Theoretical framework of managerial decisionmaking during a crisis in a discontinuous business environment

Crisis are integral development components of all organizations which are functioning within a discontinuous environment. That is why management in organizations must become aware of the need for implementing the function of crisis management. Crisis management within organizations can be divided into two separate categories: active and reactive crisis management, depending on the specific crisis development phase. Crisis management existence will simplify the process of managerial decision-making in a crisis. It will also facilitate the prevention and recovery of crises. This paper explains the notion of crisis and its development phases, and indicates the need for crisis management within contemporary organizations. It analyses the problems of managerial decision-making during crisis periods from a certain point of view and it emphasises one approach to managerial decision-making.