I often say that good crisis management is good decision-making under stress.

A moderate amount of stress - not too much, not too little - generally means you understand the problem and are psychologically stoked to solve it. Moderate stress yields the best, most optimum performance in a crisis.

Too often, business schools teach academic crisis management theory, if that, but given the diverse and unique nature of crises, all the theory in the world will not help you manage an actual crisis unless you know the basic mechanics.

Social media has dramatically changed the playing field in terms of crisis communications - and any company that does not effectively use social media to take the pulse of its constituents on a constant basis, and know how to communicate with them in a crisis, is breaching its fiduciary responsibilities to its stakeholders.

So many companies today, when first confronted by a crisis, go into a bunker mentality. They either say, "No comment," or they lie as a knee-jerk reaction. Neither of these sins, I believe, is generally committed on purpose. Rather, companies often panic when first confronted with a crisis and either say nothing, which looks like they're covering something up, or they speak what they wish was the truth.

Unfortunately, today's colleges and universities, and especially our business schools, do not offer pragmatic crisis management teachings.

I often say that good crisis management is good decision-making under stress.