IB BM 5.7: Crisis Management and Contingency Planning (HL)
Terms in this set (10)
the process an organization uses to manage an emergency situation effectively
a written statement of policies and procedures that a organization has and will put into place in a crisis situation.
What main factors affect crisis management...
transparency, communication, speed, control
Managers should be honest and clear about the crisis situation
Important to have lines of communication to reach different stakeholder groups effectively
Important to communicate the crisis situation quickly to stakeholders so they receive accurate information and rumors are avoided.
Important for the organization to seem to be in control of the events. Managers and employees need to be calm and composed so that stakeholders are not unnerved or panicked by an emergency situation
Important factors in contingency planning...
cost, time, risks, and safety
Are definite and financially measurable threats to a business, such as fire damage to an organisation (insurable risks)
Are threats to business that are impossible or prohibitively expensive to examine and measure (uninsurable risks)
OTHER SETS BY THIS CREATOR
IB BM 5.6 - Research and Development (HL)
IB BM Exam 1 - 1.1 & 1.2 & Ethics & CSR
IB BM - 1.2 Types of Organizations
IB BM - 1.1 Introduction to Business Management