• Abstract

    In today's highly competitive business environment, strategic decision-making has become more critical than ever before. Firms are continuously exploring new strategies to gain a competitive edge and enhance their financial performance. The present article aims to investigate the impact of strategic scenario planning on financial and competitive performance. The research used a qualitative analysis method and applied it to a sample of professors at Iraqi universities. The research used correlation analysis, simple regression, and structural analysis. The research reached a set of conclusions, the most important of which is that strategic scenario planning is an important tool for improving competitive financial performance. This proactive approach involves anticipating and preparing for a variety of possible future scenarios, allowing organizations to make informed decisions and adjust their strategies accordingly.

  • References

    1. Abuzaid, A. N. (2018). Scenario planning as approach to improve the strategic performance of multinational corporations (MNCs). Verslas: teorija ir praktika, 19(1), 195-207.
    2. Armstrong, J. (1982) The Value of Formal Planning for Strategic Decisions: Review of Empirical Research. Strategic Management Journal, 3(3), 197-211.
    3. Den Hertog, P., Van der Aa, W., & De Jong, M. W. (2021), A Quality Of Production Challenge, Legfin. Multidisciplinary Research Journal, 10(3).
    4. Fernández, S., Martínez, L., & Ngono, R. (2019). Barreras que dificultan la planeación estratégica en las organizaciones. Tendencias, 20(1), 254-279.
    5. Forehand, G., & Sheshunoff A. (2003) Worth the Effort: Strategic Planning for Superior Bank Performance. Kentucky Banker Magazine, 914, 13-14.
    6. Gall, T., Vallet, F., & Yannou, B. (2022). How to visualise futures studies concepts: Revision of the futures cone. Futures, 143, 103024.
    7. Gausemeier, J., Plass, C., & Wenzelmann, C. (2009). Zukunftsorientierte Unternehmensgestaltung-Strategien. Geschäftsprozesse und IT-Systeme für die Produktion von morgen, 2.
    8. Kalaitzi, D., Matopoulos, A., Fornasiero, R., Sardesai, S., Barros, A. C., Balech, S., & Muerza, V. (2021). Megatrends and trends shaping supply chain innovation. Next Generation Supply Chains: A Roadmap for Research and Innovation, 3-34.
    9. Leal, D. Y., De Muñoz, M. B., & Torrealba, C. C. (2011). La Planificación Estratégica como proceso de integración de un equipo de salud. Enfermería global, 10(4).
    10. Miranda Quintero, C., Corratgé Delgado, H., & Soler Porro, A. B. (2021). La planificación estratégica en las instituciones de salud. Infodir, (34).
    11. Molina‐Azorín, J. F., Claver‐Cortés, E., López‐Gamero, M. D., & Tarí, J. J. (2009). Green management and financial performance: a literature review. Management decision, 47(7), 1080-1100.
    12. Nikkanen, T. (2010). Profitability, growth and cost structure of maintenance companies. Management, 25(7), 709-756.
    13. Ojha, D. (2008). Impact of strategic agility on competitive capabilities and financial performance (Doctoral dissertation, Clemson University).
    14. Pantouvakis, A., Vlachos, I., & Zervopoulos, P. D. (2017). Market orientation for sustainable performance and the inverted-U moderation of firm size: Evidence from the Greek shipping industry. Journal of cleaner production, 165, 705-720.
    15. Ramírez, R., & Wilkinson, A. (2016). Strategic reframing: The Oxford scenario planning approach. Oxford University Press.
    16. Salazar, AL (2005). Strategic planning in small and medium-sized companies: a bibliographic review. EconoQuantum, 2(1), 141-164.
    17. Sardesai, S., Stute, M., & Kamphues, J. (2021). A methodology for future scenario planning. Next Generation Supply Chains: A Roadmap for Research and Innovation, 35-59.
    18. Sooma E., Jonathan B. Kruskal., A. (2020), Environmental sustainability and production. Journal Of Aegaeum, 1(2).
    19. Steiner, G. A. (2010). Strategic planning. Simon and Schuster.
    20. Swindell, J. S., McGuire, A. L., & Halpern, S. D. (2010). Beneficent persuasion: techniques and ethical guidelines to improve patients’ decisions. The Annals of Family Medicine, 8(3), 260-264.

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Copyright (c) 2024 The Authors

How to cite

Al-hadrawi, R. H., Alasadi, A. A. A., & Atiyah, S. M. (2024). An analytical study of the impact of strategic scenario planning on competitive financial performance. Multidisciplinary Science Journal, 6(12), 2024261. https://doi.org/10.31893/multiscience.2024261
  • Article viewed - 257
  • PDF downloaded - 134