Stop predicting, start planning

07/27/2009 | Knowledge@Wharton

Faced with uncertainty, every company has three options: Don't make a plan, make one plan and stick with it, or make multiple plans and then react accordingly. Having a wide range of options makes a business more adaptable and competitive, says Paul J. H. Schoemaker, but it can also be the most difficult strategy for an executive to accept. "It takes courage to admit our collective ignorance," he says, "because it conflicts with our common notion of leadership, which prizes omniscience."

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