CRISIS MANAGEMENT WITHIN THE FRAMEWORK OF PROJECT THINKING

Abstract

The purpose of this study is to provide a theoretical justification for the interrelation between risk management and crisis management in the context of project-based thinking, taking into account the phases of the project life cycle. The main goal of the article is to develop a conceptual model that simultaneously distinguishes and integrates these managerial paradigms across different project stages. The paper argues that any project can be understood as a sequence of crisis situations, each involving potential risks and requiring an appropriate managerial response. Methodology. The research applies an interdisciplinary approach that integrates management theory (ISO 9001), modern risk management standards (ISO 31000, COSO), project management frameworks (PMBOK® Guide), and decision-making theory. A systems analysis of crisis situations as interconnected risk events is employed. For the diagnosis of crisis factors, the study uses analytical, expert, and software-based methods, including the construction of graphical models of the crisis cycle. Scientific novelty. The article introduces the concept of a project as a sequence of crisis waves with potential positive or negative exit points. Crisis management is proposed as a specific case of risk management that becomes dominant during the phase of catastrophic decline, requiring distinct methodologies and mechanisms – particularly, restructuring and "rejuvenation" of the project. The concept of a "catastrophe funnel" is defined, featuring three possible scenarios that illustrate the risks of losing control. A model of a "controlled crisis" is presented, based on the idea that a crisis can be initiated and strategically used as a tool for systemic project transformation or as an instrument in competitive dynamics. Conclusions. Project-based thinking must take into account the inevitability of crisis phases and accordingly adapt management tools. Effective risk management at early stages can extend the project’s life cycle, while crisis management becomes essential when control is lost. Viewing the project as a sequence of crisis waves necessitates systemic diagnostics, flexibility, continuous renewal, and strategic readiness for rebooting. In this approach, crisis is seen not only as a threat but also as a potential source of transformation.