Construct of the Model of Crisis Situation Diagnosis in a Company

Sakalas, Algimantas; Virbickaitė, Rūta

doi:10.5755/j01.ee.22.3.515

Cited by 11 publications

(17 citation statements)

References 16 publications

(15 reference statements)

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“…Performing a crisis diagnosis plays an important role, and it may be called an example of a company's decision-making and information system for its management (Sakalas & Virbickaite, 2011). When systematically assessing a company's situation and identifying the symptoms of a crisis, the company's managers and owners acquire high-quality and credible information about the company's real situation and opportunities at the particular stage of crisis (Балдин & Передеряев et al, 2012).…”

Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

“…When systematically assessing a company's situation and identifying the symptoms of a crisis, the company's managers and owners acquire high-quality and credible information about the company's real situation and opportunities at the particular stage of crisis (Балдин & Передеряев et al, 2012). If employing a number of indicators, performing a crisis diagnosis provides and to some extent facilitates an analysis of a large amount of information (Sakalas & Virbickaite, 2011).…”

Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

“…Based on the result of performing a diagnosis, a company's managers get an opportunity to make prudent decisions regarding taking specific management measures and to design an adequate anti-crisis management plan (Sakalas & Virbickaite, 2011;Балдин & Передеряев et al, 2012), as well as to develop and correct the company's strategy and tactics according to the situation (Назаренко, 2011). "Diagnosing a crisis is important to identify its level of depth, what will lead to further decisions in selecting means and resources on crisis liquidation and restoring company performance or starting the bankruptcy process or event liquidation" (Sakalas & Virbickaite, 2011; Meište & Jakštiene, 2015).…”

Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

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The Role and Importance of Company Crisis Diagnosis in Anti-Crisis Management

Klodāne

2016

LNER

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Nowadays, under a free market, crises at companies are a frequent phenomenon; however, anti-crisis management and related aspects are currently a little researched problem in Latvia. The research aim is to examine the nature of company crisis diagnosis and its role and importance in the anti-crisis management system. The research general tasks are: to describe the nature of company crisis diagnosis and review the scope, purpose and tasks of performing a diagnosis; to examine the role and importance of company crisis diagnoses in the company's anti-crisis management system. To achieve the aim, the following research methods were employed: monographic, descriptive, comparison as well as analysis. The present research performed an analysis of the definitions of company crisis diagnosis, an examination of the scope of purposes and tasks of performing a diagnosis; it defined the crisis diagnosis as the systematic application of several different (usually financial) models aimed at assessing the situation of the company, as well as the discovery of indications of a potential crisis. Also, the role and importance of diagnosis of a crisis at a company in its anti-crisis management were determined stressing the fact that crisis diagnostic is a source of high-quality and credible information about the real situation and the availability of resources as well as the basis for carrying out further anti-crisis activities and making decisions both during the process of crisis prevention and within the overall company management system.

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Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

Section: Figure 1 Gains From Crisis Diagnosis In the Anti-crisis Manmentioning

confidence: 99%

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The Role and Importance of Company Crisis Diagnosis in Anti-Crisis Management

Klodāne

2016

LNER

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“…Taikant aktyvųjį krizės valdymo modelį, siekiama įvertinti įmonės si tuaciją ir naujai suformuoti strateginį potencialą. Tokiu būdu įmonė orientuojasi ne tik į finansinių rodiklių gerinimą, bet ir numato pertvarką gamybos, produkto plėtros ir pardavimo, personalo tobulinimo srityse (Sakalas, Savanevičienė 2003;Sakalas, Virbickaitė 2011;Andziulienė 2012) (1 lentelė).…”

Section: įMonių Restruktūrizavimo Būdai Ir Priemonėsunclassified

The Aspects of Restructuring Enterprises and the Ways of Implementing the Process

Garškaitė-Milvydienė

2014

Business: Theory and Practice

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The paper discusses certain aspects of restructuring enterprises and presents different ways and measures applicable for restructuring companies; they are divided and grouped according to certain qualities. In scientific literature, measures for restructuring enterprises are most frequently classified according to organizational, legal, financial and strategic aspects. For assessing the factor of the period, passive and active ways for transforming enterprises are often singled out, where the first one is usually applied when the response to ongoing negative changes is late and actions are limited by operative anti-crisis measures targeted for cutting expenses. When the active way to the transformation of enterprises is employed, the aim of assessing the total situation of the enterprise and newly forming its strategic potential is pursued. The measures for restructuring enterprises classified with reference to different aspects differ in their goals, contents and technologies of implementation. Variety in applicable measures is predetermined by a broad range of causes and goals, and the scope of restructuring enterprises depends on the abundance of sectors to be transformed to the enterprise. Choosing a way to restructuring enterprises is also affected by external and internal environmental factors. In practice, a combination of various ways for restructuring rather than a single one of those) is applied.

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“…In this context, the necessity of early detection of the symptoms, forecasting of crisis situations, and assessment of probability of the crisis becomes crucial, indicating the main tasks of the crisis diagnostics. Though a number of researchers and economists in their studies (Sakalas and Virbickaite, 2011;Garskaite-Milvydiene, 2014;Meiste and Jakstiene, 2015;Darling and Kash, 1998;Blank, 2006;Asaul et al, 2007;Korotkov, 2010) reiterate the benefits of systematic implementation of efficient crisis diagnostics for the needs of the company's management, still the crisis diagnostics and prediction issues as well as anti-crisis management issues remain barely studied in the economic and management science both in Latvia and abroad.…”

Section: Introductionmentioning

confidence: 99%

Diagnostic of Company's Financial Crisis as an Insolvency Prevention Measure

Mietule¹,

Klodāne²

2016

Proceedings of the 5th International Conference on Accounting, Auditing, and Taxation (ICAAT 2016)

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Currently, the issues of insolvency and optimal financial situation of companies become increasingly topical. Simultaneously the company's crisis management with all its elements, including crisis diagnostics, have not been sufficiently studied yet. The object of the research is company's financial crisis diagnostics, the subject-methods of company's financial crisis diagnostics. The aim of the study-to carry out theoretical analysis of the company's financial crisis diagnostics in the view of insolvency prevention-is achieved applying monographic or descriptive research method, comparative analysis methods, as well as employing qualitative, grouping, and graphical methods. As a result of the research, the authors have concluded that a status of company's insolvency, which can be characterized by the company's inability to perform its commitments and by predominance of the company's liabilities over its assets, is the last and the most severe stage of financial crises, mostly deriving from a long-term reluctance by the management to react to the current financial crisis in the company. Thus, one of the company's insolvency prevention options shall be timely detecting of symptoms of the company's financial crisis in its early stages-that is a priority objective of the crisis diagnostics. Crisis diagnostics is a systematic application of a several different (usually financial) models to assess the company's status and to identify possible symptoms of the crisis. Early detection of the crisis indications significantly increases possibilities of saving the company's assets.

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Construct of the Model of Crisis Situation Diagnosis in a Company

Cited by 11 publications

References 16 publications

The Role and Importance of Company Crisis Diagnosis in Anti-Crisis Management

The Role and Importance of Company Crisis Diagnosis in Anti-Crisis Management

The Aspects of Restructuring Enterprises and the Ways of Implementing the Process

Diagnostic of Company's Financial Crisis as an Insolvency Prevention Measure

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