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Management Control under Uncertainty: Thinking about Uncertainty

In: Management Control and Uncertainty

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  • David Otley

Abstract

Much of the discussion of the design and operation of management control systems takes place under the (often implicit) assumption that the future can be known with a high degree of certainty. Even where uncertainty is explicitly recognized, it takes the shape of a benign form of external uncertainty where the future, although not completely predictable, is seen as occurring in a well-specified space. Indeed, such uncertainty tends to be treated as a contingent variable, which may modify the form of well-understood relationships between control variables, but is otherwise quite well contained. However, the real world is subject to much greater uncertainty, with events occurring that are often totally unexpected and which have a major impact and unforeseen consequences. This chapter will therefore explore the nature of uncertainty, how it may be conceptualized and examine some of the consequences for management control systems.

Suggested Citation

  • David Otley, 2014. "Management Control under Uncertainty: Thinking about Uncertainty," Palgrave Macmillan Books, in: David Otley & Kim Soin (ed.), Management Control and Uncertainty, chapter 6, pages 83-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-39212-1_6
    DOI: 10.1057/9781137392121_6
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    Cited by:

    1. Andreas Stoller, 2022. "The Anchoring Effect In The Context Of Strategic Investment Decision Making," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 16(1), pages 210-220.
    2. Chiara Mio & Antonio Costantini & Silvia Panfilo & Sonia Baggio, 2020. "CSR and management control integration. Evidence from an employee welfare plan implementation," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2020(Suppl. 1), pages 151-175.

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