Reference no: EM132878583

Courtney, Kirkland and Viguerie in their article "Strategy under Uncertainty" state, inter alia: The traditional approach to strategy requires precise predictions and thus often leads executives to underestimate uncertainty. At the heart of the traditional approach to strategy lies the assumption that executives, by applying a set of powerful analytic tools, can predict the future of any business accurately enough to choose a clear strategic direction for it. When the future is truly uncertain, this approach is at best marginally helpful and at worst downright dangerous: underestimating uncertainty can lead to strategies that neither defend a company against the threats nor take advantage of the opportunities that higher levels of uncertainty provide. Another danger lies at the other extreme: if managers can't find a strategy that works under traditional analysis, they may abandon the analytical rigour of their planning process altogether and base their decisions on gut instinct.

With reference to this, discuss how strategic decision-making can be enhanced in uncertain times.

Hamel and Prahalad in 1996 asked: "So, just how relevant is the corpus of knowledge we call 'strategic management' to the new information economy?".

With reference to this, discuss the relevance of the strategic management body of knowledge to a global economy facing a crisis of uncertainty such as the COVID-19 pandemic.