When you're making plans, it's important to have a clear understanding of the factors that could affect the outcome of those plans. After all, if you're not aware of potential obstacles, it's easy to become blindsided by them. That's where key planning assumptions come in. In this blog post, we'll discuss what key planning assumptions are and why they're important.
What are Key Planning Assumptions?
Key planning assumptions are the factors that you believe will have the biggest impact on the success or failure of your plans. These can include things like market conditions, competitive landscape, technology trends, etc. Essentially, anything that could potentially affect the execution of your plans should be considered a key planning assumption.
Why are Key Planning Assumptions Important?
Identifying key planning assumptions is important because it allows you to make contingency plans. If you know that there's a possibility that a certain factor could adversely affect your plans, you can develop a backup plan in case that factor does come into play. Additionally, by identifying key planning assumptions upfront, you can avoid being blindsided by them later on.
For example, let's say you're planning to launch a new product. A key planning assumption would be that there is sufficient demand for the product in the market. If you're not aware of this assumption and it turns out that there isn't enough demand for the product, then your entire launch could be a flop. However, if you're aware of this assumption upfront, you can do market research to ensure that there is indeed sufficient demand for the product before moving forward with the launch.
In conclusion, key planning assumptions are important because they allow you to make contingency plans and avoid being blindsided by potential obstacles. By identifying key planning assumptions upfront, you can set your plans up for success.