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The use of different types of strategies that have the basic aim to assist an organization in dealing with a sudden and severe bad occurrence is called crisis management.
A crisis might happen as a result of some sudden incident or as an unanticipated reaction to an event that was earlier standing as a concern. In either event, crises nearly always necessitate swift choices to mitigate the organization’s harm.
Depending on the kind of situation, the potential harm varies. In most circumstances, however, a crisis will have an impact on the health and safety of the company, its finances, its reputation, or some combination of these. A catastrophic fire might be a disaster that jeopardizes the organization’s finances.
The basic goal of this strategy is to prevent the harm that a crisis may inflict. This isn’t to say that crisis management and crisis response are the same things. Instead, it is a multi-step procedure that begins well before a crisis occurs. Before, during, and after a crisis, crisis management techniques are used.
Following the resolution of a crisis and the return to normalcy of business, the crisis manager should continue to meet with members of the crisis management team, particularly those from the legal and financial departments, to assess the success of the recovery efforts. At the same time, the managers of the crisis will need to present key stakeholders with the most up-to-date information in order to keep them informed about the current situation.