5.7 Crisis Management and Contigency Planning Flashcards
1
Q
What is “crisis management”?
A
“The way a business responds once a crisis has occurred. This is a reactive approach.”
1
Q
What is “contigency management”?
A
“Planning for the event of a crisis occurring. This is a pro-active approach.”
2
Q
What are the two types of management?
A
- crisis
- contigency
3
Q
What are the difference between “contingency management” and “crisis management”?
A
Crisis:
- when the event begins to cause significant impact
Contingency:
- prior to the event + implemented when there are indications something may happen
