Nothing impressive
The book provides no exciting findings for strategic decision makers. The only idea this book has is to distinguish uncertainties into four levels and it uses this four-level frame in its following discussions. And even the four-level classification is cliche. You can skip contents after chapter 3 without regretting anything.
Nothing impressive
This book provides bascially no new ideas for strategic decision makers. The only idea it has is to distinguish uncertainties into four levels and this book uses the four-level frame in all its following discussions. If you want to read it, maybe you can stop before chapter three and you won't miss any precious insight by skipping the rest of it.
Measuring Degrees of Probability Amidst Uncertainty
Courtney and his McKinsey associates decided to launch within their firm the Strategy Theory Initiative (STI), a multi-year research effort whose objective was to identify, develop, and disseminate what they learned about a "better approach" to the immensely challenging complicated design/implementation process. (While reading the Preface to this book, I was reminded of one version of a Hebrew aphorism, "Man plans and then God howls with laughter.") The material is carefully organized within seven chapters. In the first, Courtney shares what he and his research associates learned about crafting strategy in an uncertain world; in the next chapter, we are introduced to what are called "The Four Levels of Residual Uncertainty." (All by itself, this chapter is well worth far more than the cost of the book.) Then on to address five separate but related questions:* Should we shape or adapt? * Should we begin the process now or later? * Should we focus or diversify? * Which new tools and frameworks are needed? * Which new strategic-planning and decision-making processes are needed? Of course, Courtney fully realizes that the revelations of the STI research can only guide and inform appropriate answers to questions such as these. He agrees with Mike Hammer that searching for a "silver bullet" is a fool's errand, noting that "there [is] no easy one-size-fits-all solution that could be translated from theory into practice. Business strategists needed new theory [and, in italics] new practices if they wanted to make better strategy choices." At the height of the Cold War, I recall someone noting that Russian historians could predict the past with absolute certainty. This book's title does not suggest that if you read this book, you can see the future. ("Man plans and then God laughs.") Rather, instead of burying uncertainties in meaningless base case forecasts or avoiding rigorous analysis of uncertainties altogether, Courtney suggests that we "embrace uncertainty, explore it,, slice it, dice it, get to know it." If we do this well? "[You] will reach a wonderful goal: 20/20 foresight." The best available information serves as the basis of the most reliable forecasts which, in turn, improve the chances of devising the soundest strategies. After summarizing the appropriate toolkit for each level of residual uncertainty (see figures 6-1 through 6-4), and having also suggested various tools and frameworks needed to develop 20/20 foresight, Courtney offers five additional tools in the Appendix: The Uncertainty Toolkit. He briefly but brilliantly explains how to use scenario planning, game theory, decision analysis, system dynamics models, and management "flight simulators." Although this book will obviously be of substantial value to senior-level executives in larger organizations, I think it will be invaluable to others such as CEOs and other decision-makers in small companies. The challenge for all of them is to "tailor strategy to the level of uncertainty," whatever the nature and extent of their competitive marketplace may be. Here in a single volume is about all they need to begin the process. Another thought: This book would be an excellent choice as the basis of a one-day or (preferably) two-day offsite executive "retreat" for strategic planning. Reading it in advance would be required. The first two chapters would be excellent for assisting situation analysis, then on to the next five chapters which could serve as the core of the agenda. (I also recommend that Hammer's The Agenda be consulted, at least by the person who leads the group discussion. And, by the way, that person should NOT be the CEO.) The session would conclude with a review of the consensus achieved, followed by a discussion of how to communicate and collaborate effectively while using various tools, including the five recommended in the Appendix. Courtney would be the first to point out that, over time, other sources of information and guidance may become necessary. For that reason, he includes clusters of annotated "Recommended Readings" to assist his reader's selection process. Thoughtfully, he adds to their number with other suggestions within his extensive notes. For at least some individual executives and some organizations, this may well prove to be for them the most valuable business book published during the first decade of the 21st century. To those who share my high regard for it, I specifically want to recommend (again) Hammer's book as well as Jim O'Toole's Leading Change, Jason Jennings' Less Is More: How Great Companies Use Productivity As a Competitive Advantage, Peter Schwartz' The Art of the Long View: Paths to Strategic Insight for Yourself and Your Company, and finally, Carla O'Dell's If Only We Knew What We Know: The Transfer of Internal Knowledge and Best Practice.
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