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Strategy techniques for the times of high uncertainty

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  • Igor Gurkov

Abstract

This paper sets out to propose the techniques that enable corporations to develop and to implement robust strategies under conditions of severe uncertainty. Through the correction of the traditional definition of stakeholders I found the general algorithm for achieving robustness in corporate strategies. This algorithm includes: (1) the clear definition of a limited set of the types of stakeholders, (2) the simplification of the sets of stakeholders’ claims and discovery of intrinsic benefits common for all stakeholders of a particular type, (3) defining the space of acceptance of corporate performance for each type of stakeholders, (4) finding a non-empty intersection of such spaces for all types of stakeholders.The use of these techniques is illustrated by the new strategy of LUKOIL – one of the major publicly traded oil companies.

Suggested Citation

  • Igor Gurkov, 2010. "Strategy techniques for the times of high uncertainty," Journal of East European Management Studies, Rainer Hampp Verlag, vol. 15(2), pages 177-186.
  • Handle: RePEc:rai:joeems:doi_10.1688/1862-0019_jeems_2010_02_gurkov
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    Keywords

    corporate strategies; uncertainty; robustness; strategic planning;

    JEL classification:

    • J53 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Labor-Management Relations; Industrial Jurisprudence
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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