What is contingency planning, and why is it important?

Contingency planning is the backup strategy to resolve any unforeseen obstacles and problems. This technique is particularly meaningful to increase the overall flexibility of management, and a competent professional should always prepare alternatives for unexpected scenarios. Therefore, another advantage of contingency planning is the speed of emergency response and mitigation of consequent losses. Ultimately, the more prepared the manager is, the less overall damage is in case of contingencies.

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Academic.Tips. (2022, October 6). What is contingency planning, and why is it important? https://academic.tips/question/what-is-contingency-planning-and-why-is-it-important-2/

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Academic.Tips. 2022. "What is contingency planning, and why is it important?" October 6, 2022. https://academic.tips/question/what-is-contingency-planning-and-why-is-it-important-2/.

1. Academic.Tips. "What is contingency planning, and why is it important?" October 6, 2022. https://academic.tips/question/what-is-contingency-planning-and-why-is-it-important-2/.


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Academic.Tips. "What is contingency planning, and why is it important?" October 6, 2022. https://academic.tips/question/what-is-contingency-planning-and-why-is-it-important-2/.

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"What is contingency planning, and why is it important?" Academic.Tips, 6 Oct. 2022, academic.tips/question/what-is-contingency-planning-and-why-is-it-important-2/.

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