Organizations in any business are vulnerable to crisis situations. Managing the crisis has become essential to come out of such situations the right way. This article sums up the idea of crisis management and draws lessons from some well-known organizations which have wriggled out of such situations. The article identifies communication as the most important component of crisis management.

According to a common misperception - the Chinese word for crisis Weiji is composed of elements that signify `danger' and `opportunity'. Essentially translating, Wei means `Dangerous' and Ji stands for `Moment'. So, this stands out to be `Dangerous Moment'. However, arguably, stretched a bit, Ji used in compounds can pertain to `opportunity'.

Thus, though a misinterpretation, on the whole, this gives us the right introduction to crisis. We will call it as `Moment of Dangerous Opportunity' since if handled rightly it can turn a bad situation into a good one. It is all about what we call in management terms as `Crisis Management'.

Here, drawing the lessons from some of the well-known companies and their crisis situations, we will see how a crisis situation can be a `Dangerous Moment' as well as can prove to be `Moment of Dangerous Opportunity'! But before that let's discuss what actually is a crisis and why we need to manage it.

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