5.7 Crisis Management and Contingency Planning Flashcards
1
Q
Crisis management
A
the reaction of an organization to a sudden crisis and the steps taken to limit the damage
2
Q
Contingency planning
A
an organization’s attempt to develop a plan to deal with a crisis, in the case it occurs
3
Q
Factors that effect crisis management
A
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)
4
Q
Disadvantages
A
Cost + time