For any business, uncertainty always dogs their attempts at executing the corporate strategy. No form of planning can negate the effects of political turmoil, competitors’ tactics or overall economic scenario. A new book published Strategy Beyond the Hockey Stick: People, Probabilities, and Big Moves to Beat the Odds, discusses in detail methods to deal with such inherent uncertainties. Before solutions are derived, one needs to understand the common reasons for our failures are dealing with these uncertainties. One of them is that, people deliberately choose to ignore the clear signs of such uncertainty existing. Copious amounts of planning is done, with little heed to this uncertainty, until quite light, only as an afterthought. A lot of people even pretend to deal with the same, butdo not actually take honest steps in the right direction. To deal with such uncertainty, for a start, the team needs to understand the cause of the undesired outcomes. Instead of being certain of any outcome, right from the start, the planners need to be aware of probability figures. A strategy has to be curated to nullify the effects of the odds amounting to major.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-to-confront-uncertainty-in-your-strategy

Uploaded Date:22 January 2019