The strategic management of uncertainty
AbstractAs the economic environment becomes increasingly uncertain, the ways firms minimize the risks of, and capitalize on the opportunities presented by that uncertainty become correspondingly important. This paper develops a strategic approach to the management of uncertainty which firms can use to achieve a desirable balance of risk and return. It identifies four generic approaches to uncertainty which differ in the pattern and timing of their resource commitments, and which firms can choose from to offset the exogenous uncertainty they face. The paper then suggests the conditions under which each approach might be appropriate, and describes the important managerial issues surrounding the different approaches. It thereby provides a way to integrate the treatment of uncertainty into strategy making at all levels of the organisation.
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Bibliographic InfoArticle provided by Elsevier in its journal European Management Journal.
Volume (Year): 10 (1992)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/115/description#description
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- Christian Engau & Volker Hoffmann, 2011. "Corporate response strategies to regulatory uncertainty: evidence from uncertainty about post-Kyoto regulation," Policy Sciences, Springer, vol. 44(1), pages 53-80, March.
- Tecleghiorgis, M.T., 2002. "Market-Oriented Policy Changes and Manufacturing Performance: The Case of Eritrea," Open Access publications from Tilburg University urn:nbn:nl:ui:12-90766, Tilburg University.
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