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What is preparing for both favourable and unfavourable possible situations in a business plan called?

Answer and explanation

Correct answer: Scenario planning

Scenario planning considers several possible future conditions, such as strong demand, weak demand, supply problems, or rising costs, and prepares suitable responses for each. It helps a business think ahead under uncertainty. Accounting records and controls financial information, product design shapes an offering, and customer service supports users after or during purchase.

Related tags

Scenario PlanningBusiness PlanningRisk ManagementQualities And Functions Of An EntrepreneurEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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