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Failure of imagination is the expectation that current and future opportunities and risks will resemble the past. The term is associated with major failures of risk management and strategy based on static, unimaginative and reactive thinking.
Risk ManagementRisk management begins with identifying risks. This involves imagining the future and is a creative process. However, in some industries it is rarely approached in the spirit of creativity. Security organizations in particular are known for a tendency to expect the threats of the future to resemble the threats of the past. StrategyIn some cases, an industry that faces competitive threats is unable to respond in a creative way. An industry that is destined to be completely replaced by a new technology or changing social values may respond by tweaking the tools and techniques of its past. To an outside observer, this may appear hopelessly static and uninspired.|
| Type | Business StrategyRisk Management | | Definition (1) | The expectation that the future will resemble the past. | | Definition (2) | An inability to adapt characterized by solving a problem by escalating a failing strategy. | | Associated With | Business strategy that is bizarrely inadequate given competitive forces such as technological change.Risk management and security that is overly focused on recent event patterns as opposed to imagining new threats. | | Related Concepts | Resistance To ChangeRisk ManagementBusiness Strategy |
Risk Management
This is the complete list of articles we have written about risk management.
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A list of common business risks.
The four things that can be done about risk.
A metric for measuring risk management.
The potential that you'll achieve too much of a good thing.
Any risk that people have a strong aversion too.
The definition of risk taking with examples.
A list of risk examples by type.
The two main factors in modeling a risk.
A definition of calculated risk with an example.
How to calculate relative risk with examples.
A list of thinking approaches and types.
A few logic terms explained.
A list of common cognitive biases explained.
A few dangers of being too abstract.
The difference between objective and subjective.
A definition of intellectual diversity with examples.
The definition of creative value with examples.
The definition of anecdotal evidence with examples.
The definition of benefit of doubt with examples.
The definition of pessimism with examples.
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