This master thesis is based on a case study dedicated to the impacts of scenario planning within the innovation R&D project, based on the experience of a large international company. The research aims to investigate the positive effects of scenario building in relation to uncertainty management, decision-making quality, effectiveness, and facilitation of innovative and strategic thinking. A qualitative study included two participatory workshops dedicated to scenario building and qualitative interviews with the participants of the workshops. The results show that the scenario-based methods of foresight have numerous benefits for the innovation team, in particular in the field of decision-making, knowledge sharing, and bias mitigation. The paper is based on the existing methodology and practice of scenario planning and discusses the practical implications within the innovation team.