Crisis Management
response of an organization when a crisis occurs in a business environment
crisis management
refers to the technological and scientific research that helps ro generate a flow of new commercial ideas
R&D
This type of software system helps organizations collect, store, and analyze business data to support decision-making.
What is a management information system (MIS)?
threats to a business that are impossible or prohibitively expensive to examine and measure
unquantifiable risks (uninsurable risks)
Companies often protect their R&D innovations by filing for this legal protection that grants exclusive rights to an invention.
What is a patent?
ERP stands for this type of system that integrates core business processes like finance, HR, and supply chain management.
What is enterprise resource planning?
data backups
fire drills
alternative communication methods
examples of a contingency plan
The percentage of a company's revenue spent on R&D is commonly referred to as this.
What is the R&D intensity?
This type of MIS tool helps businesses visualize and analyze data using dashboards, graphs, and reports.
What is a business intelligence system?
Factors affecting effective crisis management
lack of honesty with stakeholders regarding the severity of a crisis.
case study: traces of benzene found in perrier mineral water, Perrier owned by Nestle attempted to hide this from it's stakeholders. This resulted in Nestle damaging it's corporate image and recalling 160 million bottles
Transparency
This type of R&D focuses on making small but significant improvements to existing products rather than developing entirely new ones.
What is applied research?
This key MIS component ensures that only authorized users have access to sensitive company data.
What is cybersecurity (or access control)?
leading to over-budgeting resulting in inefficient use of a firm's scarce resources
negative impacts of contingency planning
The process of quickly developing a product prototype to test market viability before full-scale production is called this.
What is rapid prototyping?
The process of converting raw data into meaningful insights for strategic decision-making is known as this.
What is data analytics?