Change management is a systematic approach to dealing with change at both the organizational and individual level. It involves adapting to change, controlling change, and effecting change. There are different types of change like structural, cost cutting, process, and cultural change. There are also two main theories of change - Theory E which focuses on rapid shareholder value and cost cutting, and Theory O which emphasizes employee participation and building bonds between the enterprise and employees. For change to be successful, an organization needs to be change-ready by having respected leaders, personally motivated employees, and a non-hierarchical collaborative culture. Key steps to managing change include assessing change-readiness, developing participative approaches, giving employees a voice, and driving out fear.