ABSTRACT
A strategy is a distinct system of activities that guides the enterprise in pursuing choices amongst competing options that create and capture unique economic, scientific, or technological value rather than merely improving processes or operational effectiveness. A fundamental task of all levels of management is to mitigate risks to the organization within their span of control. The management characteristics that optimize strategy and risk management are anticipation and adaptation. A major challenge in managing research organizations is managing the uncertainty that accompanies probing into the unknown; similar considerations apply to project management. As an organization’s policies tend to lock in, management needs to look for the opportunities to reduce interests in the status quo by strengthening incentives for surfacing and using information that reveals risks bred by earlier decisions.
