Topic 5.7BM HL10 flashcards

Crisis management and contingency planning (HL only)

SL HL

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Card 1 of 105.7.1

Question

What is a crisis?

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All Flashcards in Topic 5.7

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5.7.17 cards

Card 1definition

Question

What is a crisis?

Answer

An unexpected event threatening operations, reputation or survival.

💡 Hint

Unexpected + threatening

Card 2concept

Question

Crisis response: act fast, communicate, take responsibility, protect people, ___

Answer

Learn — review and update contingency plans.

💡 Hint

Learn

Card 3concept

Question

Five steps for crisis response?

Answer

Act quickly, communicate transparently, take responsibility, protect people first, learn from it.

💡 Hint

Fast, honest, responsible, people, learn

Card 4concept

Question

Six types of crisis?

Answer

Natural disasters, product failures, data breaches, financial crises, reputational, supply chain disruptions.

💡 Hint

Natural, product, cyber, financial, reputation, supply

Card 5example

Question

Johnson & Johnson Tylenol crisis (1982) — textbook response?

Answer

Immediately recalled ALL products, communicated openly, introduced tamper-proof packaging.

💡 Hint

Recall + open + tamper-proof

Card 6concept

Question

Protect ___ first — above profits

Answer

People (employee and customer safety) — ethics before money in a crisis.

💡 Hint

People

Card 7definition

Question

Contingency plan = ___

Answer

A pre-prepared plan for dealing with a specific crisis — prepared in advance to reduce panic and speed response.

💡 Hint

Pre-prepared crisis plan

5.7.23 cards

Card 8concept

Question

Three advantages of contingency planning?

Answer

Faster response, reassures stakeholders, may reduce insurance costs, maintains operations.

💡 Hint

Speed + confidence + insurance

Card 9concept

Question

Contingency plans must be regularly ___, reviewed and ___

Answer

Tested; updated — otherwise they become outdated and useless.

💡 Hint

Tested + updated

Card 10concept

Question

Three disadvantages of contingency planning?

Answer

Costly/time-consuming, can't predict every crisis, plans become outdated, false sense of security.

💡 Hint

Cost + unpredictable + outdated

Topic 5.7 study notes

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