What is Prevoyance? Explanation

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Principles of Management - Fayol > Best Practices > What is Prevoyance? Explanation

What is Prevoyance? Explanation
Donato ochan Hakim, Interim Manager, Sudan, Member
Prevoyance is the function of management which says one must examine the future and draw a plan. How hard is it to forecast what needs to be done in the future? I need a bit of explanation on this, thanks...
 

 
Prevoyance
mmuller kcim, Manager, Botswana, Member
In order to achieve strategic planning, how much forecasting is needed?
If forecasting is ineffective, what is the supposed outcome of planning - risky, detrimental?
What variables are used to determine forecasting and planning in order to achieve operational congruence throughout the managerial cycle?
 

 
Prevoyance
pradeep deo, Strategy Consultant, India, Member
Strategic planning needs studies and understanding of environment in which a business takes place. This includes political environment. Gut feeling is the most important part of strategic planning. Strategic planning for 4~5 years is reasonably sufficient. 3~4 alternatives should be thought of while performing strategic planning. A continuous monitoring of different scenarios will guide to shifting the strategies so that it will not be detrimental to the business. All business elements need to be considered while strategical planning.
 

 
Prevoyance and Forecasting
mmuller kcim, Manager, Botswana, Member
@pradeep deo: Thanks so much for making that clear cut thought of strategic planning! Let's now move to the forecasting perspective! How much of it is needed? Can a manager totally rely on gut feeling to intuitively develop strategies? How much research is needed?
 

 
Prevoyance in a Volatile Business Environment
Vance DeMasseo, Manager, United States, Member
If you are in a volatile business such as service and that is the only product, prevoyance can be difficult to apply even for management.
Forecasting in this kind of environment where demand for services can change daily becomes a game of chance in the highest degree. That does not mean management should not try to forecast. It means that management needs to walk very lightly and be very cautious with each manoeuvre. .
 

 
Prevoyance in Services
pradeep deo, Strategy Consultant, India, Member
No business is an indepedent business. Service is no exception, therefore when analysing a service business, first understand the basic business which generates a service business. Understanding the basic business will give a clue about service business and accordingly decide the strategy.
 

 
Preyoance, Forecasting and Gut Feeling
pradeep deo, Strategy Consultant, India, Member
@Mmuller kcim: Stastitistical data, forcasting etc are tools for taking decisions. But ultimately it is gut feeling which plays the final part in taking decisions.
 

 
Future Forecasting
David Wilson, Manager, Canada, Premium Member
Futurology (also called futures studies, ulrike and futurism) is the study of the future based on current predictions and interdisciplinary studies, methods and tools. Please see Future Studies and other links in Wikipedia. If needed, you should review the concepts from the Association of Professional Futurists.
I am not certain I would consider this as strategic planning, but it is certainly related to forecasting.
 

     
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