The New economy has generated great business opportunities besides great challenges,
Not since the Industrial Revolution have the stakes of managing with change been so high. Indeed, the Information Age has accelerated the pace of market and business changes to the point were some firms have instituted "change departments" whose mission is to constantly look for opportunities to change the firm and make it more productive.

Most firms have accepted the fact that they must make major changes.
To remain competitive, companies recognize that they need to be in a constant process of altering themselves, This change is accompanied by the need to be entrepreneurial in management style. Managers who embrace this have called themselves "change agents"

Despite some remarkable successes, however, instituting managing change has not been a simple matter. Firms have tried to institute change and its attendant efficiencies through new technologies, restructuring,or outsourcing, Yet, this has cost a great deal of time and money,  but often led to at best mixed results: approximately 75% of all change initiatives failed.

The reason for most of these failures is that change often lacks a central focus, Managers become confused by all different and sometimes conflicting advice they receive about change management. The result is a loss of central focus and disorganized policies, To improve their
odds of success, it is imperative that managers understand the nature and process of corporate change and its challenges much better.