No surprises

An organization needs a settled strategy to guide its decisions and operations, but it also has to be aware that the strategy might be frail and fallible, making it treacherous to improvise through market transformations. One alternative, however, is to use strategic flexibility to prepare for an un...

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Bibliographic Details
Published inElectric Perspectives Vol. 27; no. 6; p. 42
Main Authors Flaherty, Thomas J, Jirovec, Todd J, Allen, Dwight L
Format Trade Publication Article
LanguageEnglish
Published Washington Edison Electric Institute 01.11.2002
Subjects
Balance sheets
Costs
Flexibility
Methods
Risk management
Strategic planning
Volatility
United States > US
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Summary:An organization needs a settled strategy to guide its decisions and operations, but it also has to be aware that the strategy might be frail and fallible, making it treacherous to improvise through market transformations. One alternative, however, is to use strategic flexibility to prepare for an uncertain tomorrow. Strategic flexibility reflects the inherent uncertainty in planning by building upon diverse, often conflicting expectations of market forces, changes, and impacts. Applying strategic flexibility involves four stages: 1. Anticipate - defining a set of overarching scenarios that capture a range of possible futures. 2. Formulate - defining for each scenario a set of strategies that a company might pursue. 3. Accumulate - obtaining the capabilities or assets needed to execute the strategies' key elements or identifying nonessential elements of the existing portfolio. 4. Operate - executing the strategy's core elements.
ISSN:0364-474X
1930-3998