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VUVA World.pptx

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VUVA World.pptx

  1. 1. VUCA World Mumbai Educational Trust Bandra Reclamation, Bandra (W), Mumbai – 400050 Tel: (+ 91 22) 2644 0096 / 57, Toll free: 1800 22 0234 Email: communications@met.edu MET PGDM
  2. 2. Living in a VUCA World The New Normal • V- Volatility • U- Uncertainty • C- Complexity • A- Ambiguity
  3. 3. 1) Meaning & Scope of VUCA • VUCA is an acronym – of volatility, uncertainty, complexity and ambiguity. • US Military started using this term in late 90s for the post cold war world. Changing Battle field conditions • Reflects a fast paced, increasingly unstable and rapidly changing world
  4. 4. 1) Meaning & Scope of VUCA V C U A This is relating to speed of change. VOLATILITY There are far too many options and we don’t know which one to take. COMPLEXITY Less clarity about future. Multiplicity of options we have far more than we had yesterday. UNCERTAIN There are no right answer, there are many options. AMBIGUITY
  5. 5. 1) Volatility Volatile Unstable. Hard to Predict. Be Prepared. Match investment to risk.
  6. 6. 1) Volatility • V- Volatility :- • We are living in a world that’s constantly changing, becoming more unstable each day, where changes big and small are becoming more unpredictable – and they’re getting more and more dramatic and happening faster and faster. As events unfold in completely unexpected ways, it’s becoming impossible to determine cause and effect.
  7. 7. 2) Uncertainty :
  8. 8. 2) Uncertainty : • U- Uncertainty :- • It’s becoming more difficult to anticipate events or predict how they’ll unfold; historical forecasts and past experiences are losing their relevance and are rarely applicable as a basis for predicting the shape of things to come. It’s becoming nearly impossible to plan for investment, development, and growth as it becomes increasingly uncertain where the route is heading. • The inability to know everything. The lack of predictability and likelihood of “surprise” events.
  9. 9. 3) Complexity : • Simple Problem • Complicated Problem • Complex Problem
  10. 10. 3) Complexity : • C- Complexity :- • Our modern world is more complex than ever. What are the reasons? What are the effects? – Problems and their consequences are more multi-layered, harder to understand. The different layers intermingle, making it impossible to get an overview of how things are related. Decisions are reduced to a tangled mesh of reaction and counter-reaction – and choosing the single correct path is almost impossible. • The complex problems are those when we don’t know where to go. For Example if you have a child, it will take 20 years to convert in to adult. You can’t predict whether he/she will be wonderful human being or not.
  11. 11. 4) Ambiguity : • Ambiguity is the haziness of reality, the potential for misreads, and the mixed meaning of conditions; cause-and-effect confusion. • There is a fog / dust we can’t see what is in front.
  12. 12. 4) Ambiguity : • A- Ambiguity :- • “One size fits all” and “best practice” have been relegated to yesterday – in today’s world it’s rare for things to be completely clear or precisely determinable. Not everything is black and white – grey is also an option. The demands on modern organisations and management are more contradictory and paradoxical than ever, challenging our personal value systems to the core. In a world where the “what” takes a back seat to the “why?” and the “how?”, making decisions requires courage, awareness, and a willingness to make failures.
  13. 13. Navigating in a VUCA World • V- Vision • U- Understanding • C- Clarity • A- Agility + Adaptability The Solution
  14. 14. Vision : • Paint a picture of the future you want. • volatility can be countered with vision because vision is even more vital in turbulent times. • Leaders with a clear vision of where they want their organizations to be in three to five years can better weather volatile environmental changes such as economic downturns or new competition in their markets. • For example, by making business decisions to counter the turbulence while keeping the organization’s vision in mind.
  15. 15. Vision • CREATE A VISION • Vision to battle against volatile • Rapid change • Clear Vision >>> Focussed People • Right Direction >>> Informed Choices • Communicate >>> Belief >>> Focus • Strategic and Long-term perspective
  16. 16. Understanding : • CURIOSITY – Ask questions (couch) that challenge the status quo in your organization every day. • EMPATHY – Get where people are coming from – their hopes , fears and desires • OPEN MIND – Explore new ideas, reflect and seek constructive criticism.
  17. 17. Understanding : • Uncertainty can be countered with understanding, the ability of a leader to stop, look and listen. • To be effective in a VUCA environment, leaders must learn to look and listen beyond their functional areas of expertise to make sense of the volatility and to lead with vision. • This requires leaders to communicate with all levels of employees in their organization, and to develop and demonstrate teamwork and collaboration skills.
  18. 18. Clarity :
  19. 19. Clarity : • Clarity is absence of obstacles / hurdle. • SIMPLIFY – Chop the fat, cut through the complexity and distill the core down to its essence. • INTUTION – Use the gift of knowing without reasoning, trust your gut and your experience. • SYSTEMS THINKING – Approach problems a holistic perspective (a system of dynamic, interacting, interdependent parts.)
  20. 20. Clarity : • Complexity can be countered with clarity, the purposeful process to make sense of the chaos. • In a VUCA world, chaos comes swift and hard. • Leaders, who can quickly and clearly tune into all of the particulars associated with the chaos, can make better and more informed business decisions.
  21. 21. Agility and Adaptability : • DECISIVENESS – Adapt quickly to changing circumstances and make decisions with confidence. Think on the Feet • INNOVATE OF DIE – Learn from your mistakes and continuously seek new ways to get better at what you do. • EMPOWER – Value networks over hierarchy, collaboration over and control and set people free to do great work.
  22. 22. Agility and Adaptability : • Ambiguity can be countered with agility, the ability to communicate across the organization and to move quickly to apply solutions. • Vision, understanding, clarity, and agility are intertwined elements that help managers to become stronger • VUCA leaders must have foresight to see where they are going but must also remain flexible about how they get there. • They must be self-aware about their strengths and weaknesses as leaders, adaptable, open to change.
  23. 23. IMAGINATION AGE…. • We are living in the IMAGINATION AGE…. • The Imagination Age is the period beyond the Information Age where creativity and imagination become the primary creators of economic value. • The Imagination Age is a way to think about transitioning from the Industrial Era, as much as transitioning into the Intelligence Era. • In this world leaders ask to the team mates who knows the situation better and lets go by what he says.
  24. 24. Answer to The VUCA World • Use of IMAGINATION to handle Volatility • Use of INSPIRATION to overcome the Uncertainty which is created by the Unpredictable circumstances. • We need to INTEGRATE things to realize the connections between different variables in complex world. • INTITUATION to resolve the Ambiguity which we will have to cater for absolute gut feelings to handle those situation.
  25. 25. Way to Go • LOL • Managing Time. • Managing Speed of Change. • Important Skill to acquire. (ncsindia.org) • Imagination • Innovation • Creativity • Team work, empowerment, outsourcing
  26. 26. Predictability : You will need to stay ahead of the PREDICTABILITY CURVE
  27. 27. Thank You Mumbai Educational Trust Bandra Reclamation, Bandra (W), Mumbai – 400050 Tel: (+ 91 22) 2644 0096 / 57, Toll free: 1800 22 0234 Email: communications@met.edu

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