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Predicting various future outcomes and making plans is described as:

AContingency Planning

BScenario planning

CForecasting

DBenchmarking

Answer:

B. Scenario planning

Read Explanation:

  • Scenario planning is a strategic management tool used to explore and prepare for multiple possible future outcomes.

  • Instead of trying to predict one single future (which is the goal of forecasting), it involves creating several plausible narratives or "scenarios" about how the future might unfold.

  • By considering a range of potential events—from best-case to worst-case—organizations can develop strategies that are flexible and resilient, allowing them to adapt to unexpected changes.

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How does the Systems Approach contribute to improved decision-making within an organization?

  1. It ensures decisions are made with an understanding of external factors and their impact on the whole organization.
  2. It encourages decisions that might benefit one part of the organization at the expense of the whole.
  3. It leads to decisions that may optimize a departmental function but negatively affect the overall product quality.
  4. It promotes decision-making based solely on internal operational data, neglecting environmental influences.