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What makes for a good strategy in highly uncertain business environments? How do executives choose a clear strategic direction when no amount of sophisticated analysis will allow them to predict the future? The authors, consultants at McKinsey & Co, outline a new approach for dealing with the high levels of uncertainty that regularly confront managers today. This article explains how to make crucial distinctions among the levels of uncertainty managers face, and then how to choose a strategic posture appropriate for that level. This strategy framework helps managers to tailor a portfolio of actions - comprising big bets, options, and no-regrets moves - to the uncertainty at hand. An important and timely addition to the strategy arsenal, this article offers a discipline for thinking rigorously and systematically about uncertainty. May be used with: (9-605-090) ''Ducati Corse: The Making of a Grand Prix Motorcycle''.