Halushka Z. І., Doctor of Economics, Professor, head of the department of economic theory, management and administration, Yriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine

ORCID ID: 0000-0003-0597-5221
e-mail: z.halushka@chnu.edu.ua

How to Form Strategies in Conditions of Uncertainty?

Abstract. Introduction. The article analyzes the peculiarities of business process development in conditions of uncertainty in the external environment. It characterizes the conditions of business development in Ukraine in the midst of russo-Ukrainian war.

Purpose. The article aims to substantiate the necessity and peculiarities of development of strategies in conditions of external uncertainty and to search tactical approaches to implementation of these strategies.

Results. Approaches of scientists to understanding of uncertainty and economic risks are analyzed. The necessity of developing and implementing business development strategies is substantiated. Strategy plays a critical role and occupies a central place. It helps organizations understand their current situation, examine possible development options, and make decisions under conditions of uncertainty. It serves as an important compass for navigating in unpredictable environments. Conditions of uncertainty are often accompanied by rapid changes in the external environment, such as technological innovations, changes in market conditions, or changes in the regulatory environment. Strategy enables organizations to adapt to these changes and find new ways to succeed. The competitive environment can change rapidly, and strategy helps organizations maintain or strengthen their competitive advantage and identify and implement unique strategic approaches that enable organizations to survive and thrive in unpredictable conditions. Strategy helps organizations focus on long-term goals and visions. It facilitates the identification of potential paths to success and the development of action plans to achieve them. At the heart of strategy is unpredictability and the ability to act under conditions of uncertainty.

Conclusions. The conditions for success under conditions of uncertainty are specified: the role of leaders; implementation of integrated transformation strategies; focus on achieving specific organizational goals; a cross-functional approach based on efficiency, value, and productivity; organization-wide awareness of purpose and employee engagement in implementing change; concentration of resources on key priorities; stimulation of networking; and transition from isolated, technology-oriented approaches to innovation. Key characteristics of strategies that can be used under conditions of uncertainty are identified.

Keywords: uncertainty of the external environment, economic strategies, level of uncertainty, adaptation strategies, economic risk.

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