Question

The creation of a new vision for a struggling company using a new approach to planning and organizing to make better use of a company’s resources and allow it to survive and eventually prosper refers to ________ management.

Answer 1

Answer:

The correct answer that fills the gap is Turnaround.

Explanation:

Turnaround management is a structured approach to manage the aspects of change related to people and the organization to achieve the desired business results. Its objective is to help management, employees and stakeholders to accept and accept the change in their current business environment.

This often involves conducting formal change impact assessments, developing individual action plans, improving communications and providing training to counter resistance. The result is that these plans help align the changes to the overall strategic direction of the organization.