Management by chance

Abstract

Purpose

The purpose of this paper is to provide an outline for conceptualizing an unprecedented factor responsible for awesome success or awful failure of every managerial course of action (COA). This typical factor is coined as “the unforeseen or unknown chance cause” (z) in this paper which aims at focusing on the constant interaction between known causes and z that resultantly shape failure or success of a COA.

Design/methodology/approach

The approach to this critical topic is primarily based on the method of simple demonstration of z along with its main contender, knowledge factor, following the method of elementary geometric configurations for lucid representation. Finally, this study advocates a regulatory method which may help chief executive officers (CEOs) in their dealings with z in a proactive manner.

Findings

The outcomes of this course of research are: first, there are some unique features of z, namely, omnipresence, variability and regularity. Second, it is the tolerance limit factor (TLF) which, if properly empowered by knowledge quality, can regulate z. Third, management by chance (MBC), philosophically, is an eternal journey to the unforeseeable land of z.

Originality/value

This study enlightens the following new and original thoughts which are equally important for academics and for practitioners. First, z is no longer an exogenous factor as commonly believed, rather it dwells in the core of a firm's survival. Next, the pivotal point is identifying z promptly without any excuse. Finally, only z can provide freedom of thoughts otherwise impossible in this computerized internet bound world.

Citation

Chowdhury, U.K. (2010), "Management by chance", International Journal of Law and Management, Vol. 52 No. 5, pp. 383-403. https://doi.org/10.1108/17542431011076026