Crisis management is comparatively a recent discovery in management arena. Crisis management is a fabulous tool in the hands of management. It performs the function of anticipating and forecasting crisis and the methods to deal with them. It prepares an organization in dealing with sudden crisis situation. Crisis is essentially an unpredictable event which may cause damage to the organization.
Crisis management is more centered towards damages caused to the image of the organizations. In this case, management tackles the circumstances on various levels. The lead role is taken by the PR dept. It concentrates on rebuilding the brand image by assuring the general public of the products quality and consequent services. Crisis management also involves, preparing crisis contingency plans, providing accurate info to the media, public and stockholders apart from making fast moves for better long-term results.