Explain the concept of contingency planning. Why is it important for organizations?
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Explain the concept of contingency planning. Why is it important for organizations?
Step by step
Solved in 4 steps
- What are the potential risks associated with inadequate or ineffective planning, and how can organizations mitigate those risks?What are the different types of planning that organizations can employ, such as strategic, tactical, operational, and contingency planning?What are the potential risks and uncertainties associated with planning, and how can organizations mitigate these risks through contingency planning and risk management strategies?
- What are the challenges and risks associated with planning, and how can organizations mitigate them?How does contingency planning relate to the core management skills of Planning and Controlling?What are the key components of effective planning in organizational management, and how do they contribute to overall success?