Uncertainty Essay

1008 words - 5 pages

Every business today deals with uncertainty in the future and every firm tries to reduce it as much as possible in order to prevent itself from the effects of uncertainty. Uncertainty in a way is the lack of certainty. In other words having limited knowledge about the present state and future outcome. This limited knowledge for companies becomes dangerous when they do not know what is going to happen in the future. Firms mostly used traditional approach all their life but since all the uncertainties cannot be forecasted by it other approaches are used as well.
Traditional approaches to strategic planning under uncertainty require accurate predictions, which lead companies underestimating ...view middle of the document...

Diagram 1.1 Strategic Planning Process
In order to predict the future instead of traditional strategic planning approach is used. As seen in the diagram strategic planning requires 3 components, which are: Assessing the level of uncertainty, determining the intent of the strategy (strategic posture) and determining the strategic movies
There is no approach that can eradicate the uncertainty but they can offer direction, which leads to strategic decisions. The level of uncertainty can determine by a four level model. To tackle it there is a four level framework that can help companies
1. A Clear Enough Future – In this level of framework for determining the strategy one single forecast is enough. There is a clear single view of the future. The level of uncertainty is up to 30 %. Companies to accurately forecast the future use the Traditional Strategy tool kit in value chain and market research. At this level for making strategic decisions residual uncertainty is irrelevant that helps manager to make a single accurate forecast for their strategies. In this level companies adapt to the future by innovations in their products and services create value, or by changing the business systems. Also in this level companies buy and resell the latest products and services relying on the pricing rather than product innovation as their competitive advantage. For Example Southwest Airline’s value creating and innovative Point-to-point strategy is an adapt to the future strategy. Managers recognized the opportunity in the low uncertainty environment, which could be established within the present market structure.

2. Alternate Futures – In this future is defined by the few discrete outcomes. The level of uncertainty is up to 50%, which is the highest among the four level frameworks. A limited number of potential future outcomes. Analytic tools like Game theory, decision analysis and options are used. In level 2 shape the future strategy is used to increase the likelihood that a favored industry situation will disclose. Shaping the future deals with setting standards and is likely to capture the initial core...

Find Another Essay On Uncertainty

The uncertainty of knowledge Essay

1740 words - 7 pages still not been resolved. Therefore in reality the uncertainty of knowledge is in fact unknown and will continue to remain unknown as long as the question of faith still lingers. Not a single person is born with truth, but is rather authoritatively ordained with his knowledge whether it be through scientific or religious means. All is based upon a single thread of evidence or the recklessness of opinions or assumptions.Philosophers have sometimes

uncertainty in our life Essay

1081 words - 4 pages my opinion makes this movie quite different from other common movies and the uncertainty of the postmodernism view of life obvious.      First of all, the movie has an unusual opening. When the movie begins, there are just many people on the screen; and I cannot find any clue to the plot or the setting. However, I think this opening shows Bonnycastle¡¯s idea of postmodernism which is ¡°it is hard to know what you might

Integra LifeSciences – Limit Uncertainty

1319 words - 6 pages Integra LifeSciences – Limit Uncertainty Integra LifeSciences (IART) is a multinational corporation providing medical devices supporting wide array of surgical needs. Their strategic intent is to become the worldwide leader in in orthopedic extremity surgery, neurosurgery, spine surgery, and reconstructive and general surgery. Their innovative offerings and growth through acquisition has allowed them to become a billion dollar enterprise

A State of Uncertainty

1333 words - 6 pages solitude and despair, mostly because of the fact that she was away from her family, particularly her father. Now that she is back with him by her side, she wants to stay, yet an impression of uncertainty in regards with her sentiments towards her father hinders from doing so. One way to substantiate this is to observe the loss "I" throughout the poem, replacing it with “i", which could imply that the lack of usage of capital letters portrays her


1267 words - 5 pages everything meaningless." A distinctly unenviable position, it seems that, in the end, what troubles Josef most is the guilt of uncertainty. Bibliography Czermak, Herberth CliffsNotes on The Metamorphosis and Other Stories. 17 Feb 2014 . Kafka, Franz, and Breon Mitchell. The trial: a new translation, based on the restored text. New York: Schocken Books, 1998. Reis de

