Time-Bounded Decision Making

Abstract

How to manage uncertain and unpredictable situations has been a major challenge facing managers and academics for decades. The development of practice and theory in knowledge management has been one important response. This chapter, however, argues that knowledge and knowledge management may not be sufficient when dealing with emergent and unforeseen situations as knowledge tends to be past-oriented in terms of its formative components, while emergent situations are future-oriented, which may or may not be rooted in the past. Therefore, authors explore this past-present-future conundrum by explaining how mere reliance on the past may restrict organizations' ability to deal with emergent situations in the future. Finally, the role of innovation and wisdom will be introduced as a bridge connecting current past-oriented knowledge to unknown and unpredictable future-oriented events.