When is theory powerful?
Whether they like it or not, decision makers use theory all the time, even if it is only their own private beliefs about why things happen and the likely impact of their decisions. Theory does not need to be complex – it is simply an explanation for what causes what, and how – without which there can be little confidence in the likely effect of any strategy we develop or decisions we might take.
Theory is powerful when ...
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This ‘Perspectives‘ paper makes a strong case for how firms can move from costly experimentation, e.g. for new products, to simulation of new opportunities and other business changes. It’s at a more operational level than simulation of overall strategy or major strategic initiatives, but the examples offered make clear just how powerful the approach can be.
Continue Reading → ShareThis is the third post in the fortnightly series of Strategy Dynamics Briefings. There are three distinct, but related questions lying behind the issue of how businesses and other organizations perform through time…
What are they?
(If you would like to receive the series from the beginning in your email inbox, please register on www.strategydynamics.com and subscribe to Briefings in “MyAccount”)
In my last post I explained that the time path of future performance is central to the concerns of investors in ...
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