Additional Knowledge Needed in Crisis Management

For the successful resolution of a crisis it is of key importance that the crisis is tackled by managers which along with a desirable knowledge of the company's activities are familiarized with the special characteristics of the crisis management and general creative (intuitive) approach. For their work crisis management will require strategic, as well as fully operational formal and empirical knowledge, possessing at least the minimum amount of knowledge from every business field, including basic knowledge of economic psychology. Additionally, some special knowledge and skills are demanded. In view of the complexity of the management of a company undergoing serious difficulties, crisis management is therefore denoted as a "composite" discipline, because a multi-disciplinary approach to problem solving is required in order to achieve the objectives of managing a company undergoing a crisis.