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Scenarios and Forecasting: Planning for Uncertainty

Live Online | $2,950

  • LEVERAGE SCENARIOS TO FOSTER INSIGHT

    Utilizing the integrated approach taught in this program, prepare to create value for your organization by broadening strategic thinking about the future and creating robust strategies. Learn to select appropriate sources and methodology, design, and develop effective forecasts that improve your decisions. Build on data and analytics, and learn to incorporate better judgment systematically.

Enroll in Scenarios and Forecasting Planning for Uncertainty

UPCOMING SESSIONS

There are no sessions scheduled at this time. For more information about the next class date, please contact us at execed@mccombs.utexas.edu or 512-471-5893.

What You'll Learn

Appropriate Sources and Methodology

Selecting the appropriate sources and methodology for forecasts is paramount to the success of your strategy. Systematic scenario planning can be an effective tool to improve the reliability of forecasts.

We define a “scenario” as a coherent sequence of events and decisions that create a vivid, compelling vision of what the future could look like. We define “scenario planning” as harnessing the power of scenarios to make better strategic choices. With the right tools you can design and develop effective forecasts that dramatically improve long-term decisions.

Making such decisions requires forward-looking information that is relevant and reliable. Only looking backward or ignoring uncertainty about the future will lead to flawed decisions. Effective forecasts will include both future possibilities (scenarios) and probabilities.

 

Strategic Decision-Making

  • Improve strategic decision-making with enhanced forecasting methods and by leveraging scenarios to foster insight
  • Examine and employ a four-step process of developing and using scenarios within a strategic decision-making process

 

Forecasting Models

  • Discuss best practices for developing forecasting models, assessing quantitative information, and updating assessments with new information
  • Identify, graphically, the primary factors to be considered in a forecasting model and the relationships among them utilizing a relevance diagram
  • Parameterize the model by choosing formulas to represent projections in the model

 

Event Probabilities

  • Recognize the ambiguity and confusion created when people use words such as “likely,” “good possibility,” etc. in forecasts, rather than explicit probabilities
  • Learn to assess event probabilities by studying a company that has become extremely skilled at this process
  • Apply a rigorous quantitative approach to situations with very low probabilities and high consequences

 

Attending this Course

  • Individuals

    This course is appropriate for those that want to make better decisions, and develop better processes for decision making within their team or across their organization.
  • Teams

    Organizations often send pairs or small teams, to support the launch of new initiatives.
  • Requirements & Credit

    There are no prerequisites for this course, but we recommend starting with our 'Decision Quality' class to learn the fundamentals. Participants earn 1.4 CEUs and/or 14 CPEs for this course, as well as a certificate of completion.
A Great Foundation
This course is terrific. Informative, well-organized; will provide a great foundation for helping teams make good decisions.
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Instructors

  • Eric Bickel
    Eric Bickel Headshot
    Eric Bickel

    Professor and Director, Graduate Program in Operations Research & Industrial Engineering

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  • Bruce Judd
    Bruce Judd Headshot
    Bruce Judd

    Partner and Managing Director, Executive Education Practice, Strategic Decisions Group

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In Partnership with Strategic Decisions Group

The Strategic Decision and Risk Management Certificate courses offered by Texas Executive Education combine The University of Texas at Austin’s academic and research depth with the decision and risk management expertise and track record of Strategic Decisions Group (SDG).

 

Strategic Decisions Group (SDG) is a global consulting firm with expertise in strategic decision making, risk management and shareholder value creation. SDG’s collaborative approach helps clients find innovative strategies for today while helping them build decision competency for the future.

 

  • Reimbursement Options

    Learn more about course credits and options for course reimbursement. Get tips on the best way to approach your manager and download a customizable template to facilitate making the ask.
  • Course Location

    In person courses take place at the AT&T Executive Education and Conference Center and adjoining Rowling Hall on the UT campus in Austin. These world-class facilities provide a comfortable and convenient learning environment, with direct access to the 40 acres of campus and within walking distance of downtown Austin. Live online and on-demand course options are available for many courses.

Demonstrate Your Expertise with a Certificate

Resources

  • Hand holding up magnifying glass with trees in the background.

    Decision Quality: Strategic Decision Making Through Framing & Alternatives

    Framing and finding alternatives are key links in the decision quality chain; necessary for determining if a decision is good or not.
  • Man in white shirt looks at a tablet.

    Decision Quality: Strategic Decision Making Through Information & Values

    Decision quality is a strategic decision making process used to judge the quality of a decision at the time it is being made.
  • People stand in front of a computer in an office.

    Decision Making: The Good, the Bad, and the Ugly

    Why do seemingly good decisions sometimes turn out all wrong? Conventional thinking often confuses decisions with outcomes.

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