BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Interpersonal plans
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Strategic plans
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Tactical management
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Contingency plans
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Detailed explanation-1: -Contingency planning is defined as a course of action designed to help an organization respond to an event that may or may not happen. Contingency plans can also be referred to as ‘Plan B’ because it can work as an alternative action if things don’t go as planned.
Detailed explanation-2: -In evaluating your business strategy, contingency plans should give your company the mobility necessary to shift focus to different aspects of your company and change operating strategies as needs in the market shift. Mobility is an essential element of contingency planning and your business strategy as a whole.
Detailed explanation-3: -Contingency Planning occurs when a business plans for impossible and unlikely events.
Detailed explanation-4: -Leading. The third managerial function is leading, an activity that is often seen as the most important and challenging of all the managerial functions.