Managing in a VUCA World: Possibilities and Pitfalls

Abstract

The world in which we live is over brimming with chaos and turbulence. Unpredictability has become the order of the day. Everything around us seems to be in a state of continuous flux. We are trapped in the vortex of an unending cyclone of change. The very existence of humankind is in a state of dynamic equilibrium, so to say. We as a species are striving and struggling to survive in a world that can at best be summarily described by a four-letter acronym called VUCA (Volatile, Uncertain, Complex, Ambiguous). The world in general and the corporate world in particular needs to thinks about devising concrete strategies to overcome the challenges offered by these four dominant characteristic waves sweeping the environment. The paper aims to understand the volatility, uncertainty, complexity and ambiguity inherent in the environment in detail, to analyse the challenges offered by them and to finally explore the solutions to overcome these challenges.