Some firms engage in crisis planning to enable them to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization.

Question

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Crisis planning is a proactive approach that helps organizations to prepare for and respond to unexpected events that could potentially harm their operations and reputation. It involves identifying potential crises, developing strategies to mitigate their impact, and putting in place measures to respond quickly and effectively when they occur. By having a crisis plan in place, firms can minimize damage, protect their stakeholders, and maintain their resilience in times of crisis.

Some Firms Engage in Crisis Planning to Enable Them to Cope