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In economics, as in all scientific disciplines, complexity refers to a situation in which the multitude and variety of interdependent factors create a burden of complexity, on the one hand, and also a potential for complexity on the other. In such poorly structured, high-risk, nontransparent and volatile situations, the task of management is to establish equilibrium between burden and potential. This is achieved by simplifying the complexity burden in a coordinated manner and by enhancing the human and technological potential for managing it. On a sound theoretical basis, this textbook illustrates the practical significance of balanced complexity management, with conceptual foundations and with applications in several areas of management.
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