Volatility (rate of change), Uncertainty (unclear about the present), Complexity (Multiple key decision factors), Ambiguity (Lack of clarity about meaning of an event)
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Which factor represents high knowledge about the situation but low predictability about the outcomes?
Complexity
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Which factor represents high knowledge about the situation and high predictability about the outcomes?
Volatility
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Which factor represents low knowledge about the situation and low predictability about the outcome?
Uncertainty
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Which factor represents low knowledge about the situation and high predictability about the outcomes?
Ambiguity
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How to manage volatility?
Vision - create a clear, shared vision of the future and ensure that the team is open to change and flexible in its approach
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How to manage uncertainty?
Understanding - invest in business and competitor analysis and test situations to develop a better awareness of what is happening at any particular moment
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How to manage complexity?
Clarity - communicate widely to develop a broader perspective about what is happening and why
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How to manage ambiguity?
Agility - ensure that plans have suitable contingency and flexibility which allows the team to modify its approach in response to the changing environment
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