Strategy techniques for the times of high uncertainty

Abstract

This paper sets out to propose the techniques that enable corporations to develop and to implement robust strategies under conditions of severe uncertainty. Through the correction of the traditional definition of stakeholders I found the general algorithm for achieving robustness in corporate strategies. This algorithm includes: (1) the clear definition of a limited set of the types of stakeholders, (2) the simplification of the sets of stakeholders' claims and discovery of intrinsic benefits common for all stakeholders of a particular type, (3) defining the space of acceptance of corporate performance for each type of stakeholders, (4) finding a non-empty intersection of such spaces for all types of stakeholders. The use of these techniques is illustrated by the new strategy of LUKOIL - one of the major publicly traded oil companies.