Glossary U-Z

V

Values
The values described in the business principles of a company are also referred to as "policies" or "practices". They characterise basic codes of conduct in every day life and are closely connected to the corporate culture.

Vision
A vision is referred to as a future image, which a company strives to achieve. It describes where a company or an organisation wants to be in five to ten years. It is the basis for strategy formulation and definition of objectives.

W

Wargaming
Wargaming is a strategic simulation, where one’s actions and the opposing actions as well as interactions are thought ahead. Typically, a horizon of several years is simulated. The objective is to gain insights concerning the implementation of one’s strategies or actions and furthermore, to increase the understanding for reactions of competitors.

Wildcards
Wildcards are future developments or incidents which are characterised by a low probabilty of occurance but far reaching potential consequnces for the own line of action. The systematic observation of wildcards is supposed to think possible structural breaks ahead and revise scenarios and strategies concerning their robustness.