Scenario planning for construction companies

Ability to understand the future holds the key to sustained competitive advantage. The key question is how to embed this ability into the strategic management skill-sets of companies using appropriate tools, techniques and processes, and involving the appropriate stakeholders. Futures methodology literature suggests that scenario planning is a powerful technique for looking at the future that is rarely used in construction. An implementation framework for company scenario planning is proposed derived from relevant parts of the literature and evolved through a series of interactions with industry. The framework emphasises that the awareness of external factors and industry scenarios, and the extent of stakeholder engagement throughout the process will determine the overall efficacy of scenario planning. Benefits will accrue from having a common understanding of alternative futures by explicitly capturing perceived future events, drivers and pathways in scenario mapping exercises. This should place companies in a better position to navigate their future and deal with potential threats and opportunities.