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The pathways through which environmental variability affects population dynamics remain poorly understood, limiting ecological inference and management actions. Here, we use matrix-based population models to examine the vital rate responses to environmental variability and individual traits, and subsequent transient dynamics of the population in response to the environment. Using Sitka black-tailed deer (Odocoileus hemionus sitkensis) in Southeast Alaska as a study system, we modeled effects of inter-annual process variance of covariates on female survival, pregnancy rate, and fetal rate, and summer and winter fawn survival. To examine the influence of environmental variance on population dynamics, we compared asymptotic and transient perturbation analysis (elasticity analysis, a life-table response experiment, and transience simulation). We found that summer fawn survival was primarily determined by black bear (Ursus americanus) predation and was positively influenced by mass at birth and female sex. Winter fawn survival was determined by malnutrition in deep-snow winters and was influenced by an interaction between date of birth and snow depth, with late-born fawns at greater risk in deep-snow winters. Adult female survival was the most influential vital rate based on classic elasticity analysis, however, elasticity analysis based on process variation indicated that winter and summer fawn survival were most variable and thus most influential to variability in population growth. Transient dynamics produced by non-stable stage distributions produced realized annual growth rates different from predicted asymptotic growth rates in all years, emphasizing the importance of winter perturbations to population dynamics of this species.