5.7 Crisis Management and Contingency Planning

Question 1

Crisis management

Answer 1

the reaction of an organization to a sudden crisis and the steps taken to limit the damage

Question 2

Contingency planning

Answer 2

an organization’s attempt to develop a plan to deal with a crisis, in the case it occurs

Question 3

Factors that effect crisis management

Answer 3

Transparency (open and honest to stakeholders)
Communication (communicate to all key stakeholders objectively)
Speed (speed of response can contain the damage)
Control (leaders need to work under pressure to take control of the situation)

Question 4

Disadvantages

Answer 4

Cost + time