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The known, knowable, and the unknown
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When I was in business school, my strategy professor Jeanne Liedtka introduced a framework for strategic thinking that I use quite often, based on Fitch’s paradox of knowability: any issue can be broken into three distinct parts: the known, knowable, and unknown. This may seem like a simple framework, so let’s apply it to something you understand pretty well, like your company. There are things that are known. But knowledge can be difficult to distribute. In theory, markets are transparent; i
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