Managing Uncertainty: Strategies for Surviving and Thriving in Turbulent Times
The need to manage uncertainty has become increasingly important. The feedback gleaned from senior executives interviewed for the book suggests that, in their eyes, there is no precise definition of uncertainty and therefore no precise solution. Some viewed the task of managing uncertainty as no more than an extension of financial risk management, entailing the need for financial "buffers" brought about by greater liquidity. Others saw the challenge in broader terms, entailing a more flexible approach to strategy formulation and shorter, more regular reviews of progress and change, using non-financial measures as well as more conventional fiduciary ones. There was no consensus on a distinct and coherent set of skills to help support the task. The imperative stressed over and over again related to an organisation's "strategic readiness" for sudden and unexpected threats and opportunities—through a combination of strategic flexibility, strong navigational leadership, resilience, collaborative partnership, predictive learning and agility. This focus is reflected in the book's structure and conclusions.