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PurposeThe purpose of this paper is to gather arguments and counterarguments about crises management to date, in order to add value to the current knowledge.Design/methodology/approachThe originality of the concept has remained untouched. The whole idea of writing the literature review was based on what others have done to date and at what point further research stopped and why. This took place only by reading previous research and not conducting any primary research.FindingsCrisis management is what almost all businesses have to have expertise in if success is sought. Based on this study one fit for all strategy is one of the main components of failure as well as failed crisis management.Research limitations/implicationsThe main limitation is that not enough has been done in this arena and future research is essential to establish why the majority of businesses do not in fact learn lessons from past mistakes. More importantly they do not take some issues as seriously as they should; which in turn leads to crisis, when management is difficult because the timing is too late. However they claim otherwise and have no factual justification.Practical implicationsIdentifying the credible source of information and being flexible in terms of learning is the most important thing. There are various researches conducted, which are abundant with examples of successful as well as failed crisis management strategies. This paper brings research together in order to contribute to the current knowledge and let scholars and practitioners enjoy one of the latest literature reviews of crisis management with recent and real examples.Originality/valueHistory repeats over time, but one needs to realise this and have the ability to update the solutions compatible with the faced situation and the time. The twenty‐first century is a complex era and needs sophisticated management with proactive and adaptable attitude. Managers normally forecast a situation and before it turns to crisis they deal with it prudently and control the whole situation professionally.

Most research on crisis management has paid only limited attention to the prevention of crises. It is in the study of accidents where prevention receives ample attention. In this paper, it is argued that both the making and the management of crises can involve similar organizational weaknesses. The General Failure Type (GFT) model, originally developed and tested for profiling accident prevention, is extended to the domain of crisis management. After a short introduction and explanation of the major tenets of the theory and methodology of GFT‐profiling, it is demonstrated how this methodology can be applied successfully to crisis management.