What Is a Crisis?
A CRISIS IS A CHANGE—sudden or evolving—that results in an urgent problem that must be addressed immediately. A crisis can occur in many forms:
- Life-threatening product defects are discovered.
- Computer hackers shut down a company’s entire system and deny access to customers.
- A hard freeze destroys a region’s citrus crops.
- A terrorist attack destroys lives and property.
- A key manager dies with no immediate replacement.
Crises are not the normal ups and downs of a business cycle—those recurring problems faced in the course of taking risks and exploring new avenues of opportunities. Instead, crises are wrenching, painful events. ...
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