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Beyond risk mitigation: Enhancing corporate innovation with scenario planning

Author

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  • Worthington, William J.
  • Collins, Jamie D.
  • Hitt, Michael A.

Abstract

The impact of exogenous shocks on business strategy, and possible responses to those threats, have received growing attention when considering the challenges of conducting business in an increasingly complex business environment. Scenario/contingency planning is a tool used by firms to translate their organizational learning capabilities into preconceived operational responses designed to react to, and then recover from, an exogenous shock. The use of scenario planning that includes exogenous shock scenarios has become a best practice in many industries. This article explores the additional potential usefulness of scenario planning as a tool for promoting innovation and corporate entrepreneurship.

Suggested Citation

  • Worthington, William J. & Collins, Jamie D. & Hitt, Michael A., 2009. "Beyond risk mitigation: Enhancing corporate innovation with scenario planning," Business Horizons, Elsevier, vol. 52(5), pages 441-450, September.
  • Handle: RePEc:eee:bushor:v:52:y:2009:i:5:p:441-450
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    References listed on IDEAS

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    Cited by:

    1. Duncan, W. Jack & Yeager, Valerie A. & Rucks, Andrew C. & Ginter, Peter M., 2011. "Surviving organizational disasters," Business Horizons, Elsevier, vol. 54(2), pages 135-142, March.
    2. Tsai, Chia-Yun & Wilson, Paul N. & Rahman, Tauhidur, 2015. "Economic Resilience and Vulnerability in the Rural West," Working Papers 202969, University of Arizona, Department of Agricultural and Resource Economics.
    3. repec:eee:bushor:v:61:y:2018:i:2:p:339-352 is not listed on IDEAS
    4. Duncan, W. Jack & Yeager, Valerie A. & Rucks, Andrew C. & Ginter, Peter M., 2011. "Surviving organizational disasters," Business Horizons, Elsevier, vol. 54(2), pages 135-142.

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