MODERN VIEWS, INTERPRETATIONS AND CONTEXTS OF CRISIS IN AN ORGANIZATION

Abstract

This article explores the definition of crisis in the modern economic and management literature in the context of the full-scale invasion of Ukraine and the long state of war, which has actualized the need to reconsider the nature of crisis phenomena in activity of companies. The authors highlight the multi significance of the term "crisis" and analyze it through the prism of various scientific approaches — including its interpretation as a stage in the company’s life cycle, a disruption of economic balance and a potential for changes etcetera. Based on an analysis of the modern Ukrainian research, the article outlines key definitions and changes in scientific approaches.

Special attention is paid to the challenges of the new management reality: growing uncertainty, destructive external factors, necessity of the scenario planning and digitalization of management processes. The authors approve the necessity of transformation from traditional financial and economic tools to the integration of behavioral and psychological factors in anti-crisis management. The role of cognitive biases, the psychology of decision-making, the emotional stability of managers and teams, as well as adaptive behavior and organizational culture are highlighted among them.

It is summarized that modern crisis management goes out of the reaction to external threats and increasingly has been focusing on the human factor as a key element of the viability of enterprises. The approaches, presented in the article, can become the basis for further research and development of practical tools for Ukrainian companies in conditions of long-term crises.