PLANNING STRATEGIESFOR MANAGINGUNCERTAINTY
Despite even the most intensive efforts at foresight, the best-laid plans of mice and men often go awry, as poet Robert Burns observed more than two centuries ago. So, too, with marketing, sales, and demand plans.
Why do plans go awry? Uncertainty is one reason. Despite the best efforts to obtain credible information upon which to base assumptions about demand, there is almost always some degree of uncertainty about markets, customers, competitors, and a company's own internal ability to execute.
Given this reality, methods are needed for managing uncertainty. Planning strategies for managing uncertainty ...