VUCA
Contents |
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.
VUCA and the traditional risk assessment
How traditional risk assessment is conducted and how VUCA can be used in addition to this.
Volatility
Uncertainty
Complexity
Ambiguity
Application - VUCA meter questionnaire
Presentation of the VUCA matrix and questionaire and how it can help to identify the nature of the environment of a given project.
