Benjamin Franklin once said, “If you fail to plan, you are planning to fail”. Explain

Scenario – Business Planning Michelle Smith had recently graduated from a business program at her local university. After graduation, she took the summer off to enjoy some down time, and then started looking at the job market. After several months, had not figured out what she wanted to do. The problem was most job opportunities did not appeal to her. Some of Michelle’s peers who graduated with her had started working for big corporations, and others had been able to secure jobs with the government. However, Michelle did not want to work a 9-5 job, but she did want to earn a lot of money. She had a few ideas, and while contemplating her options, Michelle decided she was going to open her own handmade jewellery boutique. She loved jewellery and had been making her own for friends and family for years. She already had some supplies and tools, could get a small retail space in the mall and create an online website to sell her products. She had it all worked out in her mind, and although…

1. Which of the following is a strength of top-down planning?Group of answer choices Identifies changes in the planing environment and can adjust to them Focuses on short-term problems Uses current technologies Produces incremental improvements

What are the advantages of integrating ERM with strategy and strategy execution as described in this case? How does scenario analysis as described in this case help an organization to prepare for uncertainties? What are the advantages of using the PAPA model to categorize risks? How would you describe the “Strategic Risk Management Return on Investment” at LEGO?