In 2006 the world market was booming, partly on the rear of triple A investment innovations. Then, suddenly, the boom ended. What fascinates the authors is the fact that virtually no one saw the 2008 economic crisis coming. Therefore, they say, managers must develop an alternate approach about the future. The key isn't to develop strategies that are exact based on predictions but to have crisis plans for various options. The main thing is to stop believe your forecast about the prospect and to develop strategies that are sensitive to surprises, whether they are future credit crunches or other events that are unexpected.
Why Forecasts Fail. What to Do Instead Case Study Solution
The authors admit that exceptional work has been generated by forecasters over the years -both academic and practical. First, supervisors need to accept that they are running in an uncertain universe; second, they must assess their degree of uncertainty; and third, they should augment the range of doubt to compensate for risk.
PUBLICATION DATE: January 15, 2010 PRODUCT #: BH368-HCB-ENG
This is just an excerpt. This case is about STRATEGY & EXECUTION
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