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Scenario Planning as a Recipe for Corporate Performance: The Nigerian Manufacturing Sector Experience

Author(s): Owolabi Lateef Kuye | Ben Akpoyomare Oghojafor

Journal: International Journal of Business and Management
ISSN 1833-3850

Volume: 6;
Issue: 12;
Date: 2011;
Original page

As organisations struggle to deal with an increasingly uncertain world, they are looking to their managers to findways in helping them to prepare for possible futures. Many organisations now apply scenario planning methodsas means of evaluating their effectiveness and performance under different sets of assumptions about the future.This study investigates the relationship between scenario planning and corporate performance in themanufacturing sector in Nigeria. A survey research method was used to generate data from a sample ofmanufacturing firms in Nigeria on scenario planning and corporate performance variables. Responses from thesurvey were statistically analyzed using descriptive statistics, product moment correlation, regression analysis andZ-test (approximated with the independent sample t-test). The results of the study indicate a statistical significantrelationship between scenario planning and corporate performance as well as reveal a significant differencebetween the performance of firms whose scenario planning are low and the performance of firms whose scenarioplanning are high. The research findings provide insights regarding how the interaction between scenarioplanning and corporate performance would assist the growth and development of the manufacturing sector inNigeria.

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