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Crisis Influencing Factors and Root Causes

By Konstantins Didenko, Anatolijs Magidenko and Irina Mogorite

Abstract

Quite often managers do not distinguish between such notions as factors, symptoms, signs and causes of a crisis. They see all of them as a single unit that precedes a crisis and hinders normal work of a business. One of the main factors provoking, intensifying or neglecting a crisis is the fact that it is rather difficult to notice its first symptoms – the signals that precede a crisis. In fact, these first signals of a crisis can be misunderstood and viewed as temporary difficulties or can be left unnoticed at all believing that everything goes as it has been planned, i.e. businesspersons fail to make use of the chance to overcome the crisis in a short period or prevent the crisis at all. Thus, the task of this research is to find the correlation between the above mentioned notions, because this can be considered as one of the basic aspects, which are necessary to show the methodology of crisis management. The application of the approach suggested below can help to manage a crisis in a much more efficient way, thus enlarging the limits of crisis management. In order to achieve this goal, the research of the root causes of a crisis should be included in the frameworks of crisis management. It will improve the analysis of the crisis emergence, will help to overcome it faster or even to prevent it, as well as will give a possibility to take some measures aimed at the avoiding a crisis. The research allowed to evaluate the model, which is accepted by the authors, and also all the above mentioned enlarges the limits of crisis management and makes it more up to date and more applicable in the modern rhythm of life

Topics: Crisis, factors, symptoms, signs, problems, causes
Publisher: RTU Izdevniecība
OAI identifier: oai:ortus.rtu.lv:3962
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