Scenario planning is a strategic method used by organizations to envision and prepare for various future possibilities. It involves creating detailed narratives about different potential futures based on varying assumptions about key factors, such as economic trends, technological advancements, or social changes. This helps organizations understand how different scenarios could impact their goals and operations. By exploring these diverse scenarios, companies can identify risks and opportunities, allowing them to develop flexible strategies. This proactive approach enables organizations to adapt more effectively to unexpected changes in their environment, ensuring they remain resilient and competitive in a rapidly evolving world.