Definition of Crisis management:
Crisis management is the identification of threats to an organization and its stakeholders, and the methods used by the organization to deal with these threats. Due to the unpredictability of global events, organizations must be able to cope with the potential for drastic changes in the way they conduct business. Crisis management often requires decisions to be made within a short time frame, and often after an event has already taken place. In order to reduce uncertainty in the event of a crisis, organizations often create a crisis management plan.
The process by which a business or other organization deals with a sudden emergency situation.
Any business, large or small, may run into problems that may negatively impact its normal course of operations. Crises such as a fire, death of a CEO, terrorist attack, data breach, or natural disasters can lead to tangible and intangible costs to a company in terms of lost sales, customers, and a decrease in the firm’s net income. Businesses that effectively put a business continuity plan in place in case of unforeseen contingencies can mitigate the effects of any negative event that occurs. The process of having a continuity plan in place in the event of a crisis is known as crisis management.
Set of procedures applied in handling, containment, and resolution of an emergency in planned and coordinated steps.
How to use Crisis management in a sentence?
- Hes one of the worlds foremost experts on crisis management, terrorism and homeland security.
- Crisis management is the strategy of dealing with such crises at the corporate level.
- After its tanker spilled tens of thousands of barrels into a sensitive wildlife area, the oil companys senior leadership implemented its crisis management strategy.
- Large or small, even the best-managed businesses may be hit by an unexpected public relations crisis.
- We had a really great crisis management plan intact and that meant that we would be able to respond to things very quickly.
- You should always try and keep a cool head when you are dealing with crisis management and not make any brash decisions.
- These can be recalls of products, a civil lawsuit, or some other unforeseen disaster.
Meaning of Crisis management & Crisis management Definition