Describe the process of turnaround management and how it can help transforming the organisation in bringing change. Give examples.

Turnaround management is a strategic approach to reviving an underperforming organization. It involves a series of deliberate steps aimed at improving the financial, operational, and overall performance of a company facing significant challenges. The process is often initiated when an organization faces severe financial distress, operational inefficiencies, or declining market share. Turnaround management helps organizations navigate through tough situations, repositioning them for future growth and sustainability.

The process of turnaround management begins with a thorough assessment of the organization’s current state. This diagnostic phase involves gathering data on financial performance, operational processes, customer satisfaction, and market positioning. Identifying the root causes of the decline is critical. It could be due to internal ___ ______ __________ ___ ____ ________ ___ ______ _________ _________ ________.
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