Answer Description

Change management (CM) is a collective term for all approaches to prepare, support, and help individuals, teams, and organizations in making organizational change. This typically includes the formation of a change control board that approve and manage changes.

Wikipedia

Change management (sometimes abbreviated as CM) is a collective term for all approaches to prepare, support, and help individuals, teams, and organizations in making organizational change. It includes methods that redirect or redefine the use of resources, business process, budget allocations, or other modes of operation that significantly change a company or organization. Organizational change management (OCM) considers the full organization and what needs to change, while change management may be used solely to refer to how people and teams are affected by such organizational transition. It deals with many different disciplines, from behavioral and social sciences to information technology and business solutions. As change management becomes more necessary in the business cycle of organizations, it is beginning to be taught as its own academic discipline at universities. There are a growing number of universities with research units dedicated to the study of organizational change. One common type of organizational change may be aimed at reducing outgoing costs while maintaining financial performance, in an attempt to secure future profit margins. In a project-management context, the term "change management" may be used as an alternative to change control processes wherein changes to the scope of a project are formally introduced and approved.Drivers of change may include the ongoing evolution of technology, internal reviews of processes, crisis response, customer demand changes, competitive pressure, acquisitions and mergers, and organizational restructuring.