Practical wisdom : Re - framing the strategic challenge of preparedness Paper submitted to the : Wisdom , Ethics and Management Stream Critical Management Studies Conference July 2005

The strategic challenge of how organizations can become more prepared for unexpected events has risen in importance in recent years. It has become increasingly clear that organizational 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 focused on the practices of strategy-making. In view of philosophical, psychological and organizational 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. 1. Introduction Following the events of 9-11, the strategic challenge of how organizations can become more prepared for unexpected events has risen significantly on the corporate leadership agenda. 1 The first step taken by organizations toward increased levels of preparedness traditionally involves 'thinking the unthinkable'.