Long Term Planning and Uncertainty

In the article, "Making the Most of Uncertainty," (see http://blog.briandjohnson.com/context_continuity/files/McK-makingthemost.pdf) Hugh Courtney describes strategies to perform in markets with varying degrees of uncertainty. The author suggests that the appropriate strategy to pursue on a long-term basis should be related to the degree of uncertainty in the market. After reading the article, answer the following questions:

1. What are the two major strategies the author identifies to deal with uncertainty?

2. Which strategy does the author suggest is preferable with higher levels of uncertainty? Briefly explain.

3. In his concluding remarks the author suggests that it is critical for firms to obtain knowledge about the uncertainty facing them. What does he mean by that statement?