The Anxiety/Uncertainty Management Theory

679 words - 3 pages The Anxiety/Uncertainty Management Theory According to William B. Gudykunst in his article "A Model of Uncertainty Reduction in Intercultural Encounters," the uncertainty reduction theory explains initial interactions between two strangers from the same culture. Studies, however, suggest this theory can also be extended to interpersonal communication between two people from different cultures. Uncertainty refers to how well you can

Data Analysis And Experimental Uncertainty

1159 words - 5 pages Types of Uncertainty There are two basic kinds of uncertainties, systematic and random uncertainties. Systematic un- certainties are those due to faults in the measuring instrument or in the techniques used in the experiment. Here are some examples of systematic uncertainty: • If you measure the length of a table with a steel tape which has a kink in it, you will obtain a value which will appear to be too large by an amount equal to the

The Uncertainty of Doctor Visits

1470 words - 6 pages Introduction: The study I will be conducting is based on uncertainty; the uncertainty individuals have on whether they should visit the doctor even when they know they should. There have been previous studies on this similar topic. For instance, there was a study conducted on a longitudinal Web- based survey that assessed participants’ level of relational uncertainty, degree of intimacy, and the openness of communication about relational

The Tedious Journey of uncertainty

2426 words - 10 pages athlete” or “Medical Bill.” And as my psychology teacher at CRC said, “ people do not like to change they do not like the uncertainty that comes with change.” Therefore, when an athlete has their whole life changed in front of their eyes they are emotionally crushed. They become lost with no help and no sense of direction. An ACL injury may seem as nothing serious with the new technology and surgical techniques of the 21st century. At the same

Two Forms of the Generalized Uncertainty Principle

1937 words - 8 pages Various theories of quantum gravity predict the existence of a minimum length scale, which leads to the modification of the standard uncertainty principle to the Generalized Uncertainty Principle (GUP). In this paper, we study two forms of the GUP and calculate their implications on the energy of the harmonic oscillator and the Hydrogen atom more accurately than previous studies. In addition, we show how the GUP modifies the Lorentz force law

Ambiguity, Inconsistency and Uncertainty in Othello

1290 words - 5 pages Ambiguity, Inconsistency and Uncertainty in Othello   The Bard of Avon has in his tragedy Othello a true masterpiece, but not one without flaws. It contains blemishes, imperfections, and minor negative features which detract in lesser ways from the overall evaluation of the play. H. S. Wilson in his book of literary criticism, On the Design of Shakespearean Tragedy, addresses the arbitrariness and inconsistency in the play: Though

Similar Essays

Uncertainty Essay

1759 words - 8 pages Human beings are the only living species that base their lives around time. We have calendars, we have clocks, and we have created an entire system in order for us to feel like we are aware of everything. The reasoning behind this is that we fear uncertainty. Since we consider ourselves at the top of the living food chain, we hate to feel as though there is something more powerful than us. When we don’t know things, we feel helpless because we

Risk & Uncertainty Essay

2291 words - 9 pages Introduction In order to tackle the issue surrounding the definition of the terms “Risk & Uncertainty” we should look at the general framework of project management which is a business and management of the changes that may occurred during the life cycle of the project because of the circumstances surrounding it including political perceptions, and the value management which are vital in taking decisions. Although, there have been a number of

Uncertainty Quantification Essay

2525 words - 10 pages is then crucial to do some uncertainty and resolution analysis to better understand the main factors that lead to the variability of the kinematic rupture model. Some researchers already go through those analysis: Emolo and Zollo [2005] defined a Gaussian probability density function around the best fitting model to estimate its resolution; Piatanesi et al. [2007] on the other hand did some uncertainty estimations from statistical analysis of

Uncertainty In Illness Essay

1210 words - 5 pages Mishel’s (1988) Uncertainty in Illness theory is a mid-range nursing theory that examines how uncertainty can affect patients. In addition, Mishel’s theory identifies causes of uncertainty that negatively or positively affect the patient. If an individual is spiraling down a known path of illness, they may perceive uncertainty as a benefit. However, illness uncertainty causes breakdowns, fear of the illness, emotional distress, loss of control