VUCA

Revision as of 20:03, 13 February 2022

Abstract

VUCA stands for volatility, uncertainty, complexity and ambiguity. Each can be considered a characteristic which can be used to help describe and understand the environment in which projects take place. Understanding the context of project is crucial in an ever-changing world where it is impossible to separate a project from the social environment in which it takes place. These four parameters will be explained in depth along with how to manage the challenges, these different parameters pose in an environment in which they are present. This can help project managers understand the context of their project and the most appropriate approach to navigate in and manage the project risks, as an addition to the traditional way of assessing project risk by primarily using likelihood and impact. The VUCA questionnaire will be presented as a tool help identify how the different parameters score for a given project, which will help project managers understand the environment their project and its associated risks are taking place. Finally, VUCA as a concept and tool will be discussed critically with its limitations and opportunities summarized.

Key references identified for this wiki article:

Szpitter, A., & Sadkowska, J. (2016). Using VUCA matrix for he assessment of project environment risk. Zarzadzanie i Finanse, 401-413.

Fridgeirsson, T. V., Ingason, H. T., Björnsdottir, S. H., & Gunnarsdottir, A. Y. (2021). Can the “VUCA Meter” Augment the Traditional Project Risk. . Sustainability 2, 1-13.

Çiçeklioğlu, H. (2020). VUCA Concept and leadership. I G. Mert, Management & Strategy (s. 229-244). Istanbul: Artikel Yayincilik.

VUCA and the traditional risk assessment

Volatility

Uncertainty

Complexity

Ambiguity

Application - VUCA meter questionnaire

Critique

Bibliography