Leadership in the Age of Uncertainty: Crisis-Ready Management

About this Book

From a theoretical perspective, economist Frank Knight was the first to distinguish between risk and uncertainty, emphasising that true uncertainty cannot be quantified or forecast using probabilities. In the current climate, when many challenges—like technology disruption or geopolitical instability—are marked by profound uncertainty, this idea is still very important. Additionally, there are several sorts of uncertainty, such as aleatory uncertainty, which derives from intrinsic randomness, and epistemic uncertainty, which is caused by ignorance. Leaders can adopt more sophisticated and successful decision-making techniques in complicated contexts by being aware of these distinctions.