al., 2010) . While some errors do not have severe impacts, there are times in history where forecasting errors can have consequences. In this individual project, one of these forecasting errors will be discussed. Following the summary will be a discussion on how scenario-planning supports futuring and innovation. The forces that support scenario-planning will be identified as well. The project will conclude with the student considering how they will use scenario-planning for future innovation efforts. Forecast Failure: The Great Recession One of the more recent forecast errors that resulted in far reaching consequences was the economic crisis of 2007 – 2009 (Gadea Rivas &...
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