| dc.description.abstract | Turnarounds are organizational recoveries from declines. In its most severe form, this
decline usually culminates in substantial losses that threaten the financial viability of
the enterprise. In its mildest form, declining performance may not threaten the
financial viability of a firm, but it has some serious negative impacts on market
competitiveness, customer confidence, and employee morale. Managers of firms
experiencing such downturns can turn to specific strategies which are tailored to
improve performances and competitive positions of the organizations. The causes of
these distresses can be either internal or external hence the need to formulate
appropriate plans to deal with all elements existing within and outside the firm. Due
to management inefficiency, most of the corporate fail to identify the problems with
strategies formulated at the various levels and therefore delay in taking precautionary
measures affecting the owners, employees, customers, suppliers and the economy. To
restore the organization on its normal course, a corporate turnaround is essential.
Turnaround management is the systematic and rapid implementation of a range of
measures (turnaround strategies) to correct a seriously unprofitable situation.
Organizational performance is one of the most important variables in the management
research and arguably the most important indicator of the organizational performance.
The performance of an organization is the analysis of its productivity measured
against internal metrics such as its goals and objectives. No business scenario can
guarantee economic stability, and the ability to control organizational performance
during a financial crisis becomes more difficult. National Oil is easily one of Africa‟s
fastest growing oil companies. The launch of the 2008-2013 strategic plan coincided
with the improvement in the company‟s fortunes, followed up by the three year
strategic plan of 2013. This study will seek to fill the void existing due to lack of
sufficient studies on the turnaround strategy adopted at National Oil Corporation of
Kenya, how it was implemented and the challenges faced in the implementation
process. | en_US |
