Abstract
The strategic challenge of how organisations can become more prepared for unexpected events has risen in importance in recent years. It has become increasingly clear that organisational leaders require not only knowledge and skills but also ethical values as they make preparations in response to potentially overwhelming risks. In this theoretical essay, we explore the concept of practical wisdom within the growing stream of research that focuses on the practices of strategy making. In view of philosophical, psychological and organisational research, we develop an interpretative model of practical wisdom to guide future empirical research that describes and deliberates about preparedness-related practices that are both effective and ethical.
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