Introduction Innovation involves creating or discovering a new product or idea for the benefit of individuals, organizations, and society. Some authors describe the invention as a process that includes building new machines, products, services, or software (Kojabayev & Maziliauskas, 2017). Due to its importance, government agencies and decision-makers set policies and provide funding or scholarships to promote innovation. We can refer to innovation as a never-ending circle. Researchers conduct investigations to develop something new or improve existing ideas or products. Some creations are already in the idea stage; however, the inventors are yet to test, sell or utilize them properly. I will discuss one of such in this paper. Socio-technical plans combine human relationships and technology for maximum productivity (Botla & Kondur, 2018). Collaboration in a socio-technical system makes it easier for firms to respond to change. With the appropriate socio-technical plan, fi...
Scenario Planning Private and public business practices make assumptions about the future of the business environment and changes that might ensue. They envision scenarios and predict the results of those happenings. Scenario Planning & Forecasting Scenario planning identifies and evaluates possible outcomes, risks, and opportunities (Chermack et al., 2001). It involves visualizing and documenting possible occurrences. Scenario planning is a tool that organizations use to estimate their growth, earnings, and overall outcome. They use it to combat uncertainty in the business world. Traditional Forecasting. Traditional forecasting involves using records and observations to predict future business KPIs (Weatherford & Kimes, 2003). People who use this method believe that historical records play a vital role in determining future events. Comparisons Between Scenario Planning and Traditional Forecasting. They both use records to make predictions. However...
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