Scandinavia is a battleground of three countries: Russia, England, and Germany. In 1901 each will have their distinct target with Sweden for Russia, Norway for England, and Germany is out there to capture Denmark.
However, there are quite a few possibilities where this does not go as planned.
Russia has the option to play its northern opening: A (Mos) – STP, F (StP) – GoB. The army in Moscow could try and bounce England out of Norway in Fall 1901. The other option is to play the army to Finland straight away in the fall, and hence execute a supported attack on Norway in Spring 1902, or let the army assist in a succesfull attack on Sweden if you did not capture Sweden in 1901 already.
England could also overcome your bounce if he has occupied both NTH and NWG in Spring 1901. However, this is not always the case, and even if he did, he might have ambitions to conquer Belgium. Your potential attack on Scandinavia will be greatly helped if your French brothers have occupied or at least attacked the channel in 1901, as this means one of England’s units is busy dealing with that.
The northern opening is great for Russia, but the downside lies in the south. You only have two units (Warsaw and Sevastopol) available in the south, which could be insufficient. Hence, it will depend on your diplomacy in the south whether you can go aggressive in the north.
Germany will certainly want to conquer Denmark in Fall 1901. However, he could either to this with F (Kie) directly in the Spring, or he moves Kiel to Holland and occupies Kiel with an army. The latter move is less focused on Scandinavia and more aimed at conquering Belgium.
Playing Germany, it could help your Austrian ally if you move to Denmark with your fleet directly, as you could deny Russia a build. However, if you and Russia are preparing plans to jointly attack England in 1902, occupying Denmark might not be necessary at all. It could be even suspicious if you occupy Denmark in the Spring, and do not bounce Russia in the fall (other players will see this and start asking questions).
England has two choices opening with his fleets. Either go to ENG/NTH or go to NWG/NTH. The opening to NWG is obviously more focused on Scandinavia. The main piece of diplomacy to be able to open to NWG is convincing France to not move to ENG. As long as that does not happen, you will be fine.
Personally, I like the opening to NWG/NTH a lot, because it protects Norway from a possible Russian opening to the north. Furthermore, most French players are focused on Spa/Por and hence want to play Brest to MAO. So, it should not be extremely difficult to convince France.
Depending on your trust in France, you could either move A (Lvl) to York or Edinburgh. I you would like to cover London against a potential move to the channel, please move to York. If not, Edinburgh gives you more opportunities.