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Crisis management (Business recovery (When crisis hits, organizations can…
Crisis management
Business recovery
When crisis hits, organizations can suffer loss of confidence
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Definition
It is a discipline consisting of skills and techniques required to identify, assess, understand, and cope with a serious situation
Crisis management involves dealing with threats before, during, and after they have occurred
Is the process by which an organization deals with a disruptive and unexpected event that threatens to harm the organization or its stakeholders
Types of crisis
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Financial crisis
Banking crisis
When a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run
Currency crisis
A currency crisis results from chronic balance of payments deficits, and thus is also called a balance of payments crisis.
Economic crisis
is a significant imbalance in the economic system, often accompanied by losses and the rupture of normal relations in production and market relations.
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