MANAGEMENT

Detailed explanation-1: -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.

Detailed explanation-2: -The key elements of a contingency plan are “protection, detection, and recoverability.”

Detailed explanation-3: -Goals. One of the primary factors that influences contingency planning are the goals of the business owner or owners. The way business owners choose to respond to different contingencies will reflect their ultimate goal for the business.

Detailed explanation-4: -Senior leadership has overall responsibility for contingency planning, including funding the work to develop, test and maintain the plan. Many organizations appoint a contingency plan coordinator or manager who has overall responsibility for developing and maintaining the plan.