Managing in a VUCA World: Possibilities and Pitfalls
The world in which we live is over brimming with chaos and turbulence. Unpredictability has become the order of the day. Everything around us seems to be in a state of continuous flux. We are trapped in the vortex of an unending cyclone of change. The very existence of humankind is in a state of dynamic equilibrium, so to say. We as a species are striving and struggling to survive in a world that can at best be summarily described by a four-letter acronym called VUCA (Volatile, Uncertain, Complex, Ambiguous). The world in general and the corporate world in particular needs to thinks about devising concrete strategies to overcome the challenges offered by these four dominant characteristic waves sweeping the environment. The paper aims to understand the volatility, uncertainty, complexity and ambiguity inherent in the environment in detail, to analyse the challenges offered by them and to finally explore the solutions to overcome these challenges.
Author(s): Deepti Sinha and Sachin Sinha, CHRIST (Deemed to be) University, Delhi-NCR
Keywords: Volatile, Uncertain, Complex, Ambiguous
References:
Balasubramanian, N. (2018). Innovative Operation Strategies in VUCA world. IOSR Journal of Business and Management, 107-116.
Bodenhausen, G.V. & Peery, D. (2009). Social Categori¬zation and Stereotyping in vivo: The VUCA Chal-lenge. Social and Personality Psychology Compass, 3(2), 133–151. https://doi.org/10.1111/j.17519004.2009.00167.x
Economic Times (2014). Managing businesses in volatile times. (Online) Available: https://economictimes.indiatimes.com/articleshow/32011674.cms?from=mr&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst (Accessed: May 2020)
Jeroen, K. (2019). Strategy in A Volatile World. (On¬line) Available: https://www.forbes.com/sites/je-roenkraaijenbrink/2019/01/11/strategy-in-a-volatile-world/#7684e20b4220. (Accessed: December 2019)
Moore, L. D. (2015). Leadership in the 21st Century Environment; A Proposed Framework. (Online) Available: https://www.secnav.navy.mil/innovation/Pages/2015/05/LeadershipIn21stCentury.aspx (Accessed: May 202 0)
Pimplapure, N.M. (2018). Leadership Development for Managing in VUCA World. Paripex-Indian Journal of Research, 7(6), 37-39.
Schick, A., Hobson, P., Ibisch, R. & Pierre L. (2017). Con¬servation and sustainable development in a VUCA world: the need for a systemic and ecosystem based approach. Ecosystem Health and Sustainability, 3(4), e01267. https://doi.org/10.1002/ehs2.1267 DOI: https://doi.org/10.1002/ehs2.1267
Sinha, S. & Sinha D. (2015). Teaching Amidst Unexpect¬ed Unknowns – the Unwritten Rules of the Game. Chapter in the book titled ‘Innovative Management Education Pedagogies for Preparing Next-Generation Leaders’, IGI Global: Pennsylvania, 75-87.
Stiehm, J.H. & Nicholas, W. T. (2002). The U.S. Army War College: Military Education in a Democracy, Temple University Press, 6.
U. S. Army Heritage & Education Center (2018). Who first originated the term VUCA (Volatility, Uncertainty, Complexity and Ambiguity)?. USAHEC Ask Us a Question. The United States Army War College. (Accessed: December 2019)
Warren, B. & Burt, N. (1985). Leaders: Strategies for Taking Charge. New York: Harper & Row.
Wright, T. (2018). McKinsey’s Three Horizons of Growth Can Help You to Innovate. (Online) Available: https://www.executestrategy.net/blog/mckinseys-three-horizons-of-growth (Accessed: April 2020)
