BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contingency Plan
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Management Team Plan
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Marketing Plan
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Industry Overview
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Detailed explanation-1: -A business contingency plan identifies potential risks to your business and outlines the steps or course of action your management team and employees would need to take to combat them. Risks can include a global pandemic, natural disaster, loss of a key employee, supply chain breakdown, a new competitor, and more.
Detailed explanation-2: -It is a detailed strategy for protecting your business against external risks and emergencies, such as natural disasters. Creating a contingency and risk assessment plan involves identifying the potential risk areas to create an effective response should those problems develop.
Detailed explanation-3: -The contingency plan looks at likely risks to the business and ways to minimize those risks.
Detailed explanation-4: -A business contingency plan is a strategy for how your organization will respond to important or business-critical events that knock your original plans off track. Executed correctly, a business contingency plan can mitigate risk and help you get back to business as usual-as quickly as possible.