Change management is an approach to transitioning an organization from its current state to a desired future state by managing the people side of change. It involves preparing stakeholders for change, developing and implementing a change management plan, and reinforcing the change. Key aspects of change management include defining a strategy, building a team, communicating the vision, empowering action, creating short-term wins, and making the change sustainable. Managing stakeholder reactions and resistance is also important for successful change implementation.