2.1 Volatility, Uncertainty, Complexity, and Ambiguity (VUCA)
The term VUCA, an acronym for Volatility, Uncertainty, Complexity, and Ambiguity, originated in the military context but is widely used today in discussions of strategic leadership and project management. The components of VUCA each present different challenges for project managers and organizations, and understanding VUCA is critical to effectively operate in the domain of complex projects (Bennett and Lemoine 2014).
Volatility concerns to the nature, speed, volume, and size of the change that can happen in a way that cannot be predicted. A volatile environment is fast changing, it's unpredictable, and can have an influence on the project outcomes. Volatility in project management can take several forms:
Market Volatility: Conditions in the market can change quite quickly, which will impact the project's viability, resource availability, and stakeholder expectations
Advance in Technology: Technological change is occurring at such a rapid pace that deliverables can reach obsolescence before the completion of the project, or the project may need continual scope or goal adjustments
Geopolitical Events: Global geopolitical events, including a political uprising, financial crisis, or natural disaster, can affect project delivery and outcomes
Regulatory Changes: Legal or regulatory ...
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