Thesis work paper An Evaluation of the Turnaround Management Practitioner Methodologies

Although the academic discipline of turnaround management has been relatively young, the practice of turnaround management is a consequence of everyday business. Practitioners (based upon their knowledge and experience) sought to create both process-based and management-based models in order to cut costs, create cash flow and stabilise the business prior to recovery. It should be noted then, that the first turnaround plan for a failing business was actually developed during the great depression, not by an entrepreneur or an industrialist, but by a trade unionist.