BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contingency is important because ____
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minimizes the risk of project over running
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it allows you to catch up missed things in your plan
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it allows you to catch up when you have had problems
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all of these
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Explanation:
Detailed explanation-1: -“The purpose of any contingency plan is to allow an organization to return to its daily operations as quickly as possible after an unforeseen event. The contingency plan protects resources, minimizes customer inconvenience and identifies key staff, assigning specific responsibilities in the context of the recovery.”
Detailed explanation-2: -Your contingency plan should include a step by step guideline for what to do in case the event has occurred and how to handle the situation. Furthermore, it should also include information about the key personnel to reach out to including their up to date contact information.
There is 1 question to complete.