Strategy Techniques for the Times of High Uncertainty*

Zusammenfassung

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This paper sets out to propose the techniques that enable corporations to develop and to implement robust strategies under conditions of severe uncertainty. Through the correction of the traditional definition of stakeholders I found the general algorithm for achieving robustness in corporate strategies. This algorithm includes: (1) the clear definition of a limited set of the types of stakeholders, (2) the simplification of the sets of stakeholders' claims and discovery of intrinsic benefits common for all stakeholders of a particular type, (3) defining the space of acceptance of corporate performance for each type of stakeholders, (4) finding a non-empty intersection of such spaces for all types of stakeholders. The use of these techniques is illustrated by the new strategy of LUKOIL - one of the major publicly traded oil companies.

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Auszug

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Strategy Techniques for the Times of High Uncertainty*

1. Introduction

The aftermath of the financial crisis is characterized by high uncertainty in local and, especially, international markets. Some large corporations frankly acknowledge this situation in their strategy statements. For example, LUKOIL - a large non-state publicly listed oil company with 1.1% of global oil reserves and 2.3% of global oil production - recently stated as the major reasons for the revision of its strategic program:

* Volatility and growth in risks,

* High levels of uncertainty in the world hydrocarbon markets,

* Lack of clear view concerning demand and supply under current market conditions,

* Significant changes in gas (dynamic development of unconventional gas source market segment) and in oil market development prospects (LUKOIL 2009a:3).

However, such statements are rare, as most companies are simply unable to formulate the definite list of factors that affects the business - corporate analysts develop separate lists of impo...

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