GEOPOLITICAL REALITIES OF THE SOUTH CAUCASUS IN THE CONTEXT OF THE KARABAKH CONFLICT

The article presents an analysis of the theoretical foundations of the concept of effectuation and determines the place of this concept in the theory of strategic management.It was revealed that effectuation is a process of entrepreneurial thinking, when an entrepreneur, based on the resources at his disposal, chooses those of the possible results that can be achieved with this set of resources.As an alternative to rational thinking, effectuation seems to be a more effective approach to creating new firms in the face of uncertainty and unpredictability of future events.A comparative analysis of this concept with the traditional paradigm of the cognitive logic of entrepreneurial decisions has been carried out.It has been established that the development of the effectuation concept is in the process of transition from the formation of a scientific theory to its development, characterized by a focus on conceptual work and a gradual increase in the number of empirical studies.