96 Navigating Strategic Decisions: The Power of Sound Analysis and Forecasting
D. Early warning systems. They are systems of steps, procedures, and interactive project components
created to identify emerging threats or problems, provide timely and reliable information, and warn
off impending risks being realized. EWSs enable clients and forecast owners to take action to avoid
or minimize business risk by implementing appropriate forecast realization plans. In strategic fore-
casting, EWSs are an integral part of risk identication and management. They use performance
measures or key indicators related to preparedness to reduce risk and reinforce other activities
such as identication of sources and causes of risks, scenario simulations, and ...