A STRATEGIC FRAMEWORK FOR IMPROBABLE CIRCUMSTANCES

Denzil Kennon, Corne S. L. Schutte

Abstract


Rare events, known as ‘Black Swans’, have determined the course of history. One of these was the global economic crisis of 2008. Such events highlight fields like strategic management and their shortcomings in helping to prepare organisations. The Strategic Framework for Improbable Circumstances was designed to add to the strategic management process by improving organisational preparation for these rare events. The framework was validated through interviews with experts who showed the need for such a framework, and who confirmed that it is a good first step for organisations to take towards addressing these Black Swan events.


Keywords


Black Swans, Strategy, Strategic Management, Innovation

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DOI: https://doi.org/10.7166/26-2-977

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Copyright (c) 2015 The South African Journal of Industrial Engineering


ISSN 2224-7890 (on-line) ; ISSN 1012-277X (print)


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