STRATEGIC MANAGEMENT AND DECISION MAKING UNDER UNCERTAINTY

Game theory is extensively used in modeling and understanding complex behaviors and designing strategic alternatives. Strategic management can be benefited by the use of fuzzy game theory combined with the black swan theory and appropriate tools to analyze both internal and external factors and the attitude of the competitive players. In modern environment where the surprise element prevails, a new approach is proposed to include surprise moves during formulating a strategic game and solving it according to the fuzzy game theory. We present a method to reliably adapt to change, providing a realistic framework to strategic management under uncertainty.