ADVANCES IN BUSINESS AND MANAGEMENT IN THE VUCA WORLD

Book excerpt: In a volatile economic climate characterised by various challenges and changes at every turn, organisationss must adjust their management system in order to preserve or even grow their productivity and competitive edge. All operations carried out inside an organisation are based on a sequence of interdependent managerial decisions that set the aims and modalities of activity, guaranteeing economic-financial balance. The activities carried out inside a company frequently change as the conditions and characteristics of the business environment undergo alterations, necessitating the updating of decision-making procedures. As a result, company personnel must be prepared to arrange their activities in a volatile, unpredictable, complex, and ambiguous world - the VUCA world.