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Definition of

crisis management

General Management

firm's methods of dealing with unexpected negative situation actions taken by an organization in response to unexpected events or situations with potentially negative effects that threaten resources and people or the success and continued operation of the organization. Crisis management includes the development of plans to reduce the risk of a crisis occurring and to deal with any crises that do arise, and the implementation of these plans so as to minimize the impact of crises and assist the organization to recover from them. Crisis situations may occur as a result of external factors such as the development of a new product by a competitor or changes in legislation, or internal factors such as a product failure or faulty decision making, and often involve the need to make quick decisions on the basis of uncertain or incomplete information.

Related definitions of "crisis management"

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Definitions of ’crisis management’ and meaning of ’crisis management’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’crisis management’ and other financial terms with our online QFINANCE Financial Dictionary.

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