Crisis Management-1

Crisis management has come up big way in the scheme of the management. Although a topical breakthrough in management plans, it works as a superb tool in the hands of the management. Talking about its function, crisis management is basically concerned with forecasting and anticipating crisis a management could face and the subsequent methods to deal with them. Crisis can be defined as an unpredictable occurrence with potential to cause huge damage to the organization. The damages could be in form of financial loss, loss due to natural causes or perceptual damage. Natural damage is also termed as sudden crisis. Natural loss can be due to natural disaster like, explosions, earthquake, flood, twister, or fire etc. violence could also be a reason for sudden crisis situations. In the event of sudden crisis, organization focuses more on ensuring nominal damages and swift recuperation.

Crisis management helps management in handling unanticipated disaster situation. It also prepares organizations in categorizing the nature and origin of the crisis. Further, it helps in taking precautionary measures, restrict damages and finally recover as quickly as possible. Crisis management is more focused towards damages caused to the image of the organizations. When image of the organization takes a beating, it can prove to be the worst form of crisis for any business. It is often termed as perceptual crisis. In such cases, management deals with the situations on various levels