BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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High likelihood, high impact
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Low likelihood, low impact
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High likelihood, low impact
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Low likelihood, high impact
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Detailed explanation-1: -A contingency plan is a plan for a “what if” scenario that could ruin your project or business. A simple example of a contingency plan is to back up all website data in case a website gets hacked. If this scenario happens, it’s easy to restore the data after regaining access and changing passwords.
Detailed explanation-2: -Contingency planning is the process of defining a course of action for an organisation to take if a disruption to normal activity occurs.
Detailed explanation-3: -Contingency Planning occurs when a business plans for impossible and unlikely events.
Detailed explanation-4: -People are often poorly motivated to develop a strong “Plan B.” They may already be invested in “Plan A, ” or they may perceive the risks to be low and see no need for a contingency plan. As such, getting people to contribute to your plan can be a challenge.