A hypothetical situation - Essay Example

Scenario Analysis Economic development stakeholders in Plano would need to undergo six stages of economic development planning in case the Hewlett Packard Corporation was to sell its Plano based EDS operations to a foreign company. Since the new owner would move all of the work to other countries and layoff all of the workers currently employed by EDS in the United States, unemployment would rise. As a result, a new economic development plan would need to focus on employing these individuals, i.e. it should be pre – active (Slide 13).

Six phases of economic development planning need to be addressed. First, data gathering and analysis need to be conducted (Slide 5). Over 55 percent residents have at least a bachelor degree (Plano Economic Development [PEC]a). Thus, switching to another company should not involve a long transition period, as most workers already possess basic knowledge needed for the service industries. Following is the second phase, or selection of a local development strategy (Slide 5). Since the IT sector is strong in Plano, emphasis should be on supporting these companies and furthering their success (PECb).

By 2012, most companies that experienced strong growth were in the IT sector (PECb). Third phase is selection of local development projects (Slide 5). Again, support should go to the IT sector. In phase four, action plans should focus on coordination with companies, and stimulation through additional workshops given to labor (Slide 10, 12). Then, project details specification, preparation and implementation could be conducted. Plano’s strength lies in its educated workforce and presence of successful service oriented companies.

As a result, layoffs can be counteracted by the growing IT companies, which are in need of additional labor as a result of their growth. Works citedPlano Economic Development (PEC)a. Key Facts. Plano Economic Development, 2011. Web. 13 Feb. 2013. .PECb. Leading Employers. Plano Economic Development, 2011. Web. 13 Feb. 2013. .Slide. Chapter 5: The Local Economic Development Planning Process. Slide, n.d. Print.