| This thesis provides an indepth analysis of crisis management as a newly evolved branch of management theory. The premise of this research project is that crises are inevitable in business, therefore, in order to persevere companies must be proactive. Management must anticipate unfortunate situations and develop contingency plans. In this study, the various stages and types of crises, as well as some models of effective crisis management are explored. Since the way crisis communications are handled can make the difference between success and failure in a crisis situation, a chapter is devoted to this topic. Finally, five major crises are reviewed to determine what leads to success or failure in a crisis. Generally, a crisis should be thought of as a turning point toward improvement or deterioration. The conclusion which is drawn from this research is that if management is in a constant state of readiness, they can control the direction of the turning point. Managers must be alert to early warning signs of problems, and attempt to avoid crises, but if hit with a crisis, managers must be immediately responsive and decisive. |
