A problem facing managers in the 1990s is how to exercise adequate control in organizations that demand flexibility, innovation, and creativity. Competitive businesses with demanding and informed customers must rely on employees' initiatives to seek out opportunities and respond to customers' needs. But pursuing those opportunities sometimes exposes businesses to excessive risk or invites behaviors that can severely damage the integrity of the company.

McKinsey Judges. HBR is pleased to announce the distinguished board of judges for the 1995 McKinsey Awards. The panel of seven company leaders and academics will choose the two best articles published in the magazine during the year.

While the core competence concept appealed powerfully to companies disillusioned with diversification, it did not provide any practical guidelines for developing corporate-level strategy. In "Corporate Strategy: The Quest for Parenting Advantage," Andrew Campbell, Michael Goold, and Marcus Alexander fill the gap with the parenting framework.