STRESS AND CRISIS MANAGEMENT

Fasua Eloho Loice

Journal of Academic Research in Economics, 2024, vol. 16, issue 2 (July), 333-356

Abstract: This study provides a thorough exploration of crisis management theories and stress-related concepts. It employs qualitative and literature research method. In achieving this, it traces the historical development of stress theories, shedding light on the transition from viewing stress as a static stimulus to understanding it as a dynamic transactional process between individuals and their intricate environments. The significance of personality traits, particularly hardiness, in enhancing stress resilience is underscored, offering valuable insights into effective coping mechanisms. Moreover, the paper anchors on transactional theory of stress and coping (TTSC) and the innovative butterfly theory of crisis management, which advocates for proactive preparedness to address minor events that possess the potential to escalate into major crises. This approach recognizes the substantial impact of low-probability events and underscores the importance of readiness and risk mitigation. Overall, this compilation serves as a comprehensive reference for comprehending the intricacies of stress and crisis management. It provides practical guidance for organizations and individuals, empowering them to approach crisis management with foresight and resilience, ultimately enhancing their ability to navigate and mitigate crises effectively.

Keywords: Stress; Crisis Management; Transactional Theory; Butterfly Theory. (search for similar items in EconPapers)
JEL-codes: M19 M54 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:shc:jaresh:v:16:y:2024:i:2:p:333-356

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