business (noun, busi-ness, /ˈbɪznɪs/) scenario (noun, sce-nar-io, /səˈnerioʊ/)
Definition: is a description of the probable future business-related events and circumstances, which is usually based on the present and the past trends, plus the assumptions made on the basis of those trends. Creating a business scenario helps the owners and the management body to assume and work on the important, uncertain factors that might affect the business’s performance in the future. Business scenarios also serve to highlight the possible threats and opportunities for the company. They oftentimes involve the depiction of the interactions between the business and the external agents, for instance, customers, competitors, suppliers, and other economic fractions of the business environment.
In a Sentence:
- A good business scenario is realistic, specific, and is able to clearly segment the problems our business may face in the future.
- We need to come up with a realistic business scenario based on the defined and the desired business objectives that we currently want to achieve.
- Mr. Lee has asked the management body to collect a lot of documentation. He is working on a new business scenario.
Synonyms and related words: scenario planning, scenario analysis, business climate, strategic planning, business process
